AgentMarkets & Economy

Trulia: Retirees are better off buying than renting in Miami

The benefits of buying instead of renting are strong in South Florida communities
  • For retirees, Miami is currently 48.7 percent cheaper to buy than rent and ranks as eighth cheapest metro in the country.
  • Miami, Fort Lauderdale and West Palm Beach all ranked in the top 10 in the report.

PeskyMonkey / iStock.com It’s no secret that Miami's warm weather, cultural cuisines and beautiful beaches make it a great place to hang up the hat for many retirees. If those reasons aren’t attractive enough for retired home buyers, Trulia’s most recent rent vs. buy report makes the decision even easier. Trulia economists have confirmed that it is significantly cheaper to buy a retirement home than to rent a home in Miami. For retirees, Miami is currently 48.7 percent cheaper to buy than rent and ranks as eighth cheapest metro in the country, with a variety of excellent neighborhoods to choose from. South Florida Dominates Purchase Value At a national level for retirees, buying is cheaper than renting in all major metros by 41.8 percent, and many of the top metros are in Florida, with Miami, Fort Lauderdale and West Palm Beach ranking in the top 10. For all households (retiring or not) who move every seven years and can afford to put 20 percent down, it’s 34.8 p...