If you have been debating whether to rent or buy in Miami, here is the reality.

A new analysis from Construction Coverage shows it is now more expensive to buy than rent.

In Miami:

• Average monthly mortgage plus taxes is $3,608

• Average rent is $2,964

• That is about 22 percent more to own

This shift comes after mortgage rates more than doubled since 2021 while home prices remain high.

Miami ranks among the cities where renting is the more affordable option, and nationwide, owning is now about 20 percent more expensive than renting.

Bottom line

If buying feels out of reach right now, it is not just you. For many people, renting simply makes more sense at the moment.