The Long-Term Financial Advantage of Owning a Home

Renting in Miami or the Florida Keys can feel simpler—no repairs, no taxes, no stress about mortgage rates. But while renting may look easier in the moment, it does nothing to build long-term financial stability. Homeownership, on the other hand, grows your net worth over time, even in a shifting market.

When you rent, your monthly payment disappears into your landlord’s pocket. When you buy, part of every payment builds equity—one of the biggest wealth drivers for families across the country. First American recently compared renting vs. owning across multiple market cycles, including 2006, 2015, 2019, and 2022. In every case, renters lost money long-term, while homeowners increased their net worth through appreciation and paying down their loan.

Even when you factor in taxes, insurance, and maintenance, homeowners consistently come out ahead. Renters pay every month but gain nothing financially in return.

Affordability in South Florida is also improving. Mortgage rates have eased, prices in many neighborhoods from Miami to Key Largo are stabilizing, and incomes are rising. Zillow reports typical monthly payments are slightly lower than last year—small changes, but meaningful for buyers entering the market.

As a real estate agent with The Selling Properties Group powered by LPT Realty, I see firsthand how ownership in the Keys and Miami sets buyers up for long-term financial strength. Renting may feel easier now, but ownership is what builds wealth over time.