In Miami, the age-old question of “to rent or to own?” has a clear answer, according to USA Today.

Sharply contrasting other major U.S. cities like San Francisco, Los Angeles, and even Dallas, where it’s cheaper to rent than own, Miami-Fort Lauderdale topped the list of 17 cities where residents would be better off buying.

USA Today reviewed an Urban Institute study that looked at metropolitan statistical areas for home purchase and rental affordability. The institute then calculated the cost difference between owning and renting, dubbed the “rent gap”.

The study outlined 16 cities where it’s decidedly cheaper to rent than own. Topping that list is San Francisco, followed by San Jose, Seattle, San Diego, and Sacramento to round out the top five. According to the study, it was 42.5 percent more expensive to own in San Francisco than to rent. The rent gap in San Jose was less than half that number, at 19.1 percent. 

Conversely, the Miami-Fort Lauderdale area had the study’s largest negative rent gap at -10.9 percent, meaning it is more affordable to own than rent. In other words, a median-income family in the area would save 10.9 percent of their income if they bought a median-priced home. The study used a 3.5 percent down payment for the model, which is significantly less than recent findings regarding the amount South Floridians put down for homes. 

The top 5 metropolitan areas where it is cheaper to own a home than to rent are as follows:

  1. Miami-Fort Lauderdale (-10.9 percent rent gap)
  2. Detroit (-7.1 percent rent gap)
  3. Chicago (-5.6 percent rent gap)
  4. Philadelphia, Pa. (-5 percent rent gap)
  5. Tampa-St. Petersburg (-4.6 rent gap)