Why NYC Renters Are Choosing to Buy Homes in South Florida

As New York City rents continue climbing, many renters are realizing that the monthly payment they’re putting toward a small apartment could instead be building equity in a home of their own. According to the latest NYC Rent Report, the median asking rent reached $3,599 in Q3 2025, up 5.4 percent year-over-year. Manhattan rents are now just under $4,750 and Brooklyn rents are nearing $4,000, with smaller units seeing the sharpest increases. What many renters are realizing is that the same payment could buy a home in South Florida’s Broward County, where the cost of living is lower, the lifestyle is unmatched, and homeownership is finally attainable. Renters paying between $3,500 and $4,800 per month often qualify for a home priced between $450,000 and $650,000, giving them access to townhomes, single-family homes, and modern condos in highly desirable Broward County communities.

Below is a quick look at how monthly rents compare in New York versus South Florida:
Manhattan, NY: $4,747
Brooklyn, NY: $3,992
Queens, NY: $3,439
Bronx, NY: $3,155
Fort Lauderdale, FL: $2,800
Hollywood, FL: $2,700
Plantation, FL: $2,600
Coral Springs, FL: $2,550
Pompano Beach, FL: $2,400
Deerfield Beach, FL: $2,350
Source: Team Kaplan | RE/MAX Market Analysis, Q3 2025.

Broward County offers a unique mix of coastal living, suburban comfort, and city convenience at a price point that finally makes homeownership realistic for many relocating from higher cost of living states. With more than a dozen cities offering their own personality and benefits, there truly is something for everyone. Fort Lauderdale appeals to those who want a vibrant, walkable urban lifestyle surrounded by beaches, waterfront dining, the Intracoastal Waterway, and the excitement of Las Olas Boulevard. Hollywood offers a blend of historic charm and modern living, anchored by its iconic Broadwalk and revitalized beachfront communities. Plantation stands out for its quiet neighborhoods, excellent parks, and a true suburban feel, often allowing families to purchase a spacious single-family home for less than what they were paying in Manhattan rent. Coral Springs offers larger homes, peaceful neighborhoods, and excellent value, making it ideal for families or remote professionals who want space without sacrificing convenience. Pompano Beach, one of Broward’s fastest-growing coastal markets, continues to attract buyers with new development, marinas, restaurants, and impressive long-term investment potential.

To put it simply: your New York rent could be your South Florida mortgage. For example, a Brooklyn renter paying $3,992 per month could comfortably afford the monthly payment on a home around $550,000 in Broward County (based on a 20 percent down payment and a 6.35 percent mortgage rate). That budget could purchase a modern townhouse in Plantation, a single-family home in Coral Springs, or a condo minutes from the beach in Hollywood. Manhattan renters often qualify for even more, opening the door to waterfront living or upgraded luxury condos.

It’s no surprise that Northeastern residents continue relocating to South Florida. The cost of living is lower, there is no state income tax, and the year-round warm weather creates a lifestyle that feels like an upgrade in every sense. Outdoor amenities, walkable coastal communities, and a strong job market bring even more appeal, while Broward County’s steady growth and increasing demand make it one of the strongest long-term real estate markets in the country.

Relocation is easier than ever, and many of our clients begin their home search virtually. We provide video tours, remote loan pre-approvals, online negotiations, digital signings, and even remote closings. At Team Kaplan, RE/MAX Select Group, we guide buyers through every step of the process, whether they’re 10 minutes away or 1,200 miles north. Our team specializes in assisting out-of-state buyers with neighborhood expertise, trusted lender and insurance partners, personalized property recommendations, guided virtual showings, and smooth, step-by-step transaction management. We work closely with our Northeastern referral partners and understand both markets, making your transition to South Florida seamless and stress-free.

If you’re paying top-dollar rent in New York, you may already be able to own a home in South Florida and enjoy a lifestyle that’s hard to match anywhere in the Northeast! To explore what your budget can buy in Broward County, contact us today for a customized search to make your move seamless.