Whether you’re looking to head to the sunnier streets of Florida for a change of pace or as part of your long-term retirement planning, deciding between renting and buying requires a careful look at your finances. Although renting offers more flexibility and fewer obligations, homeownership is a more stable investment with the chance to grow your money.

Renting doesn’t build equity, but it does offer more financial flexibility and fewer obligations. Renters aren’t responsible for property maintenance, major repairs, or property taxes, allowing them to live in hassle-free. This flexibility can be beneficial for those who move frequently or don’t want to invest large sums in real estate.

Owning a home means paying off a mortgage while building equity. Real estate typically increases in value over time and can potentially make a profit when sold. Homeowners also enjoy tax benefits, such as deductions on mortgage interest and property taxes. However, they also have ongoing costs, such as maintenance, repairs and market fluctuations.

The upfront costs of renting are generally lower than buying, whereas buying a home requires a significant upfront investment and down payment. Essentially, it comes down to how your short-term savings compare to your long-term financial goals. GOBankingRates recently conducted a study to determine the cost difference between renting and buying based on factors like median household income and average home value, mortgage payments, or rental costs. Here are the key takeaways from these five Florida cities.