CALCMONEY // HOME AFFORDABILITY // FL // CORAL GABLES
How much house can you afford in Coral Gables? Based on local median home prices, current FL mortgage rates, and Coral Gables property tax data.
$2,100,000
$13,668/mo
$585,787/yr
$193,626
Monthly housing costs of $13,668 represent 104.1% of Coral Gables's median gross monthly income ($13,125/mo). At 104.1%, median-income buyers in Coral Gables are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $2,100,000 |
| Down Payment (20%) | $420,000 |
| Loan Amount | $1,680,000 |
| Monthly PI Payment | $11,008 |
| Monthly Property Tax | $1,785 |
| Monthly Insurance Est. | $875 |
| Total Monthly PITI | $13,668 |
| Housing Cost % of Income | 104.1% |
| Required Income (28% rule) | $585,787/yr |
| Max Affordable Home | $193,626 |
$73,500
$17,374/mo
Coral Gables Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $2,100,000 | Coral Gables city median |
| Down Payment (20%) | $420,000 | Conventional loan |
| Monthly PITI | $13,668 | 6.85% rate, 30yr fixed |
| Required Income (28% rule) | $585,787 | Annual gross |
| Max Affordable Home | $193,626 | Based on median income |
| FHA Down (3.5%) | $73,500 | Minimum FHA |
| Housing Cost % of Income | 104.1% | Median income: $157,500/yr |
| Property Tax Rate | 1.02% | $21,420/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Coral Gables is $2,100,000, with a local 30-year mortgage rate of 6.85%. A buyer putting 20% down carries a loan of $1,680,000, generating a monthly P&I payment of $11,008. Adding property taxes ($1,785/mo) and homeowners insurance ($875/mo) brings total monthly PITI to $13,668.
Coral Gables's property tax rate of 1.02% is near the national average, adding a standard increment to monthly housing costs. On the Coral Gables median home, that is $1,785/month, or $21,420 per year.
Florida has no state income tax, improving effective take-home pay for Coral Gables residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Coral Gables's median income of $157,500/year can afford up to $3,675/month in total housing costs. Based on Coral Gables's mortgage rate of 6.85% and property tax rate of 1.02%, that translates to a maximum affordable home price of approximately $193,626 with 20% down on a 30-year loan.
To afford the median Coral Gables home priced at $2,100,000, you need an annual gross income of approximately $585,787. Total monthly housing costs (principal and interest of $11,008, property taxes of $1,785, and insurance of $875) come to $13,668/month, which equals 28% of the required income.
At the median home price of $2,100,000 and median household income of $157,500, the total monthly housing cost of $13,668 represents 104.1% of gross monthly income. This is well above the standard 28% threshold, making Coral Gables a challenging market for buyers at median income.
A conventional 20% down payment on the median Coral Gables home of $2,100,000 is $420,000. An FHA loan requires just 3.5% down — $73,500 — but adds mortgage insurance of roughly $1,435/month, bringing total FHA payments to $17,374/month.