CALCMONEY // HOME AFFORDABILITY // FL // LUTZ
How much house can you afford in Lutz? Based on local median home prices, current FL mortgage rates, and Lutz property tax data.
$620,000
$4,042/mo
$173,214/yr
$331,195
Monthly housing costs of $4,042 represent 44.9% of Lutz's median gross monthly income ($9,000/mo). At 44.9%, median-income buyers in Lutz are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $620,000 |
| Down Payment (20%) | $124,000 |
| Loan Amount | $496,000 |
| Monthly PI Payment | $3,267 |
| Monthly Property Tax | $517 |
| Monthly Insurance Est. | $258 |
| Total Monthly PITI | $4,042 |
| Housing Cost % of Income | 44.9% |
| Required Income (28% rule) | $173,214/yr |
| Max Affordable Home | $331,195 |
$21,700
$5,139/mo
Lutz Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $620,000 | Lutz city median |
| Down Payment (20%) | $124,000 | Conventional loan |
| Monthly PITI | $4,042 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $173,214 | Annual gross |
| Max Affordable Home | $331,195 | Based on median income |
| FHA Down (3.5%) | $21,700 | Minimum FHA |
| Housing Cost % of Income | 44.9% | Median income: $108,000/yr |
| Property Tax Rate | 1% | $6,200/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Lutz is $620,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $496,000, generating a monthly P&I payment of $3,267. Adding property taxes ($517/mo) and homeowners insurance ($258/mo) brings total monthly PITI to $4,042.
Lutz's property tax rate of 1% is near the national average, adding a standard increment to monthly housing costs. On the Lutz median home, that is $517/month, or $6,200 per year.
Florida has no state income tax, improving effective take-home pay for Lutz residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Lutz's median income of $108,000/year can afford up to $2,520/month in total housing costs. Based on Lutz's mortgage rate of 6.9% and property tax rate of 1%, that translates to a maximum affordable home price of approximately $331,195 with 20% down on a 30-year loan.
To afford the median Lutz home priced at $620,000, you need an annual gross income of approximately $173,214. Total monthly housing costs (principal and interest of $3,267, property taxes of $517, and insurance of $258) come to $4,042/month, which equals 28% of the required income.
At the median home price of $620,000 and median household income of $108,000, the total monthly housing cost of $4,042 represents 44.9% of gross monthly income. This is well above the standard 28% threshold, making Lutz a challenging market for buyers at median income.
A conventional 20% down payment on the median Lutz home of $620,000 is $124,000. An FHA loan requires just 3.5% down — $21,700 — but adds mortgage insurance of roughly $424/month, bringing total FHA payments to $5,139/month.