CALCMONEY // HOME AFFORDABILITY // FL // MIAMI
How much house can you afford in Miami? Based on local median home prices, current FL mortgage rates, and Miami property tax data.
$600,000
$3,921/mo
$168,055/yr
$117,041
Monthly housing costs of $3,921 represent 79.8% of Miami's median gross monthly income ($4,917/mo). At 79.8%, median-income buyers in Miami are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $600,000 |
| Down Payment (20%) | $120,000 |
| Loan Amount | $480,000 |
| Monthly PI Payment | $3,161 |
| Monthly Property Tax | $510 |
| Monthly Insurance Est. | $250 |
| Total Monthly PITI | $3,921 |
| Housing Cost % of Income | 79.8% |
| Required Income (28% rule) | $168,055/yr |
| Max Affordable Home | $117,041 |
$21,000
$4,983/mo
Miami Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $600,000 | Miami city median |
| Down Payment (20%) | $120,000 | Conventional loan |
| Monthly PITI | $3,921 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $168,055 | Annual gross |
| Max Affordable Home | $117,041 | Based on median income |
| FHA Down (3.5%) | $21,000 | Minimum FHA |
| Housing Cost % of Income | 79.8% | Median income: $59,000/yr |
| Property Tax Rate | 1.02% | $6,120/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Miami is $600,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $480,000, generating a monthly P&I payment of $3,161. Adding property taxes ($510/mo) and homeowners insurance ($250/mo) brings total monthly PITI to $3,921.
Miami's property tax rate of 1.02% is near the national average, adding a standard increment to monthly housing costs. On the Miami median home, that is $510/month, or $6,120 per year.
Florida has no state income tax, improving effective take-home pay for Miami residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Miami's median income of $59,000/year can afford up to $1,377/month in total housing costs. Based on Miami's mortgage rate of 6.9% and property tax rate of 1.02%, that translates to a maximum affordable home price of approximately $117,041 with 20% down on a 30-year loan.
To afford the median Miami home priced at $600,000, you need an annual gross income of approximately $168,055. Total monthly housing costs (principal and interest of $3,161, property taxes of $510, and insurance of $250) come to $3,921/month, which equals 28% of the required income.
At the median home price of $600,000 and median household income of $59,000, the total monthly housing cost of $3,921 represents 79.8% of gross monthly income. This is well above the standard 28% threshold, making Miami a challenging market for buyers at median income.
A conventional 20% down payment on the median Miami home of $600,000 is $120,000. An FHA loan requires just 3.5% down — $21,000 — but adds mortgage insurance of roughly $410/month, bringing total FHA payments to $4,983/month.
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$390,000 median
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