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Home Affordability Calculator Miami, FL — 2026
Median home price in Miami: $580,000. At 6.5% on a 30-year loan with 20% down, the estimated total monthly payment (PITI) is $3,620 — requiring $155,143/year in gross income. Enter your income below for a personalised estimate.
Reviewed for accuracy June 2026 by Gary Sing
Median home price
$580,000
Income needed (annual)
$155,143
Est. monthly PITI
$3,620
Property tax/month
$469
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How much house can you afford in Miami at your salary?
Maximum home price at each income level: 6.5% rate, 30-year term, 20% down payment, no existing debt. Property tax (0.97%) and insurance (0.45%) included in the 28% front-end DTI budget.
| Annual income | Max home price | Max monthly budget | Affords Miami median? |
|---|---|---|---|
| $50,000 | $186,962 | $1,167/mo | ✗ No |
| $75,000 | $280,443 | $1,750/mo | ✗ No |
| $100,000 | $373,924 | $2,333/mo | ✗ No |
| $125,000 | $467,405 | $2,917/mo | ✗ No |
| $150,000 | $560,885 | $3,500/mo | ✗ No |
| $175,000 | $654,366 | $4,083/mo | ✓ Yes |
| $200,000 | $747,847 | $4,667/mo | ✓ Yes |
Assumes 20% down, 6.5% rate, 30-year term, zero existing monthly debt. Property tax at 0.97% effective rate; insurance estimated at 0.45% annually. PMI required below 20% down — not included here.
Monthly payment breakdown on the median Miami home
$580,000 purchase price with 20% down ($116,000) at 6.5% on a 30-year loan.
Principal & interest (30yr)
$2,933/month on a $464,000 loan at 6.5% over 30 years. Total interest paid over the life of the loan: $591,880.
Property tax (0.97% effective rate)
$469/month ($5,628/year). Miami-Dade County's effective property tax rate of approximately 0.97% is near the national average. However, homeowners insurance in South Florida is the more critical and variable cost — always get insurance quotes from multiple carriers before committing to any purchase in the Miami area.
Homeowners insurance (est.)
$218/month estimated at 0.45% of home value annually. Rates vary significantly by coverage level, age of home, and local risk factors — always get quotes before closing.
Total PITI (monthly)
$3,620/month estimated. Income needed to keep this under 28% of gross monthly income: $155,143/year. Florida has no state income tax — a meaningful take-home pay advantage.
Miami housing market 2026
Miami is the most expensive housing market in Florida, driven by Latin American wealth, financial services, and a growing tech sector. Brickell, Coconut Grove, and Coral Gables command the highest prices. Homeowners insurance is the defining financial wildcard — coastal and flood-prone properties can face annual premiums of $10,000–$30,000 that dwarf property taxes.
Key numbers for Miami buyers
- Median home price: $580,000 (2026 estimate)
- 20% down payment: $116,000
- Loan amount (80% LTV): $464,000
- Monthly P&I at 6.5% / 30yr: $2,933
- Monthly P&I at 6.5% / 15yr: $4,042
- Est. PITI (P&I + tax + insurance): $3,620/month
- Income needed (28% front-end DTI): $155,143/year
- State income tax: None — meaningful take-home pay advantage
Compare home affordability by city
📍 Los Angeles, CA
Median $900,000 · income needed $244,543/yr · 1.09% tax
📍 Chicago, IL
Median $330,000 · income needed $101,614/yr · 2.1% tax
📍 Houston, TX
Median $290,000 · income needed $89,143/yr · 2.09% tax
📍 Phoenix, AZ
Median $400,000 · income needed $102,429/yr · 0.65% tax
📍 Seattle, WA
Median $740,000 · income needed $195,257/yr · 0.87% tax
📍 Denver, CO
Median $560,000 · income needed $141,171/yr · 0.54% tax
📍 Austin, TX
Median $525,000 · income needed $161,614/yr · 2.1% tax
📍 Atlanta, GA
Median $385,000 · income needed $103,071/yr · 0.98% tax
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Home affordability Miami — frequently asked questions
How much house can I afford in Miami?
On a $100,000 annual income with no other debt, 20% down, and a 6.5% 30-year mortgage, you can afford approximately $373,924 in Miami. The median home price in Miami is $580,000, which requires approximately $155,143/year in gross income using the 28% front-end DTI rule (principal, interest, property tax, and insurance all within 28% of gross monthly income).
What income do I need to buy a home in Miami?
To afford Miami's median home price of $580,000 at 6.5% on a 30-year loan with 20% down, you need approximately $155,143/year in gross income. This assumes the full PITI payment of $3,620/month (P&I $2,933 + property tax $469 + insurance $218) stays within 28% of gross monthly income. Existing debts reduce this buying power further.
What is the median home price in Miami in 2026?
The estimated median home price in Miami in 2026 is approximately $580,000. This varies significantly by neighbourhood — enter the specific purchase price you are evaluating in the calculator above for a personalised estimate.
What are property taxes in Miami?
Miami, FL's effective property tax rate is approximately 0.97%. On a $580,000 home, that is roughly $469/month or $5,628/year in property taxes. Miami-Dade County's effective property tax rate of approximately 0.97% is near the national average. However, homeowners insurance in South Florida is the more critical and variable cost — always get insurance quotes from multiple carriers before committing to any purchase in the Miami area.
Is Miami affordable to buy in 2026?
Miami's median home price of $580,000 requires an annual gross income of approximately $155,143 to qualify under the 28% front-end DTI rule at 6.5% with 20% down. The estimated total monthly payment (PITI) is $3,620/month. Miami is the most expensive housing market in Florida, driven by Latin American wealth, financial services, and a growing tech sector.