Home Affordability in Cape Coral, FL
The median home price in Cape Coral is $380,000 with a median household income of $60,415. Housing is significantly stretched relative to local incomes.
Median Home Price
$380,000
Median Income
$60,415
Price-to-Income Ratio
6.3x
Est. Affordable Home
$235,000
Property Tax Rate
0.93%
Annual Property Tax
$3,534
Sales Tax Rate
6.50%
Cost of Living Index
100
Buying a Home in Cape Coral
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $60,415 in Cape Coral can afford a monthly housing payment of approximately $1,410. This translates to a home price of roughly $235,000, which is below the median home price of $380,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Cape Coral would be approximately $3,534 per year ($294/month) at the effective rate of 0.93%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $11,400 | $368,600 | Yes |
| 5% | $19,000 | $361,000 | Yes |
| 10% | $38,000 | $342,000 | Yes |
| 20% | $76,000 | $304,000 | No |
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