Home Affordability in Hialeah, FL
The median home price in Hialeah is $420,000 with a median household income of $36,054. Housing is significantly stretched relative to local incomes.
Median Home Price
$420,000
Median Income
$36,054
Price-to-Income Ratio
11.6x
Est. Affordable Home
$140,000
Property Tax Rate
0.94%
Annual Property Tax
$3,948
Sales Tax Rate
7.00%
Cost of Living Index
108
Buying a Home in Hialeah
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $36,054 in Hialeah can afford a monthly housing payment of approximately $841. This translates to a home price of roughly $140,000, which is below the median home price of $420,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Hialeah would be approximately $3,948 per year ($329/month) at the effective rate of 0.94%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,600 | $407,400 | Yes |
| 5% | $21,000 | $399,000 | Yes |
| 10% | $42,000 | $378,000 | Yes |
| 20% | $84,000 | $336,000 | No |
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