Home Affordability in Miami, FL
The median home price in Miami is $580,000 with a median household income of $44,268. Housing is significantly stretched relative to local incomes.
Median Home Price
$580,000
Median Income
$44,268
Price-to-Income Ratio
13.1x
Est. Affordable Home
$172,000
Property Tax Rate
0.97%
Annual Property Tax
$5,626
Sales Tax Rate
7.00%
Cost of Living Index
127
Buying a Home in Miami
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $44,268 in Miami can afford a monthly housing payment of approximately $1,033. This translates to a home price of roughly $172,000, which is below the median home price of $580,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Miami would be approximately $5,626 per year ($469/month) at the effective rate of 0.97%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $17,400 | $562,600 | Yes |
| 5% | $29,000 | $551,000 | Yes |
| 10% | $58,000 | $522,000 | Yes |
| 20% | $116,000 | $464,000 | No |
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