House Affordability in Miami
Median home price: $590K · Property tax: 0.93% · Insurance: $4,200/yr
You can afford a home up to
$150,911
Below entry-level in Miami
Based on your $75,000 income with 20% down
Your $150,911 budget buys
Monthly payment breakdown
$1,750/mo
Home price
$150,911
Down payment
$30,182
Loan amount
$120,729
No PMI
Waived (20%+ down)
Estimates based on the 28/36 DTI guideline with Miami-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.
Miami Housing Market Overview
Miami combines no state income tax with rising home prices and some of the highest homeowners insurance costs in the country due to hurricane risk.
The median home price in Miami is $590,000, which is 43% above the national median of $412,000. Property taxes average 0.93% of assessed value, adding $457/month to housing costs.
Homeowners insurance averages $4,200/year ($350/month). Condos and townhomes typically carry HOA fees around $500/month.
What can you buy in Miami?
Typical price ranges by property type in Miami, FL (2024/2025 estimates).
| Property type | Price range | Down payment (20%) |
|---|---|---|
| Studio apartment | $250K – $400K | $50K – $80K |
| 1-bedroom condo | $350K – $550K | $70K – $110K |
| 2-bedroom condo | $500K – $800K | $100K – $160K |
| 3-bedroom home | $700K – $1.10M | $140K – $220K |
| 4-bedroom home | $1.00M – $1.80M | $200K – $360K |
Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.
Income needed to buy in Miami
Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.
| Property type | Midpoint price | Income needed |
|---|---|---|
| Studio apartment | $325K | $98,067/yr |
| 1-bedroom condo | $450K | $130,016/yr |
| 2-bedroom condo | $650K | $181,134/yr |
| 3-bedroom home | $900K | $245,032/yr |
| 4-bedroom home | $1.40M | $372,827/yr |
Green = achievable at Miami's median household income of $65,000.
Cost of living context
The median household income in Miami is $65,000, which is 13% below the national median of $75,000.
At the median income, a household can afford roughly $196K using the 28% DTI rule — which falls short of the $590K median. Many buyers need dual incomes, a larger down payment, or lower price points.
FAQ
Can I afford a house in Miami on a $100,000 salary?
At $100K with 20% down and 6.75% interest, you can afford roughly $333K in Miami using the 28% DTI rule. The median home price is $590K, so you may need to look at lower price points or increase your down payment.
What income do I need to buy a house in Miami?
To afford the median price of $590K with 20% down at 6.75%, you need approximately $165,799/year (28% DTI). The median household income in Miami is $65,000, which is below what is needed.
What are property taxes like in Miami?
The average property tax rate is 0.93%, or $5,487/year on a median-priced home. This is near the national average of 1.2%.
What does a 2-bedroom condo cost in Miami?
A typical 2-bedroom condo costs between $500K and $800K, with the midpoint around $650K.
Is Miami affordable compared to other cities?
Miami's median price of $590K is 43% above the national median of $412K. Median household income is $65,000, 13% below the national median.
Other cities
- Tampa, FL — median $380K
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
Related tools
- Florida House Affordability — statewide data
- Florida Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs