Mortgage payment estimates, closing cost breakdowns, and homebuying data for Miami, Florida.
Pre-filled with Miami median home price and Florida tax/insurance rates. Adjust for your property.
Estimated closing costs based on Florida rates and fees applied to Miami prices.
The median home price in Miami is $580,000, 47% above the Florida state median of $395,000. With a population of 442,241, Miami is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Florida average 0.86% annually. This moderate property tax rate means a $580,000 home in Miami would carry roughly $416/month in property taxes. Homeowners insurance in Florida runs approximately $4,200 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Miami is $2,450/month. The price-to-rent ratio in Miami is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Miami is a higher-cost market. At $580K median, buyers need significant savings or strong income. Down payment assistance through Florida's Florida Hometown Heroes program becomes especially important.