What It Costs to Own a Home in South Florida (Fall 2026)

Short answer

Owning the median single-family home in Miami-Dade costs about $5,190 a month with 20% down, counting the mortgage, property tax and homeowners insurance, as of November 2026. To qualify you need about $124,500 a year at the most a lender's system allows, and about $222,000 a year to be comfortable. St. Lucie is the most affordable county in the region at about $3,090 a month.

The monthly cost, county by county

We priced the median single-family home in each county with 20% down and a 30-year fixed loan at 7.18%, the Freddie Mac national average for the week of November 5, 2026. Rates vary daily and by borrower; call for today's pricing.

• Miami-Dade ($692,000): about $3,750 mortgage (principal and interest) + $939 property tax + $498 insurance = $5,187 a month
• Broward ($641,500): about $3,477 + $976 + $511 = $4,963 a month
• Palm Beach ($656,000): about $3,555 + $943 + $527 = $5,025 a month
• Martin ($600,000): about $3,252 + $707 + $492 = $4,451 a month
• St. Lucie ($395,000): about $2,141 + $654 + $291 = $3,086 a month

Twenty percent down on the Miami-Dade median is $138,400 before closing costs. See our Florida closing costs guide for what to add on top.

Minimum income vs comfortable income

Lenders compare your monthly debts to your gross (before-tax) monthly income. That is your debt-to-income ratio, or DTI. Two numbers matter:

• Minimum income (50%): Fannie Mae's automated underwriting system (DU) allows total monthly debts up to 50% of gross income. If the house payment is your only debt, the lowest income that can work is the yearly housing cost divided by 0.50. In Miami-Dade that is about $124,500 a year.
• Comfortable income (28%): the long-standing 28/36 rule of thumb keeps housing at or below 28% of gross income and all debts at or below 36%. In Miami-Dade that means about $222,000 a year.

The gap between the two is about $98,000 a year in Miami-Dade. Qualifying at the maximum leaves little room for savings, repairs, or a rise in insurance or taxes.

FHA loans: HUD's standard benchmark for a manually underwritten FHA loan is 31% for housing and 43% for total debt. With documented compensating factors and a 580+ credit score it can go to 37%/47% or 40%/50%. FHA's automated system does not publish one ceiling and may approve higher ratios case by case. FHA also adds mortgage insurance, so the monthly cost is higher than the table.

Other debts raise the minimum. A $600 car payment adds $14,400 a year to the minimum income at a 50% ratio ($600 x 12 / 0.50). Every lender decision is subject to credit approval.

Same house, different city

Property tax changes a lot inside one county. On a $692,000 home with a homestead exemption, the 2025 total millage in Doral (17.22 mills) versus Miami Gardens (22.39 mills) is a difference of about $275 a month, per the Miami-Dade Property Appraiser's millage table.

Read more in property taxes after buying in Florida and what the homestead exemption is.

Insurance is now about 10% of the payment

Homeowners insurance with wind coverage averages about $500 a month in Miami-Dade, Broward and Palm Beach, per the Florida Office of Insurance Regulation's July 2026 report (Q1 2026 data). That is roughly 10% of the total monthly cost. Flood insurance is extra and depends on the flood zone. See homeowners insurance for a Florida mortgage.

Ways to need less income

• Look at condos and townhomes: the Miami-Dade median was $417,090 in September 2026 and the Broward median $235,000, down 14.5% in a year (HOA fees and condo rules apply; see condo down payments in Miami).
• Use down payment help: first-time buyers may qualify for local and state programs. See Florida down payment assistance programs.
• Pay off small debts first: every $100 of monthly debt you clear lowers the minimum income by $2,400 a year at a 50% ratio.
• Compare loan types: FHA, conventional and other programs treat income and debts differently. As an independent broker we compare over 100 lenders. Talk to a loan officer at 305-425-1990.

How we calculated it

• Prices: MIAMI REALTORS South Florida Market Stats, September 2026 (single-family median sale price).
• Rate: 7.18%, Freddie Mac Primary Mortgage Market Survey 30-year fixed average, week of November 5, 2026 (FRED series MORTGAGE30US). 20% down, 30-year fixed.
• Property tax: county average total millage (Florida TaxWatch 2025 figures) applied to the price minus a 2026 homestead exemption of $51,411. Estimate only; actual tax depends on the city and the assessed value.
• Insurance: Florida OIR average homeowners premium including wind, Q1 2026.
• Income: yearly housing cost divided by 0.28 (comfortable) or 0.50 (minimum, Fannie Mae DU maximum DTI with no other debts). Rounded to the nearest $100.
• Not included: flood insurance, HOA fees, PMI or FHA mortgage insurance, maintenance and closing costs.

Data by Quality Mortgage Solutions, Miami, FL (NMLS #1781090). Reporters may use these figures with a link to this page. Updated quarterly. Equal Housing Opportunity.