Miami Housing Market at a Glance
Median Home Price
$580,000
Median Monthly Rent
$2,800
Property Tax Rate
0.98%
Avg Home Insurance
$6,500/yr
Price-to-Rent Ratio: 17.3x (Lower ratios favor buying; higher ratios favor renting)
Miami-Specific Insights
- → Florida home insurance has skyrocketed due to hurricane risk; verify actual insurance costs before buying.
- → No state income tax means more deductible mortgage interest value if you itemize.
Run Your Miami Scenario
Pre-filled with Miami's median data. Adjust to your situation.
Open Calculator with Miami Data →Key Factors for Miami Buyers
1. Down Payment Requirements
With Miami's median home price of $580,000, a 20% down payment is $116,000. Putting down less triggers PMI (typically 0.5–1.5% annually until you reach 20% equity).
2. Property Taxes
FL's property tax rate averages 0.98%, which translates to roughly $473.667/month on a median-priced home. This is below the national average.
3. Tax Deductions
Mortgage interest is deductible if you itemize (must exceed standard deduction: ~$14,600 single, ~$29,200 married in 2025). With no state income tax in FL, the federal mortgage interest deduction is your primary tax benefit.
4. Opportunity Cost
If you rent and invest your down payment instead (e.g., S&P 500 averaging ~10% annually), you build wealth differently. The calculator models this trade-off month-by-month to find your break-even point.