CALCMONEY // HOME AFFORDABILITY // FL // MIAMI BEACH
How much house can you afford in Miami Beach? Based on local median home prices, current FL mortgage rates, and Miami Beach property tax data.
$3,200,000
$20,860/mo
$894,007/yr
$1,676,536
Monthly housing costs of $20,860 represent 45.5% of Miami Beach's median gross monthly income ($45,833/mo). At 45.5%, median-income buyers in Miami Beach are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $3,200,000 |
| Down Payment (20%) | $640,000 |
| Loan Amount | $2,560,000 |
| Monthly PI Payment | $16,860 |
| Monthly Property Tax | $2,667 |
| Monthly Insurance Est. | $1,333 |
| Total Monthly PITI | $20,860 |
| Housing Cost % of Income | 45.5% |
| Required Income (28% rule) | $894,007/yr |
| Max Affordable Home | $1,676,536 |
$112,000
$26,525/mo
Miami Beach Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $3,200,000 | Miami Beach city median |
| Down Payment (20%) | $640,000 | Conventional loan |
| Monthly PITI | $20,860 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $894,007 | Annual gross |
| Max Affordable Home | $1,676,536 | Based on median income |
| FHA Down (3.5%) | $112,000 | Minimum FHA |
| Housing Cost % of Income | 45.5% | Median income: $550,000/yr |
| Property Tax Rate | 1% | $32,000/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Miami Beach is $3,200,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $2,560,000, generating a monthly P&I payment of $16,860. Adding property taxes ($2,667/mo) and homeowners insurance ($1,333/mo) brings total monthly PITI to $20,860.
Miami Beach's property tax rate of 1% is near the national average, adding a standard increment to monthly housing costs. On the Miami Beach median home, that is $2,667/month, or $32,000 per year.
Florida has no state income tax, improving effective take-home pay for Miami Beach residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Miami Beach's median income of $550,000/year can afford up to $12,833/month in total housing costs. Based on Miami Beach's mortgage rate of 6.9% and property tax rate of 1%, that translates to a maximum affordable home price of approximately $1,676,536 with 20% down on a 30-year loan.
To afford the median Miami Beach home priced at $3,200,000, you need an annual gross income of approximately $894,007. Total monthly housing costs (principal and interest of $16,860, property taxes of $2,667, and insurance of $1,333) come to $20,860/month, which equals 28% of the required income.
At the median home price of $3,200,000 and median household income of $550,000, the total monthly housing cost of $20,860 represents 45.5% of gross monthly income. This is well above the standard 28% threshold, making Miami Beach a challenging market for buyers at median income.
A conventional 20% down payment on the median Miami Beach home of $3,200,000 is $640,000. An FHA loan requires just 3.5% down — $112,000 — but adds mortgage insurance of roughly $2,187/month, bringing total FHA payments to $26,525/month.