Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Florida and Nevada. Updated for 2026.
Nevada wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Florida has a lower total cost when combining home price, closing costs, and insurance. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in Nevada saves you approximately $122/month ($1,464/year) compared to Florida, based on median home prices with identical loan terms.
Home prices in Florida and Nevada are relatively close, with only a 7% difference ($30K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
Nevada has a moderate property tax advantage at 0.53% versus Florida's 0.86%. While the rate gap of 0.33% may seem small, it translates to an annual difference of approximately $1,145 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $9K in savings.
Homeowners insurance is significantly cheaper in Nevada ($1,700/year) compared to Florida ($4,200/year). That's an extra $2,500 per year — or $208/month — eating into your budget in Florida. Florida's high insurance costs are often driven by severe weather risks (hurricanes, tornadoes, or wildfires), which also affect availability of coverage.
Both states offer down payment assistance for first-time buyers. Florida's Florida Hometown Heroes provides Up to 5% as 0% deferred loan, while Nevada's Home Is Possible DPA offers Up to 5% forgivable grant. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: insurance costs heavily tilt the scales. Florida homeowners pay $4,200/year for coverage versus $1,700 in Nevada — a $2,500 annual gap. If you're budgeting for a home in Florida, make sure to factor in this ongoing expense. It can make an otherwise affordable market surprisingly costly month-to-month.