Mortgage payment estimates, closing cost breakdowns, and homebuying data for Miami, Florida.
Median Home Price
$580K
Population
442K
Avg Monthly Rent
$2,450
Property Tax Rate
0.86% *
* Property tax shown is the Florida state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Miami.
Miami vs Florida Median
The median home price in Miami is $580,000, which is 47% above the Florida state median of $395,000.
Mortgage Calculator — Miami, FL
Pre-filled with Miami median home price and Florida tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $580K home using Florida's 0.86% tax rate and $4,200/yr insurance.
5% Down
$4,570/mo
Down: $29,000
Loan: $551K
P&I: $3,483
Tax: $416
Insurance: $350
PMI: $321
10% Down
$4,370/mo
Down: $58,000
Loan: $522K
P&I: $3,299
Tax: $416
Insurance: $350
PMI: $305
20% Down (No PMI)
$3,698/mo
Down: $116,000
Loan: $464K
P&I: $2,933
Tax: $416
Insurance: $350
Income needed (28% rule): $158K/year with 20% down, $187K/year with 10% down.
Rent vs Buy in Miami
Rent
$2,450/mo
vs
Buy (10% down)
$4,370/mo
Price-to-rent ratio: 19.7 — A ratio between 15-20 means the rent vs buy decision in Miami depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
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.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Miami.