Can You Afford to Buy a Home in Miami-Fort Lauderdale-West Palm Beach?
The median home in Miami-Fort Lauderdale-West Palm Beach costs $405,600. To afford it at current mortgage rates with 20% down, you need a household income of about $111,343/year. Your monthly payment would be around $2,598, including taxes and insurance.
Based on national median home values adjusted by Miami-Fort Lauderdale-West Palm Beach’s Regional Price Parity (114.16). Current 30-year fixed rate: 6.52% (Freddie Mac, as of Jun 11, 2026). Methodology
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Monthly payment breakdown
$405,600 home, 20% down, 6.52% rate, 30-year fixed
Rent vs. buy in Miami-Fort Lauderdale-West Palm Beach
Buying costs $162/mo more than renting, but you build equity. Over 5 years at current appreciation rates, homeowners in similar markets have gained significant equity.
What can you afford in Miami-Fort Lauderdale-West Palm Beach?
Home price you can afford at each salary level (28% DTI, 20% down)
| Salary | Home you can afford | Monthly payment |
|---|---|---|
| $50K | $123K | $2,598 |
| $75K | $238K | $2,598 |
| $100K | $353K | $2,598 |
| $125K | $468K | $2,598 |
| $150K | $584K | $2,598 |
| $200K | $814K | $2,598 |
Based on 28% front-end DTI ratio, 20% down payment, 6.52% 30-year fixed rate, 1.1% property tax, ~$150/mo insurance.
Can common careers afford a home in Miami-Fort Lauderdale-West Palm Beach?
Local median salary vs. the $111K needed to buy
Frequently asked questions
What salary do I need to buy a home in Miami-Fort Lauderdale-West Palm Beach?
To comfortably afford the median home ($405,600) in Miami-Fort Lauderdale-West Palm Beach with a 20% down payment and current mortgage rates, you need a household income of about $111,343. That keeps your housing costs at or below 28% of your gross income, which is the standard lender guideline.
How much does a house cost in Miami-Fort Lauderdale-West Palm Beach?
The median home price in the Miami-Fort Lauderdale-West Palm Beach, FL metro area is $405,600, based on the Census ACS 2023 median home value for the metro. Prices vary widely by neighborhood. A 20% down payment would be $81,120, or $20,280 at 5% down.
What would my monthly mortgage be in Miami-Fort Lauderdale-West Palm Beach?
On a $405,600 home with 20% down at current rates, your estimated monthly payment would be $2,598 including principal, interest, property tax, and insurance. With only 5% down, add about $161/mo for PMI.
Is it cheaper to rent or buy in Miami-Fort Lauderdale-West Palm Beach?
Median 2-bedroom rent in Miami-Fort Lauderdale-West Palm Beach is $2,436/mo (HUD Fair Market Rent). The estimated mortgage payment on the median home is $2,598/mo. Buying costs more per month, but you build equity over time.