The typical owner-occupied home in Miami is worth about $78,100, 80% below the Arizona median of $394,500 and 77% below the national median of $332,700. Owners pay a median $388 a year in property taxes, about 0.50% of their home's value, close to the Arizona rate of 0.48%. The median household earns $40,875 a year, so the median home costs 1.9 times the median income (4.9 times for Arizona). 57% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Miami at a glance
| Miami | Arizona | U.S. | |
|---|---|---|---|
| Median home value | $78,100 | $394,500 | $332,700 |
| Median property tax paid per year | $388 | $1,879 | $3,119 |
| Property tax as a share of value | 0.50% | 0.48% | 0.94% |
| Median household income | $40,875 | $79,964 | $80,734 |
| Homes lived in by their owners | 57% | 67% | 65% |
| Owner homes with a mortgage | 33% | 62% | 61% |
| Median monthly costs, owners with a mortgage | $1,281 | $1,803 | $1,963 |
| Those costs as a share of the owners' income | 24.7% | 20.5% | 21.0% |
| Median rent | $954 | $1,543 | $1,413 |
| Rent as a share of renters' income | 29.5% | 30.8% | 30.6% |
| Median year homes were built | 1951 | 1992 | 1980 |
| Vacant homes | 35.0% | 10.5% | 10.1% |
| Population | 1,405 | 7,378,838 | 334,922,499 |
What a typical home costs per month in Miami
At this week's average 30-year rate of 7.11%, buying the median Miami home of $78,100 with 20% down costs about $485 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $615, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $20,802 for the 20%-down payment. That payment is 14% of the median Miami household income of $40,875; at that income and 20% down, the 28% guideline points to a home of about $153,000.
The median rent here is $954 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $15,620 |
|---|---|
| Loan amount | $62,480 |
| Principal and interest | $420 |
| Property taxes (0.50% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| PMI | $0 |
| Total per month | $485 |
Change the numbers in the calculator
| Down payment | $2,734 |
|---|---|
| Loan amount | $76,685 |
| Principal and interest | $516 |
| Property taxes (0.50% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| FHA mortgage insurance | $35 |
| Total per month | $615 |
Change the numbers in the calculator
Questions about home buying in Miami
What is the median home value in Miami?
About $78,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Miami?
Homeowners pay a median $388 a year, which is about 0.50% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Miami?
For the median home with 20% down at 7.11%, the payment is about $485 a month. Keeping that under 28% of gross income takes about $20,802 a year.
More about Miami
- Mortgage Refinance in Miami
- Debt Relief in Miami
- Home Equity Loans in Miami
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data