The typical owner-occupied home in Homestead is worth about $380,000, 6% above the Florida median of $359,000 and 14% above the national median of $332,700. Owners pay a median $3,928 a year in property taxes, about 1.03% of their home's value, higher than the Florida rate of 0.76%. The median household earns $65,423 a year, so the median home costs 5.8 times the median income (4.8 times for Florida). 48% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
Homestead at a glance
| Homestead | Florida | U.S. | |
|---|---|---|---|
| Median home value | $380,000 | $359,000 | $332,700 |
| Median property tax paid per year | $3,928 | $2,730 | $3,119 |
| Property tax as a share of value | 1.03% | 0.76% | 0.94% |
| Median household income | $65,423 | $74,568 | $80,734 |
| Homes lived in by their owners | 48% | 68% | 65% |
| Owner homes with a mortgage | 70% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,237 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 28.4% | 23.6% | 21.0% |
| Median rent | $1,674 | $1,669 | $1,413 |
| Rent as a share of renters' income | 38.4% | 35.2% | 30.6% |
| Median year homes were built | 2001 | 1988 | 1980 |
| Vacant homes | 6.7% | 14.7% | 10.1% |
| Population | 82,807 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Homestead
At this week's average 30-year rate of 7.11%, buying the median Homestead home of $380,000 with 20% down costs about $2,530 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,163, 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 $108,408 for the 20%-down payment. That payment is 46% of the median Homestead household income of $65,423; at that income and 20% down, the 28% guideline points to a home of about $229,000.
The median rent here is $1,674 a month, so owning the median home costs about $856 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $76,000 |
|---|---|
| Loan amount | $304,000 |
| Principal and interest | $2,045 |
| Property taxes (1.03% a year) | $326 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| PMI | $0 |
| Total per month | $2,530 |
Change the numbers in the calculator
| Down payment | $13,300 |
|---|---|
| Loan amount | $373,117 |
| Principal and interest | $2,510 |
| Property taxes (1.03% a year) | $326 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| FHA mortgage insurance | $168 |
| Total per month | $3,163 |
Change the numbers in the calculator
Questions about home buying in Homestead
What is the median home value in Homestead?
About $380,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Homestead?
Homeowners pay a median $3,928 a year, which is about 1.03% 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 Homestead?
For the median home with 20% down at 7.11%, the payment is about $2,530 a month. Keeping that under 28% of gross income takes about $108,408 a year.
More about Homestead
- Mortgage Refinance in Homestead
- Debt Relief in Homestead
- Home Equity Loans in Homestead
- 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