The typical owner-occupied home in South Bay is worth about $142,300, 60% below the Florida median of $359,000 and 57% below the national median of $332,700. Owners pay a median $1,542 a year in property taxes, about 1.08% of their home's value, higher than the Florida rate of 0.76%. The median household earns $51,417 a year, so the median home costs 2.8 times the median income (4.8 times for Florida). 60% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
South Bay at a glance
| South Bay | Florida | U.S. | |
|---|---|---|---|
| Median home value | $142,300 | $359,000 | $332,700 |
| Median property tax paid per year | $1,542 | $2,730 | $3,119 |
| Property tax as a share of value | 1.08% | 0.76% | 0.94% |
| Median household income | $51,417 | $74,568 | $80,734 |
| Homes lived in by their owners | 60% | 68% | 65% |
| Owner homes with a mortgage | 45% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,694 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 27.3% | 23.6% | 21.0% |
| Median rent | $1,085 | $1,669 | $1,413 |
| Rent as a share of renters' income | 51.0% | 35.2% | 30.6% |
| Median year homes were built | 1974 | 1988 | 1980 |
| Vacant homes | 7.9% | 14.7% | 10.1% |
| Population | 5,102 | 22,416,077 | 334,922,499 |
What a typical home costs per month in South Bay
At this week's average 30-year rate of 7.11%, buying the median South Bay home of $142,300 with 20% down costs about $953 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,190, 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 $40,850 for the 20%-down payment. That payment is 22% of the median South Bay household income of $51,417; at that income and 20% down, the 28% guideline points to a home of about $179,000.
The median rent here is $1,085 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $28,460 |
|---|---|
| Loan amount | $113,840 |
| Principal and interest | $766 |
| Property taxes (1.08% a year) | $128 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| PMI | $0 |
| Total per month | $953 |
Change the numbers in the calculator
| Down payment | $4,980 |
|---|---|
| Loan amount | $139,723 |
| Principal and interest | $940 |
| Property taxes (1.08% a year) | $128 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| FHA mortgage insurance | $63 |
| Total per month | $1,190 |
Change the numbers in the calculator
Questions about home buying in South Bay
What is the median home value in South Bay?
About $142,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in South Bay?
Homeowners pay a median $1,542 a year, which is about 1.08% 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 South Bay?
For the median home with 20% down at 7.11%, the payment is about $953 a month. Keeping that under 28% of gross income takes about $40,850 a year.
More about South Bay
- Mortgage Refinance in South Bay
- Debt Relief in South Bay
- Home Equity Loans in South Bay
- 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