The typical owner-occupied home in Miami is worth about $156,900, 32% below the Missouri median of $230,300 and 53% below the national median of $332,700. The median household earns $46,250 a year, so the median home costs 3.4 times the median income (3.3 times for Missouri). 81% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Miami at a glance
| Miami | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $156,900 | $230,300 | $332,700 |
| Median property tax paid per year | – | $1,948 | $3,119 |
| Median household income | $46,250 | $70,702 | $80,734 |
| Homes lived in by their owners | 81% | 68% | 65% |
| Owner homes with a mortgage | 43% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,775 | $1,524 | $1,963 |
| Those costs as a share of the owners' income | 12.8% | 19.0% | 21.0% |
| Median rent | – | $1,033 | $1,413 |
| Median year homes were built | 1938 | 1978 | 1980 |
| Vacant homes | 58.1% | 11.2% | 10.1% |
| Population | 71 | 6,191,814 | 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 $156,900 with 20% down costs about $1,054 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,315, 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 $45,153 for the 20%-down payment. That payment is 27% of the median Miami household income of $46,250; at that income and 20% down, the 28% guideline points to a home of about $161,000.
| Down payment | $31,380 |
|---|---|
| Loan amount | $125,520 |
| Principal and interest | $844 |
| Property taxes (1.10% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $1,054 |
Change the numbers in the calculator
| Down payment | $5,492 |
|---|---|
| Loan amount | $154,058 |
| Principal and interest | $1,036 |
| Property taxes (1.10% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,315 |
Change the numbers in the calculator
Questions about home buying in Miami
What is the median home value in Miami?
About $156,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
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 $1,054 a month. Keeping that under 28% of gross income takes about $45,153 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