Total monthly cost of ownership
Cost to Own a Home in Destin, Florida
A $455,000 home here costs
$3,609per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $154,500 a year.
A standard mortgage calculator would have told you $2,481. The real number is $1,129 higher every month, 46% more than the payment most buyers budget for.
Compare Okaloosa County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Destin against Okaloosa County and Florida
| Measure | Destin | Okaloosa County |
|---|---|---|
| Median home value | $455,100 | $324,800 |
| Median property tax | $2,896 | $1,948 |
| Effective tax rate | 0.636% | 0.600% |
| Median gross rent | $1,913 | $1,475 |
| Population | 14,018 | 214,281 |
The weather behind that power bill
Destin sits in Okaloosa County, which averages a high of 92.4°F in its hottest month and a low of 38.5°F in its coldest, with 63.6" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 2,499 cooling and 1,739 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Okaloosa County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Okaloosa County
Full Okaloosa County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Destin averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Destin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Destin I already own here and may sell
Common questions
How much does it cost to own a home in Destin?
A $455,000 home in Destin, Florida costs approximately $3,609 per month with 20% down at 7.24%. That is $2,481 principal and interest, $241 property tax, $275 homeowners insurance, $233 utilities and $379 set aside for maintenance.
What is the property tax rate in Destin?
Destin has an effective property tax rate of 0.636%, based on a median home value of $455,100 and median real estate taxes of $2,896. That is higher than the Okaloosa County average of 0.600%.
What is the average home price in Destin?
The median owner-occupied home value in Destin, Florida is $455,100, against $324,800 across Okaloosa County.
Is it cheaper to rent or buy in Destin?
Median gross rent in Destin is $1,913 a month, against $3,609 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Destin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Destin, Florida at today's rate takes a household income of roughly $154,500 a year. That covers the full $3,609 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Destin, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.