Total monthly cost of ownership
Cost to Own a Home in Miami, Arizona
A $75,000 home here costs
$699per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $386. The real number is $313 higher every month — 81% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Miami against Gila County and Arizona
| Measure | Miami | Gila County |
|---|---|---|
| Median home value | $74,600 | $247,000 |
| Median property tax | $361 | $1,331 |
| Effective tax rate | 0.484% | 0.539% |
| Median gross rent | $993 | $1,001 |
| Population | 1,436 | 53,610 |
The weather behind that power bill
Miami sits in Gila County, which averages a high of 103.7°F in its hottest month and a low of 39.6°F in its coldest, with 15.91" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 3,559 cooling and 1,627 heating degree days, which is what sets the $137 electricity line above.
See the full climate breakdown for Gila County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gila County
Common questions
How much does it cost to own a home in Miami?
A $75,000 home in Miami, Arizona costs approximately $699 per month with 20% down at 6.66%. That is $386 principal and interest, $30 property tax, $16 homeowners insurance, $205 utilities and $63 set aside for maintenance.
What is the property tax rate in Miami?
Miami has an effective property tax rate of 0.484%, based on a median home value of $74,600 and median real estate taxes of $361. That is lower than the Gila County average of 0.539%.
What is the average home price in Miami?
The median owner-occupied home value in Miami, Arizona is $74,600, against $247,000 across Gila County.
Is it cheaper to rent or buy in Miami?
Median gross rent in Miami is $993 a month, against $699 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Miami — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Arizona.
- 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.