Total monthly cost of ownership
Cost to Own a Home in Miami, Arizona
A $75,000 home here costs
$747per 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 $32,000 a year.
A standard mortgage calculator would have told you $409. The real number is $338 higher every month, 83% more than the payment most buyers budget for.
Compare Gila County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Miami from a five-year rolling sample, and with about 1,436 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Gila County figures are drawn from a far larger sample if you want a steadier number.
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 $162 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
Talk to someone who works this market
These are Miami 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 Miami every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Miami?
A $75,000 home in Miami, Arizona costs approximately $747 per month with 20% down at 7.24%. That is $409 principal and interest, $30 property tax, $16 homeowners insurance, $230 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 $747 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Miami?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Miami, Arizona at today's rate takes a household income of roughly $32,000 a year. That covers the full $747 monthly cost, not just the mortgage payment.
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.