Total monthly cost of ownership
Cost to Own a Home in Miami, Florida
A $475,000 home here costs
$3,679per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,442. The real number is $1,237 higher every month — 51% 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 Miami-Dade County and Florida
| Measure | Miami | Miami-Dade County |
|---|---|---|
| Median home value | $475,200 | $425,400 |
| Median property tax | $4,203 | $3,516 |
| Effective tax rate | 0.884% | 0.827% |
| Median gross rent | $1,657 | $1,731 |
| Population | 446,663 | 2,685,296 |
The weather behind that power bill
Miami sits in Miami-Dade County, which averages a high of 91.7°F in its hottest month and a low of 56.8°F in its coldest, with 56.08" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 4,244 cooling and 156 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Miami-Dade County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Miami-Dade County
Full Miami-Dade County cost breakdown · Every county in Florida
Common questions
How much does it cost to own a home in Miami?
A $475,000 home in Miami, Florida costs approximately $3,679 per month with 20% down at 6.66%. That is $2,442 principal and interest, $350 property tax, $287 homeowners insurance, $204 utilities and $396 set aside for maintenance.
What is the property tax rate in Miami?
Miami has an effective property tax rate of 0.884%, based on a median home value of $475,200 and median real estate taxes of $4,203. That is higher than the Miami-Dade County average of 0.827%.
What is the average home price in Miami?
The median owner-occupied home value in Miami, Florida is $475,200, against $425,400 across Miami-Dade County.
Is it cheaper to rent or buy in Miami?
Median gross rent in Miami is $1,657 a month, against $3,679 to own the median home all in. Renting 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 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.