Total monthly cost of ownership
Cost to Own a Home in Miami Gardens, Florida
A $337,000 home here costs
$2,803per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $120,000 a year.
A standard mortgage calculator would have told you $1,867. The real number is $936 higher every month, 50% more than the payment most buyers budget for.
Compare Miami-Dade 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.
Miami Gardens against Miami-Dade County and Florida
| Measure | Miami Gardens | Miami-Dade County |
|---|---|---|
| Median home value | $337,200 | $425,400 |
| Median property tax | $2,616 | $3,516 |
| Effective tax rate | 0.776% | 0.827% |
| Median gross rent | $1,709 | $1,731 |
| Population | 111,264 | 2,685,296 |
The weather behind that power bill
Miami Gardens 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 $166 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
Talk to someone who works this market
These are Miami Gardens 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 Gardens every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Miami Gardens I already own here and may sell
Common questions
How much does it cost to own a home in Miami Gardens?
A $337,000 home in Miami Gardens, Florida costs approximately $2,803 per month with 20% down at 7.4%. That is $1,867 principal and interest, $218 property tax, $204 homeowners insurance, $234 utilities and $281 set aside for maintenance.
What is the property tax rate in Miami Gardens?
Miami Gardens has an effective property tax rate of 0.776%, based on a median home value of $337,200 and median real estate taxes of $2,616. That is lower than the Miami-Dade County average of 0.827%.
What is the average home price in Miami Gardens?
The median owner-occupied home value in Miami Gardens, Florida is $337,200, against $425,400 across Miami-Dade County.
Is it cheaper to rent or buy in Miami Gardens?
Median gross rent in Miami Gardens is $1,709 a month, against $2,803 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 Miami Gardens?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Miami Gardens, Florida at today's rate takes a household income of roughly $120,000 a year. That covers the full $2,803 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Miami Gardens, 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.