Total monthly cost of ownership
Cost to Own a Home in South Beach, Florida
A $860,000 home here costs
$6,389per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $4,421. The real number is $1,968 higher every month — 45% 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.
South Beach against Indian River County and Florida
| Measure | South Beach | Indian River County |
|---|---|---|
| Median home value | $860,000 | $314,700 |
| Median property tax | $6,331 | $2,288 |
| Effective tax rate | 0.736% | 0.727% |
| Median gross rent | $3,501 | $1,284 |
| Population | 3,081 | 163,856 |
The weather behind that power bill
South Beach sits in Indian River County, which averages a high of 90.3°F in its hottest month and a low of 51.2°F in its coldest, with 51.17" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 3,391 cooling and 418 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Indian River County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Indian River County
Full Indian River County cost breakdown · Every county in Florida
Common questions
How much does it cost to own a home in South Beach?
A $860,000 home in South Beach, Florida costs approximately $6,389 per month with 20% down at 6.66%. That is $4,421 principal and interest, $527 property tax, $520 homeowners insurance, $204 utilities and $717 set aside for maintenance.
What is the property tax rate in South Beach?
South Beach has an effective property tax rate of 0.736%, based on a median home value of $860,000 and median real estate taxes of $6,331. That is in line with the Indian River County average of 0.727%.
What is the average home price in South Beach?
The median owner-occupied home value in South Beach, Florida is $860,000, against $314,700 across Indian River County.
Is it cheaper to rent or buy in South Beach?
Median gross rent in South Beach is $3,501 a month, against $6,389 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 South Beach — 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.