Total monthly cost of ownership
Cost to Own a Home in Westwood Lakes, Florida
A $465,000 home here costs
$3,528per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,391. The real number is $1,137 higher every month — 48% 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.
Westwood Lakes against Miami-Dade County and Florida
| Measure | Westwood Lakes | Miami-Dade County |
|---|---|---|
| Median home value | $465,000 | $425,400 |
| Median property tax | $3,175 | $3,516 |
| Effective tax rate | 0.683% | 0.827% |
| Median gross rent | $2,243 | $1,731 |
| Population | 10,768 | 2,685,296 |
The weather behind that power bill
Westwood Lakes 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 Westwood Lakes?
A $465,000 home in Westwood Lakes, Florida costs approximately $3,528 per month with 20% down at 6.66%. That is $2,391 principal and interest, $265 property tax, $281 homeowners insurance, $204 utilities and $388 set aside for maintenance.
What is the property tax rate in Westwood Lakes?
Westwood Lakes has an effective property tax rate of 0.683%, based on a median home value of $465,000 and median real estate taxes of $3,175. That is lower than the Miami-Dade County average of 0.827%.
What is the average home price in Westwood Lakes?
The median owner-occupied home value in Westwood Lakes, Florida is $465,000, against $425,400 across Miami-Dade County.
Is it cheaper to rent or buy in Westwood Lakes?
Median gross rent in Westwood Lakes is $2,243 a month, against $3,528 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 Westwood Lakes — 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.