This affordability calculator estimates how much home you may be able to afford based on your financial information and typical lending guidelines.

It uses details such as your annual income, monthly debts, down payment amount, interest rate assumptions, and estimated housing costs to calculate a recommended home price and monthly payment. The goal is to help you understand a comfortable buying range, not just the maximum loan a lender might approve.

Results include a breakdown of key monthly expenses such as principal and interest, property taxes, insurance, and other housing costs, giving you a clearer picture of what homeownership may look like in real life. All calculations are estimates and should be used as a planning tool rather than a loan approval.

Home affordability in Miami is influenced by several local and financial factors, not just the purchase price.

Key factors include:

-Household income and existing debt

-Current mortgage interest rates

-Down payment amount

-Property taxes

-Homeowners insurance and flood insurance

-HOA or condo association fees, which are common in South Florida

-Property type and location, including proximity to water or flood zones

Because Miami has a wide range of property types — from single-family homes to high-rise condos — affordability can vary significantly even within the same price range. That’s why estimating total monthly costs is especially important when buying in South Florida.

Property taxes and insurance play a major role in home affordability in South Florida and can significantly impact your monthly housing cost.

Florida property taxes vary by county and are based on the assessed value of the home. While Florida does not have a state income tax, property taxes help fund local services and should be factored into any affordability estimate.

Insurance costs are particularly important in South Florida due to hurricane exposure, flood risk, and coastal weather conditions. Depending on the property, buyers may need homeowners insurance, windstorm coverage, and flood insurance, all of which can affect monthly payments.

Including taxes and insurance in affordability calculations helps buyers avoid surprises and make more informed decisions when planning a home purchase in Miami.