Income needed to buy a house in Florida
A median-priced home in Florida costs $396,900. With 20% down you'd need about $109,667 a year, $31,932 more than the state's median household income of $77,735. Florida ranks #34 of 51 for the lowest income needed.
Income needed: $109,667 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $109,667 a year to buy a $396,900 home in Florida with $79,380 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $2,102 |
| Property tax | $249 |
| Homeowners insurance | $208 |
| Total | $2,559 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $19,845 | $3,110 | $133,290 |
| 10% | $39,690 | $2,970 | $127,306 |
| 20% | $79,380 | $2,559 | $109,667 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Florida: what's different
- Transfer tax
- 0.7% doc stamps
- On the median home
- $2,780
- Homestead break
- Up to $50,000 off value
- First-time buyer help
- Florida Housing Finance Corporation
- Transfer and recording taxes. Documentary stamp tax on the deed is 70 cents per $100 of the price (0.7%). Miami-Dade charges 60 cents plus a 45-cent surtax that doesn't apply to a single-family home, and the new mortgage is taxed separately. On the median Florida home ($396,900), that's about $2,780 in documentary stamp tax on the deed.
- Property tax breaks for your home. The homestead exemption takes $25,000 of assessed value off all property taxes and about $25,000 more, on value between $50,000 and $75,000, off non-school taxes. Save Our Homes then limits yearly increases in the assessed value to 3% or inflation, whichever is lower, and part of that savings can move to your next Florida homestead. Apply with the county property appraiser by March 1. On the ballot: A proposed constitutional amendment (HJR 1F) goes to voters on November 3, 2026 and needs 60% to pass. It would exempt the first $150,000 of a homestead's value from non-school taxes in 2027 and $250,000 from 2028, but owners who become permanent Florida residents after 2026 would get a $50,000 exemption for their first five years.
- First-time buyer help. The Florida Housing Finance Corporation offers Florida Assist through participating lenders. Check its site for income and price limits.
- Insurance. If private insurers won't cover your home, Citizens Property Insurance, the state-created insurer of last resort, will. By state law, most Citizens homeowners policies that include wind coverage must also carry flood insurance by January 1, 2027, phased in by home value since 2024.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Florida metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Miami, FL | $139,997 | $510,600 | $80,625 |
| Tampa, FL | $107,093 | $387,400 | $78,275 |
| Orlando, FL | $112,572 | $409,400 | $81,044 |
| Jacksonville, FL | $104,082 | $375,200 | $82,053 |
| Sarasota, FL | $123,759 | $452,100 | $82,106 |
| Cape Coral, FL | $109,912 | $396,500 | $83,602 |
| Lakeland, FL | $86,229 | $305,400 | $66,779 |
| Daytona Beach, FL | $101,051 | $362,600 | $73,701 |
| Palm Bay, FL | $102,806 | $372,900 | $78,196 |
| Port St. Lucie, FL | $118,112 | $420,200 | $80,659 |
| Pensacola, FL | $86,615 | $314,100 | $74,248 |
| Ocala, FL | $78,634 | $275,600 | $64,410 |
| Naples, FL | $166,225 | $636,600 | $95,862 |
| Gainesville, FL | $87,432 | $305,300 | $61,949 |
| Crestview, FL | $105,727 | $391,500 | $81,933 |
| Panama City, FL | $89,434 | $324,900 | $77,625 |
| Punta Gorda, FL | $100,219 | $355,300 | $72,868 |
| The Villages, FL | $113,440 | $412,800 | $78,807 |
With 20% down, the median home takes about $78,634 a year in the Ocala area and $166,225 in the Naples area, compared with $109,667 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Florida more expensive than most states
- Home prices: the median value of $396,900 is 10% above the U.S. median of $360,600.
- Property tax: about 0.75% of value a year ($249 a month on the median home).
- Insurance: owners with a mortgage paid a median $2,492 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $217 a month on this loan.
22 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in Florida?
About $109,667 a year for the median home of $396,900 with 20% down at 6.95%. With 10% down it's about $127,306.
What is the property tax rate in Florida?
The median Florida homeowner pays $2,993 a year, about 0.75% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Florida?
Median rent is $1,812 a month, while owning the median home costs about $2,559 a month with 20% down, before maintenance. Renting affordably takes about $72,480 a year under the 30% rule.