Home (2024)

FAQs

How much does a house cost in Miami? ›

The median listing home price in Miami, FL was $660K in March 2024, trending down -1.2% year-over-year. The median listing home price per square foot was $504. The median home sold price was $575K.

A scenic Florida city with a stunning shoreline, excellent attractions, and rich culture, Miami is an ideal place to live for young professionals, families, and retirees alike.

According to a November 2023 report from the Council for Community and Economic Research, Miami is 15.3% more expensive than the average of 269 urban areas in the country, and a U.S. News report ranked it in the fourth position among the most expensive cities in the U.S. This comes as no surprise since, for decades, ...

As long as you're willing to step outside the major cities and resort areas, Florida is still a very affordable place to buy a home. The U.S. median home price in 2022 is $428,700, and the Floridian cities we've shared here have median prices ranging from $184,000 to $275,100.

The COVID-19 pandemic hot spot of Miami experienced the largest price declines. The median home list price fell 8.2% year over year, to a median price of $550,000 in February. Meanwhile, the number of homes for sale in the metro shot up 37.4% in February compared with the same month a year earlier.

The minimum down payment for a conventional mortgage loan is 3%, but you will need to pay for private mortgage insurance (PMI) if you bring less than 20% down to closing. To qualify for a Conventional mortgage, you'll need a credit score of at least 620 points and a debt-to-income ratio of no more than 43%.

Most of them require a minimum credit score of 580. A VA loan usually requires at least a 620 credit score. An FHA loan will usually require a FICO score of 580, while a USDA loan, jumbo loans and conventional loans (Fannie Mae and Freddie Mac loans) are the highest with a minimum credit score of 640 or higher.

On average, when you purchase a Miami home, you can expect 15% to 20% down payments upfront. But these numbers vary depending on your financial situation and lender. If you buy a single-family home from a seller, you can potentially qualify for a conventional loan with a variable down payment.

If you like a dynamic landscape, and dry and sunny weather but are not keen on spending too much time at the beach swimming, Los Angeles is the place for you. On the other hand, if you dream of warm, clear waters and don't mind the humidity, Miami will be your ideal home.

What salary do you need to live comfortably in Miami? ›

14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually. For two children, you'll need $47.19 and for three, $61.62.

The Miami area is listed as having 107 neighborhoods. Of those, nearly 79% are out of reach for families earning a median married household income. According to Creditnews Research, the percentage of Miami neighborhoods considered unaffordable for average families grew by 34.7% during the COVID-19 pandemic.

It's Cheaper

While both cities offer plenty of world-class amenities, you can enjoy the lifestyle for less when you live in Miami. Overall, the cost of living in Miami is about 21% cheaper than Los Angeles. Pretty much everything in Miami is cheaper, including rent, housing, food, utilities, and transportation.

While the cost of living in the Miami area is 23% higher than the national average, in New York it reaches 137%, which makes living in Miami 114% cheaper than in New York.

MIAMI – If you're looking to buy a home in Miami, you need to make six-figures, according to a study. In order to comfortably afford a home in Miami, a Zillow study suggests home buyers earn $151,163 a year. A monthly mortgage payment on a typical Miami home is up since Jan. 2020, up 121.1% to $3,018.

The average Florida home value is $397,137, up 3.3% over the past year and goes to pending in around 36 days.

With its diverse culture, amazing weather, and proximity to beaches, Magic City is a hot spot for home buyers and renters alike. If you're considering living in Miami but aren't sure if you want to buy or rent your home, begin by asking yourself these questions: How familiar are you with the Miami metro?

14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually. For two children, you'll need $47.19 and for three, $61.62.