Median home: $405,000 | Mortgage rate: 6.9% | Property tax: 0.83% | Insurance: $2,800/yr
Florida is the fastest-growing large state with no income tax. With a median home price of $405,000 and mortgage rates averaging 6.9%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Florida, with a property tax rate of 0.83% and average insurance of $2,800/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Florida home requires $81,000. FHA loans with 3.5% down need just $14,175, but you will pay mortgage insurance. Florida homestead exemption saves $25,000-$50,000 off assessed value for primary residences.
See all Florida financial calculators:
Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Florida, with median home prices at $405,000, you typically need a household income of at least $405,000 to afford the median home.
To afford the median Florida home at $405,000 with 20% down at 6.9% interest, you need approximately $91,451 annual household income. This is based on the 28% housing cost guideline.
The median home price in Florida is approximately $405,000 as of 2026. Prices vary significantly by city and county. Florida is the fastest-growing large state with no income tax.
A 20% down payment on the median Florida home ($405,000) is $81,000. FHA loans allow 3.5% down ($14,175) and VA loans offer 0% down for eligible veterans.
Florida has a property tax rate of 0.83%, which is near the national average. On the median home, that is $3,362/year. Florida homestead exemption saves $25,000-$50,000 off assessed value for primary residences.