How much do I need to earn to buy a house in Miami?

To afford the median Miami home ($680,000) at standard 36% DTI with 6.7% mortgage rate and 20% down, you need approximately $181,000/year. The city median household income is $68,000, creating a gap of $113,000/year.

What percentage of Miami homes are affordable on median income?

Based on FRC analysis using BLS income data and Zillow home prices (May 2026), approximately 11% of Miami homes are affordable on the median household income of $68,000/year.

FRC City Analysis · May 2026

Miami, FL
Housing Affordability

CRISIS — 11% of homes affordable

Miami is deceptively expensive. Lower home prices vs SF are offset by hurricane insurance ($2,000-4,000/year) and rising HOA costs. Nurses earning $85K face a $96K income gap.

$680,000

Median Home Price

$4,343/mo

Monthly PITI (20% down)

$181,000

Income Needed (36% DTI)

$68,000

Median Household Income

+$113,000

Annual Income Gap

11%

Homes Affordable on Median

The Math

At today's 6.7% mortgage rate with 20% down, the monthly PITI on Miami's median home is $4,343. To keep housing under 36% of gross income (the back-end DTI threshold most lenders use), you need $181,000/year — 266% of the city's median income.

The local median income of $68,000 leaves a gap of $113,000/year. This means the median household needs to earn 166% more to comfortably qualify for the median home.

Affordable Alternatives

📍 Nearest affordable areas: Hialeah, Kendall, Fort Lauderdale
These surrounding communities typically offer lower home prices within commuting distance.

See If You'd Qualify

These are market averages. Your situation depends on your income, debts, and credit.

🏦 Ask Zai About Miami → ← All Cities

Source: BLS OEWS 2024, Zillow ZHVI May 2026, FRC Underwriting Model. Not financial advice. Educational analysis only.

Miami, FLHousing Affordability

The Math

Affordable Alternatives

Miami, FL
Housing Affordability