Calculate using real Miami data. Median home price: $450,000. Property tax rate: 0.97%.
With the median household income of $46,390 in Miami, FL, following the 28% rule, you could afford a monthly payment of about $1,082.
The cost of living index in Miami, FL is 135 (national average = 100). A home at the median price of $450,000 would require roughly 9.7x the median income.
A conventional 20% down payment on the median Miami, FL home ($450,000) would be $90,000. FHA loans may require as little as 3.5% ($15,750).