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Florida's median home price is $434,000 in 2026, up 1%–3% year-over-year as the state continues attracting new residents from high-tax states. Miami averages $580,000 while more affordable inland areas average $280,000–$350,000. Florida has no state income tax, boosting purchasing power. The effective property tax rate of 0.89% is moderate, and Florida's Homestead Exemption reduces taxable value by up to $50,000 for primary residences. However, Florida's hurricane risk significantly increases homeowners insurance costs — often $3,000–$6,000+ annually — which must be factored into total mortgage payments.
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State: Florida (median-style home price, tax, and insurance pre-filled — edit as needed)
Insurance defaults reflect elevated hurricane risk; flood policies are extra. Homestead and Save Our Homes affect assessed value, not this simple annual tax field. Not a loan offer.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$2,881
Amortization summary: fixed rate; effective rate equals your quoted rate. Taxes, insurance, PMI, and HOA are shown separately from P&I.
| Location | Median price | YoY change |
|---|---|---|
| Florida (state) | $434,000 | +1%–3% |
| Miami | ~$580,000 | Flat |
| Tampa | ~$380,000 | +2% |
| Orlando | ~$370,000 | +3% |
| Jacksonville | ~$305,000 | +1% |
| Cost | Rate/amount | Notes |
|---|---|---|
| Property tax rate | 0.89% effective | Homestead exemption up to $50,000 |
| Annual tax ($434k home) | ~$3,200–$3,900 | ~$267–$325/month |
| Conforming loan limit | $832,750 | Standard limit statewide |
| Home insurance | ~$3,000–$6,000/year | High hurricane risk |
| Flood insurance | $500–$2,000/year | Required in many areas |
Florida's Homestead Exemption reduces the assessed value of your primary residence by up to $50,000 for property tax purposes, saving approximately $500–$900 per year depending on local tax rates. To qualify, the home must be your primary residence as of January 1st. The Save Our Homes assessment cap limits annual increases in assessed value to 3% or the Consumer Price Index, whichever is less — protecting long-term residents from rapid tax increases as property values rise.
The median home price in Florida is approximately $434,000 in 2026, up 1%–3% year-over-year. Miami averages $580,000, Tampa $380,000, Orlando $370,000, and Jacksonville $305,000. Florida remains more affordable than California or New York while offering no state income tax.
Florida's Homestead Exemption reduces the assessed value of your primary residence by up to $50,000 for property tax purposes. For a home assessed at $434,000, this brings taxable value to $384,000, saving approximately $500–$900 annually in property taxes. You must apply by March 1st of the tax year.
Florida homeowners insurance averages $3,000–$6,000+ annually due to hurricane risk, significantly higher than the national average of $1,500–$2,000. In high-risk coastal areas, premiums can exceed $8,000–$10,000. Flood insurance is separate and required in many Florida flood zones, adding $500–$2,000 annually.
To buy Florida's median home of $434,000 with 10% down ($43,400), you need a mortgage of $390,600. At 6.5% over 30 years, monthly P&I is approximately $2,470. Adding property tax ($280/month) and insurance ($350/month for a moderate area), total payment is about $3,100, requiring qualifying income of approximately $85,000–$95,000 annually.
Educational estimates only. Not a mortgage offer or tax advice.