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FAQs

How to buy a house in Miami? ›

As the second-largest metropolis on the East Coast and the seventh-largest in the country, it offers all the benefits of big-city living with a distinctly tropical vibe, an abundance of beautiful beaches, year-round sunshine, and an unparalleled party scene.

There is no legal requirement for first-time buyers' down payment in Florida, but there are requirements that vary by mortgage type. USDA and VA loans require 0% down for qualifying buyers, while Conventional loans require 3% down minimum. FHA loans have the highest minimum required down payment at 3.5%.

Some home loans, like VA and USDA home loans, don't require a down payment. Down payments are one of the largest upfront costs when buying a home. To qualify for conventional loans, buyers typically need a 20% deposit. However, you can get a mortgage with just a 3.5% down payment through low-down-payment mortgages.

Typically, most conventional loans in Miami or anywhere else would require a down payment of at least 20% of the property's purchase price. This means if you're buying a property listed at $300,000, a 20% down payment would be $60,000.

Miami is known for its opulent lifestyle and high-end residential areas, attracting the wealthy with its beautiful weather, vibrant culture, and luxurious amenities.

According to MIT's Living Wage Calculator last updated on Feb. 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.

The cost of living in Miami, FL is 20% higher than the state average and 18% higher than the national average. Miami, FL housing is 52% more expensive than the U.S average, while utilities are about 4% pricier.

Should I move to Miami for a job? ›

It is heaven for the tourism, finance, pharmaceuticals, and media industries: If you have a job or looking for one in any of these industries, Miami will offer plenty of opportunities to you. Likewise, if you plan on starting a new business in tourism or finance, there is no better place for that in America than Miami.

Q: Why do people move to Miami? A: Some people might move to Miami for a job specifically, while others may move for the weather, beaches, fun attractions, and amazing food. Miami is certainly not the most affordable place to reside, but its fabulous amenities make up for its high cost of living.

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 amount is up from $76,329 in 2020, an 98% increase.

The Miami housing market ranks as one of the best real estate markets in the U.S. However, properties are selling fast, thanks to mortgage rates as low as 2.875%. This means demand is high, inventory is low, and home prices are starting to increase—so now could be a good time to start house hunting in Miami!

A Bankrate analysis shows that Americans need an annual income of $110,871 to afford a median-priced home of $402,343, which is a nearly 50% increase from four years ago. In Florida, homebuyers need to rake in $114,771 a year to afford a median-priced home in 2024, according to BankRate.