$149,282/yr
is the income needed to buy the typical $476,815 home in Miami, FL at today's 7.18% rate — about $3,483/mo. The local median household ($73,481) falls $75,801 short.
The math (shown)
476,815 price − 10% down (47,682) = 429,133 loan
30-yr fixed at 7.18% on 429,133 = 2,907/mo principal+interest
+ 576/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
3,483/mo PITI ÷ 0.28 = 12,440/mo → 149,282/yr required
against Zillow ZHVI 2026-09 (Zillow ZHVI (typical home value, smoothed, all-homes 33–67pct tier)) and the 7.18% FRED 30-yr rate (2026-11-05). Local median income: $73,481 (U.S. Census Bureau ACS 2023 5-year, median household income (table B19013)).
Can I afford Miami, FL on my salary?
Your salary:
Rent vs own here
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FAQ
How much do I need to make to live in Miami, FL?
To buy the typical home, about $149,282/yr. Renting needs less; this page sizes the buy.
What home value is this based on?
Zillow's ZHVI typical-home-value for the Miami-Fort Lauderdale-West Palm Beach, FL metro (2026-09): $476,815.
Is the mortgage rate current?
Yes — 7.18% from FRED's weekly 30-year fixed average (2026-11-05).
Glossary
ZHVI
Zillow Home Value Index — the typical home value for a region (35th–65th percentile, smoothed, seasonally adjusted).
Front-end DTI
Housing payment as a share of gross income; lenders commonly cap it near 28%.
PITI
Principal, Interest, Taxes, and Insurance — the full monthly housing cost.