How Much Do You Need to Earn to Buy a Home in Miami? Find Out Here

One of the most important steps when buying a home in Miami is understanding how much income you need to qualify. Many people start browsing listings without knowing if their income is enough—and that often leads to frustration and wasted time.

In this article, I’ll break it down simply so you can understand exactly how much you need to earn depending on the price of the home. These estimates include the monthly mortgage payment, property taxes, and insurance, using current market interest rates.

What You Need to Know First:

• We assume you have no monthly debt (car payments, credit cards, etc.).

• Interest rate used: 6.75% on a 30-year fixed mortgage (average as of April 2025).

• Minimum down payment (typically 3.5%) is factored in.

• Estimates include property tax (about 2% annually) and home insurance.

• All income figures below reflect the combined monthly income of everyone applying for the loan.

Income Needed Based on Home Price:

$400,000 Home

• Combined monthly income needed: $8,000

• Estimated monthly payment: $3,000
  (Includes mortgage, ~$670 taxes, ~$300 insurance)

$450,000 Home

• Combined monthly income needed: $9,000

• Estimated monthly payment: $3,400
  (Includes mortgage, ~$750 taxes, ~$300 insurance)

$500,000 Home

• Combined monthly income needed: $10,000

• Estimated monthly payment: $3,800
  (Includes mortgage, ~$835 taxes, ~$325 insurance)

$550,000 Home

• Combined monthly income needed: $11,000

• Estimated monthly payment: $4,200
  (Includes mortgage, ~$915 taxes, ~$325 insurance)

$600,000 Home

• Combined monthly income needed: $12,000

• Estimated monthly payment: $4,600
  (Includes mortgage, ~$1,000 taxes, ~$350 insurance)

$650,000 Home

• Combined monthly income needed: $13,000

• Estimated monthly payment: $5,000
  (Includes mortgage, ~$1,085 taxes, ~$350 insurance)

$700,000 Home

• Combined monthly income needed: $14,000

• Estimated monthly payment: $5,400
  (Includes mortgage, ~$1,170 taxes, ~$350 insurance)

Can’t Qualify on Your Own? A Co-Signer Can Help

If your income alone isn’t enough, you can include another person as a co-borrower (co-signer) on the loan. That person could be:

• Your spouse or partner

• A parent

• An adult child

• A sibling

• Another direct family member

• In some cases, a close friend (depends on the lender)

The co-signer must have steady income, good credit, and be willing to share the financial responsibility of the loan.

Want to Know Your Exact Number?

The best way to find out exactly what you qualify for is to speak with a lender. I work closely with trusted lenders like Joel Gonzalez from MOR Lending, who can give you an estimate without running your credit.

Reach out and I’ll get you connected so you can take the first step toward owning your home.

I'm William Gartin, a real estate agent serving Miami and Broward. I’m here to help you every step of the way.

Call me at 305-842-6097 or visit williamgartinrealestate.com