South Floridians need to earn $151k a year to buy a home, according to study

Photo: Phillip Pessar/Flickr (Photo: Phillip Pessar/Flickr)

MIAMI – If you’re looking to buy a home in Miami, you need to make six-figures, according to a study.

In order to comfortably afford a home in Miami, a Zillow study suggests home buyers earn $151,163 a year.

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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.

According to the study, in 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment.

That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.

The annual income needed for a home in other markets was higher, though. According to the study, a household’s income must be $200,000 or more to comfortably afford a typical home.

The top four are in California: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613). Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list.


About the Author
Veronica Crespo headshot

Veronica Crespo writes for Local10.com and also oversees the Español section of the website. Born and raised in Miami, she graduated from the University of Miami, where she studied broadcast journalism and Spanish.

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