Buying a home in Miami, Florida

How much homes cost in Miami

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Florida home prices explains the method in detail.

*Source: U.S. Census Bureau, ACS 1-Year Estimates 2025, table B25077.

The city median is $251,600 above the Florida median. Its margin of error is wide because the sample is small.

Are Miami prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. Its purchase-only, seasonally adjusted index for the Miami–Miami Beach–Kendall metro division, which covers Miami-Dade County, was published August 25, 2026:

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

Miami-area prices dipped slightly over the past year, after gaining more than half over five years. The index follows single-family homes, so it says less about condo units.

Closing costs and the documentary stamp tax

On top of the price come closing costs: lender fees, the appraisal, the survey, title insurance, and recording fees and taxes. Many depend on the loan and the providers you choose.

Florida taxes deeds through the documentary stamp tax. The Department of Revenue states that the rate is 70 cents per $100 of the price in every county except Miami-Dade, where it is 60 cents per $100. Miami-Dade also levies a surtax of 45 cents per $100, which is not due on a deed that transfers only a single-family dwelling. Section 201.031 of the Florida Statutes defines that single-family residence to include a condominium unit.

We do not recalculate these taxes or the title insurance premium on this page. For who usually pays each item and worked examples, see our guides to closing costs in Florida, the documentary stamp tax and title insurance in Florida.

Property tax in Miami

The Florida Department of Revenue explains the formula: your tax equals your taxable value times the millage rate. Florida Statutes § 192.001 defines a mill as one-thousandth of a dollar, so one mill is $1 of tax per $1,000 of taxable value. Each taxing authority (school board, county, city, special districts) sets its own millage, and your bill adds them up.

The Department also states how the value moves after you buy. When you acquire a property, its assessed value equals its just (market) value. If it becomes your homestead, later increases in assessed value are capped at 3% a year or the change in the Consumer Price Index, whichever is less. For a non-homestead property, the cap is 10% a year. In August, the property appraiser mails the Notice of Proposed Property Taxes (the “TRIM” notice).

Because the cap resets at a sale, a buyer’s bill can be much higher than the seller’s. Our Florida property tax guide covers exemptions, the Save Our Homes cap and appeals. To see how property tax can be paid through your monthly mortgage payment, read our guide to escrow accounts.

Hurricanes and flooding

FloodSmart, the National Flood Insurance Program’s site, states that most homeowners insurance does not cover flood damage, and that only flood insurance covers the cost of rebuilding after a flood. Wind and hurricane coverage, deductibles and flood zones are explained on our page about natural hazards and insurance in Florida and in our flood insurance guide.

Buying a condo in Miami: inspections and reserves

Since 2022 (chapter 2022-269, Laws of Florida), two statutes set safety rules for condominium buildings.

Milestone inspections (§ 553.899). A residential condo or co-op building of three habitable stories or more must have a milestone inspection by December 31 of the year it reaches 30 years of age, then every 10 years. The local building agency may move that to 25 years when local conditions such as proximity to salt water require it. A licensed architect or engineer performs it: a visual examination first, then a second phase with possible testing only if substantial structural deterioration is found. Within 45 days of receiving the report, the association must send each owner the inspector’s summary. Repairs flagged in a phase two report must begin within 365 days.

Structural integrity reserve study (§ 718.112). A condo association must have a structural integrity reserve study at least every 10 years for each building of three habitable stories or more. It covers the roof, structure, fireproofing, plumbing, electrical systems, waterproofing, windows and exterior doors. For budgets adopted on or after December 31, 2024, owners of an association that must obtain this study can no longer vote to waive or reduce the reserves for those items. Reserves may be funded by regular or special assessments, lines of credit or loans.

For a buyer, this means:

• Ask for the milestone inspection summary and the latest reserve study before you commit.
• Check whether repairs or a special assessment are planned. Your share of those costs is part of the real price of the unit.

Florida guides for Miami buyers

• Closing costs in Florida
• Property tax in Florida
• First-time buyer programs in Florida
• The steps of buying a home