What are average mortgage rates in Florida in 2026?

Mortgage rates in Florida generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Florida mortgage calculator to model your payment at current rates.

How much are closing costs in Florida?

Closing costs in Florida typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Florida mortgage calculator to include closing costs in your calculation.

What are property tax rates in Florida?

Property tax rates in Florida range from 0.3% to 2.5% of assessed value. CalcDeck's Florida calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Florida?

Florida offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Florida calculator to see how programs affect your payment.

How do I use the CalcDeck Florida mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Florida averages. Get instant monthly payment, total interest, and amortization schedule.

Florida Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Florida homeowners.

Florida at a Glance

Median Home Price: $395,000
Property Tax Rate: 0.83%
Median Household Income: $67,120
Annual Property Tax: $3,279

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Florida

Based on the Florida median home price of $395,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$316,000	$375,250
Principal and Interest	$2,039	$2,421
Property Tax (FL)	$273	$273
Homeowners Insurance	$125	$125
PMI	$0	$156
Total Monthly	$2,437	$2,976

How Much House Can You Afford in Florida?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$104,455/year to afford Florida's median home
With 5% down, you need ~$127,541/year
Florida's median household income is $67,120

Florida insight: Florida's property tax rate of 0.83% is near the national average.

Florida Housing Market Overview

Florida's housing market remains highly competitive, with a median home price of $395,000 as of early 2025. Major metros like Miami ($580,000), Tampa ($390,000), and Orlando ($420,000) all exceed the statewide median, yet supply remains tight—active inventory is roughly 3.1 months, below the 6-month balanced market threshold. The effective property tax rate of 0.83% is moderate but adds annual costs of about $3,278 on a median-priced home. With a median household income of $67,120, the price-to-income ratio is 5.9x, exceeding the national average of 4.4x and signaling significant affordability strain. Many buyers are turning to inland cities like Jacksonville ($340,000) or Gainesville ($310,000) for better value. Insurance costs have skyrocketed statewide due to Hurricane Ian and Idalia.

First-Time Homebuyer Programs in Florida

The Florida Housing Finance Corporation (Florida Housing) offers several first-time homebuyer programs. The Florida First mortgage program provides 30-year fixed-rate loans with competitive rates, often paired with down payment assistance of up to $10,000 via the FL Assist program, which is a deferred 0% interest loan. The HFA Preferred program allows a 1% down payment with reduced mortgage insurance. Additionally, the Florida Homeownership Loan Program (FL HLP) offers up to $30,000 in down payment and closing cost assistance for eligible low- and moderate-income buyers. These funds are available on a first-come, first-served basis through participating lenders statewide. The State Housing Initiatives Partnership (SHIP) program distributes funds to local governments for locally designed assistance.

Tips for Homebuyers in Florida

1) Factor in property taxes: at 0.83% effective rate, but homestead exemption reduces taxable value by up to $50,000 (county-specific). 2) Insurance costs are among the highest in the U.S.—expect $3,500–$6,000+ annually for a median home, especially near coasts like Miami or Tampa. 3) Buy in fall or winter (October–February) when competition drops and sellers are more negotiable. 4) Always get a wind-mitigation inspection to qualify for insurance discounts on hurricane-resistant features. 5) Check flood zone status using FEMA maps; even non-coastal areas like Orlando can have high-risk zones. 6) Consider new-construction homes in growing suburbs (e.g., Lakeland, Cape Coral) where inventory is higher and builder incentives are common.

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Florida Mortgage FAQ

What is the median home price in Florida?

The median home price in Florida is approximately $395,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Florida?

The effective property tax rate in Florida is approximately 0.83% (Tax Foundation). On a $395,000 home, that is about $3,279/year in property taxes.

How much income do I need to buy a home in Florida?

Using the 28/36 rule with 20% down at 6.7%, you would need about $104,455/year to afford the median Florida home at $395,000. With 5% down (including PMI), about $127,541.

What will my monthly mortgage payment be in Florida?

On Florida's median home price of $395,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,437. With 5% down including PMI, about $2,976.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.