Florida variant. This is a Florida-specific version of the Home Affordability Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Home Affordability Calculator.
How much house you can afford in Florida hinges on the $73,311 median income, 0.8% property tax, and current rates. The 28/36 rule turns income into a realistic price ceiling.
Affordability math for Florida
Lenders typically cap housing costs at 28% of gross income. On Florida's $73,311 median income, that's about $1,711/month for principal, interest, taxes, and insurance.
After reserving for 0.8% property tax and insurance, the remaining payment supports a home priced near $338,292 with 20% down - compared with the $410,000 state median.
About taxes and housing in Florida
Florida levies no state income tax, funding government primarily through sales taxes and tourism-related revenue.
Florida's homestead exemption reduces taxable home value and its Save Our Homes provision caps annual assessment increases for primary residences.
Florida's economy is driven by tourism, real estate, and an influx of retirees and new residents drawn by the lack of an income tax.
Worked example: max price on $73,311
28% of $73,311 ÷ 12 ≈ $1,711/month. At 6.5% for 30 years with 20% down, that supports roughly $338,292 in home price before taxes and insurance reduce it further.
Quick reference
- State income tax: No state income tax
- State sales tax: 6% (plus 1.02% avg local)
- Median home value: $410,000
- Median household income: $73,311
- Effective property tax rate: 0.8%
- Avg auto insurance: $2,694/yr
Frequently Asked Questions
How much house can I afford in Florida?
On the $73,311 median income, the 28% rule supports roughly $338,292 in home price at current sample rates - adjust for your real income and debts above.
What is the 28/36 rule?
Spend no more than 28% of gross income on housing and 36% on total debt. It's the standard lender affordability guideline.