Calculate your Florida home buying budget based on income, debts, down payment, and local costs.
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
- General rule: housing costs should not exceed 28% of gross monthly income (front-end DTI)
- Total debt payments should not exceed 43-50% of gross income (back-end DTI)
- Include: principal, interest, property taxes, insurance, HOA, flood insurance
- Florida-specific: property taxes average 0.89% of assessed value
- Florida-specific: homeowners insurance higher than national average ($2,000-$5,000+/year)
- Florida-specific: flood insurance may be required ($500-$3,000+/year)
- Down payment: 0-20% depending on loan type
- Closing costs: 2-5% of purchase price in Florida
- Reserves: 2-6 months of payments in savings after closing