Fort Lauderdale vs Miami: Mortgage Cost Comparison
Thinking about buying in Fort Lauderdale or Miami? Here's a side-by-side comparison of mortgage costs in both cities.
$3,265
Fort Lauderdale PITI
$3,699
Miami PITI
$434/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Fort Lauderdale vs Miami: Full Mortgage Comparison
Buying a home in Fort Lauderdale is $434/month cheaper based on average home prices and local costs.
| Fort Lauderdale, FL | Miami, FL | |
|---|---|---|
| Avg. Home Price | $480,000 | $560,000 |
| Down Payment (20%) | $96,000 | $112,000 |
| Loan Amount | $384,000 | $448,000 |
| Property Tax Rate | 0.95% | 0.93% |
| Annual Property Tax | $4,560 | $5,208 |
| Annual Insurance | $5,500 | $5,200 |
| Monthly P&I | $2,427 | $2,832 |
| Monthly PITI | $3,265 | $3,699 |
| Total Interest (30yr) | $489,771 | $571,399 |
What Drives the Difference?
Home prices are the biggest factor — Miami’s average home costs $80,000 more than Fort Lauderdale’s.
Property taxes also favor Miami — Fort Lauderdale’s 0.95% rate is higher than Miami’s 0.93%.
Insurance is $300/year more in Fort Lauderdale.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Fort Lauderdale | Miami | |
|---|---|---|
| Monthly PITI | $3,265 | $3,699 |
| Income needed | $139,949 | $158,528 |
Try Your Own Numbers
The calculator above is pre-filled with Fort Lauderdale’s averages. Adjust the values to match your situation, or try the Miami calculator for Miami-specific numbers.