A median Florida home costs $396,900 (20th of 51). Borrowing 80% at 7.40% gives $2,678.11 per month once $248.08 of tax and $231.58 of insurance are added to $2,198.44 of principal and interest; at 5% down with PMI, budget $3,247.43.
Homestead exemptions and property tax relief
A permanent resident who owns the home on January 1 can exempt up to $50,000 of assessed value: the first $25,000 from all taxes including school levies, and a second $25,000 (now indexed to inflation) from non-school taxes on value above $50,000. File form DR-501 with the county property appraiser by March 1. From the following year, Save Our Homes caps assessed-value growth at 3% or the CPI change, whichever is lower (2.7% for 2026), and portability lets you move up to $500,000 of that saved difference to a new Florida homestead.
First-time buyer programs
Florida Housing Finance Corporation's Hometown Heroes program lends up to 5% of the first mortgage ($10,000 to $35,000) as a 0% deferred second for income-qualified first-time buyers who work full time in health care, schools, public safety, child care or the military; it is repaid at sale or refinance. Funds are first-come, first-served: the 2026–27 round opened July 13, 2026 with $50 million, and part of it has already been reserved, so confirm availability with a lender. Florida Assist provides up to $10,000 on the same deferred terms alongside a Florida Housing first mortgage.
Transfer and recording taxes
Florida's documentary stamp tax is $0.70 per $100 on the deed (Miami-Dade uses a different rate) and $0.35 per $100 on the new mortgage note, plus a 0.2% nonrecurring intangible tax on the mortgage. On a $396,900 home with 20% down that is about $2,778 of deed stamps, usually paid by the seller, and about $1,746 of note stamps and intangible tax, which the buyer pays.
Closing costs to plan for
The mortgage taxes alone add roughly 0.55% of the loan to the buyer's side, before lender, title and inspection costs. The first year's insurance premium is often due at closing, and in Florida that can be several thousand dollars.
When property tax bills are due
Florida tax bills are mailed around November 1 and are due by March 31 of the next year. Paying early earns a discount: 4% in November, 3% in December, 2% in January and 1% in February. Lenders that escrow taxes usually pay in November to take the 4% discount.
Before you buy in Florida
Apply for the homestead exemption with the county property appraiser by March 1. You must own the home and make it your permanent residence by January 1 of that tax year. The exemption can cut up to $50,000 from taxable value, and after the first homestead year Save Our Homes limits the annual assessment increase to 3% or the CPI change, whichever is lower. If you are leaving a Florida homestead, file Form DR-501T with your application to carry up to $500,000 of that Save Our Homes benefit to the new home.
2026 loan limit in Florida
FHFA 2026 one-unit conforming limits: high-cost limits apply in 1 of 67 counties, as high as $990,150 (Monroe County). The typical $317,520 loan stays conforming.
Florida numbers used above
| Measure | Florida | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $396,900 | $360,600 |
| Effective property tax rate | 0.75% (26th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $2,779 | $1,737 |
| Median household income | $77,735 | $81,604 |
| Median gross rent | $1,812 | $1,487 |
| Income needed at 28% (20% down) | $114,776 | – |
Frequently asked questions
When does my homestead exemption start?
On January 1 after you own and live in the home. File by March 1, and the Save Our Homes cap begins the year after that.
What is the median-home payment in Florida?
About $2,678.11 a month on a $396,900 home with 20% down at 7.40%, including tax and insurance.
What income do lenders want for that?
Roughly $114,776 a year under the 28% rule, or $139,175 with 5% down and PMI.
How does Florida insurance compare?
The 2023 average HO-3 premium was $2,779, above the $1,737 U.S. average.
Sources
- Florida DOR, PT-113 homestead exemption
- Florida DOR, Save Our Homes cap history
- Florida DOR, documentary stamp tax
- Florida DOR, nonrecurring intangible tax
- Florida DOR, homestead exemption (PT-113)
- Florida DOR, tax collector calendar
- Florida DOR, Save Our Homes and portability (PT-112)
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Florida paycheck