The True Cost of Owning a Home in South Florida in 2026 (What Your Mortgage Doesn't Show)

This article focuses on insurance, taxes, and maintenance, with real-world context for Broward, Miami-Dade, and Palm Beach.

1. Insurance: The Wild Card in Your 2026 Budget

In much of South Florida, homeowners insurance can rival or exceed your property taxes.

What drives your premium:

• Roof age and type (younger, hip roofs are easier to insure)

• Wind protections (impact windows, shutters, reinforced doors)

• Location (coastal vs inland, flood zone vs non-flood zone)

• Building type (single-family vs condo vs townhome)

For many 2026 buyers:

• Standard single-family homes often see $3,000–$6,000+ per year in premiums

• Coastal or older properties can go higher, especially in parts of Miami-Dade and eastern Broward

• Condos may have lower individual premiums, but building insurance is often built into HOA or condo fees

If you want a deeper explanation of why Florida insurance costs are still elevated and how buyers are navigating it, this breakdown is helpful: Why Florida Home Insurance Is So High, and How Buyers Can Navigate It

Bottom line: If insurance pushes your payment past comfort, the home isn’t affordable, no matter the list price.

2. Property Taxes: More Than the Seller's Old Bill

Florida doesn’t have a state income tax, but property taxes are a major part of your monthly housing cost.

Key 2026 realities:

• Taxes are based on assessed value × millage rate, minus exemptions

• When you buy, the county can reset the assessed value closer to your purchase price

• The seller’s current tax bill is often much lower than what you’ll pay after closing

Most owners in Broward, Miami-Dade, and Palm Beach should plan for about 1%–1.5% of the purchase price per year in property taxes.

On a $500,000 home, that often means:

• $5,000–$7,500 per year

• $415–$625+ per month in escrow

For a full explanation of reassessment, Homestead Exemption, and what buyers miss most often, see: Property Taxes in South Florida: What Buyers Need to Know Before Closing

3. HOA and Condo Fees: The “Second Mortgage” Factor

HOA and condo fees are common in South Florida and can quietly change affordability.

Typical ranges:

• Townhomes / smaller HOAs: $150–$350/month

• Gated single-family communities: $200–$400+/month

• Condos in Miami, Brickell, Hollywood, and coastal areas: $400–$800+/month, sometimes more

HOA fees may cover:

• Master insurance (especially condos)

• Common-area maintenance and utilities

• Amenities and reserves for future repairs

This is why comparing total monthly cost matters more than just price. A lower-priced condo with high HOA fees can cost more than a higher-priced townhome with minimal dues.

4. Maintenance: The Cost Buyers Still Underestimate

Even newer homes require maintenance, especially in South Florida’s heat, humidity, and storm cycles.

A realistic rule of thumb:

• Budget 1% of the home’s value per year

• On a $450,000 home, that’s about $4,500/year or $375/month

This includes:

• A/C servicing and replacement

• Exterior paint, sealing, and drainage upkeep

• Roof and system maintenance (even in some HOAs)

Buyers choosing between older homes and newer builds often overlook this difference. This comparison helps put numbers to that decision: Fixer-Upper or Turnkey? What Really Costs Less in Broward & Miami-Dade

5. Putting It All Together: A Real 2026 “All-In” View

For a typical Broward or Miami-Dade homeowner, a realistic non-mortgage monthly budget might look like:

• Insurance: $260–$500+

• Property taxes: $375–$650+

• HOA/condo fees: $150–$400+

• Maintenance reserve: $250–$375+

That’s $1,000–$1,700+ per month, before principal and interest.

This is why many first-time buyers feel strained, not because they bought “too much house,” but because they didn’t budget for ownership properly. If this sounds familiar, avoid these common pitfalls: 10 Mistakes First-Time Buyers Make in South Florida (And How to Avoid Them)

Ready to See Your True 2026 All-In Payment?

If you’re planning to buy in Broward, Miami-Dade, or Palm Beach in 2026, the smartest move is to see your actual numbers, not averages.

• Get pre-approved in minutes: Start your application now

• Explore low-down options: You Don’t Need 20% Down to Buy a Home in South Florida

• Book a strategy call: Review your full 2026 budget: mortgage, insurance, taxes, HOA, and maintenance

EZ Funding Group, Inc. NMLS #349022 | Jaime Charouf NMLS #348964 | Equal Housing Lender