Home Buying in Miami Beach
Miami Beach is a world-famous barrier island destination with Art Deco architecture, South Beach, luxury condos, and some of Florida's highest property values.
Frequently Asked Questions
Common questions about buying a home in Miami Beach
What is the current mortgage rate in Miami Beach?
The average 30-year fixed mortgage rate in Miami Beach, FL is currently 6.23% as of April 24, 2026. This is sourced from Freddie Mac's weekly survey via FRED.
How much is a down payment on a home in Miami Beach?
With Miami Beach's median home price of $750,000, a 20% down payment would be $150,000. First-time buyers may qualify for FHA loans with as little as 3.5% down ($26,250).
What are property taxes like in Miami Beach?
Miami Beach is in Miami-Dade County. The average effective property tax rate is 1.1%, working out to approximately $8,250 per year on a median-priced home. Florida's Homestead Exemption can reduce your taxable value by up to $50,000 if this is your primary residence.
Is it better to rent or buy in Miami Beach?
With a monthly mortgage payment of ~$3,687 (20% down) vs. median rent of $3,400, buying costs more per month but builds equity. The break-even point depends on how long you plan to stay and your down payment amount.