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Florida's no-state-income-tax advantage is real, but it doesn't fully offset what you pay in homeowners insurance. Hurricane exposure drives insurance premiums 30–50% above the national average in most of the state. On a $408,000 Florida home, budget at least $250/month for insurance — and $400+ if you're in a coastal county or flood zone.
The full monthly picture: 20% down on $408,000 runs $81,600 upfront. At current 30-year rates, your P&I is $2,199/month. Add property tax at 0.89% ($303/month) and $250/month insurance and you're at $2,752/month. That's before flood insurance, which is required if your property is in FEMA's Special Flood Hazard Area — and can add $100–500/month depending on elevation.
One thing working in Florida buyers' favor: the homestead exemption removes $50,000 from your assessed value for school taxes and $25,000 for all other taxes. On a $408,000 home, that's a meaningful reduction. You apply for it through your county property appraiser after closing.
State-specific answers. No fluff.
On the Florida median home price of $408,000 with 20% down and a 30-year loan at current rates, the monthly P&I is roughly $2,199. Add property tax at 0.89% ($303/month) and homeowners insurance (~$250/month including hurricane coverage) and your total PITI is approximately $2,752/month.
Florida's homestead exemption reduces the assessed value of your primary residence by $50,000 for school district taxes and $25,000 for all other taxing authorities. On a $408,000 home, this can reduce your annual tax bill by $600–900 depending on local millage rates. You apply through your county property appraiser after closing.
Flood insurance is required if your property is in FEMA's Special Flood Hazard Area (SFHA) and you have a federally backed mortgage. Even outside flood zones, many lenders recommend it in Florida. Flood insurance is separate from homeowners insurance and can add $100–500/month depending on your elevation certificate and flood zone designation.
Hurricane exposure is the primary driver. South Florida, coastal areas, and the Tampa Bay region face the highest risk and the highest premiums. As of 2026, average homeowners insurance in Florida runs $2,400–4,800/year — versus $1,500/year nationally. Many national insurers have reduced or exited the Florida market, limiting options and increasing costs.
Conventional loans require 620+, with 740+ getting the best rates. FHA loans accept 580 with 3.5% down. Florida also has the Florida Housing Finance Corporation's first-time buyer programs, which include income limits but can offer below-market rates and down payment assistance. Use the calculator to see what rate improvement does to your payment.
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