Buying a home in Miami-Dade is becoming increasingly difficult for working families. The median price of single-family homes reached $692,000 in September, a 4.06% increase compared to the same month last year, while 30-year mortgage rates approach 7.5%, further elevating the cost of property access.
The data appears in the September real estate market report released this Friday by MIAMI REALTORS, which reflects two very different realities: single-family homes continue to increase in price, while condominiums show a slight decline and a significantly larger supply.
The median price of condominiums was $417,090, which is 0.69% less than a year ago. Although they remain expensive properties for many buyers, their trend contrasts with the rising costs of single-family homes.
For a Cuban family living on their salary in Miami, the difference can determine whether it's feasible to aspire to homeownership or if it is more convenient to continue renting. And the advertised price is just part of the problem: one must also consider mortgage interest, taxes, insurance, and maintenance costs.
A house for $692,000: How much would need to be paid each month?
The rise in mortgage rates has increased pressure on those who need financing to purchase a property.
According to market reference data, the 30-year mortgage rate was at 7.46% on October 13, approximately 0.6 percentage points higher than the rate recorded on September 1.
To understand what that rate means for the household budget, an example can be a home valued at $692,000, purchased with a 20% down payment.
The buyer would initially need to contribute 138,400 dollars and request a mortgage for the remaining 553,600 dollars.
With a fixed-rate loan of 7.46% over 30 years, the monthly payment would be approximately 3,855 dollars solely for principal and interest.
This amount should be supplemented by property taxes, homeowners insurance, and, when applicable, payments to a homeowners' association. Closing costs and other expenses associated with the purchase must also be taken into account.
Therefore, the actual monthly disbursement would be higher than the $3,855 in the example.
For many families, the difficulty lies not only in gathering the down payment, but also in proving sufficient income to obtain the loan and then keeping up with the payments without compromising other essential expenses.
The apartments present a different situation
The condominium market presents a different landscape compared to single-family homes.
In addition to the slight decrease in prices, apartments are registering 12.3 months of available inventory, a figure that typically indicates a favorable market for buyers.
In single-family homes, on the other hand, the inventory stands at 5.1 months, a level that reflects relatively more favorable conditions for sellers.
Inventory months allow us to estimate how long it would take to sell the available properties if the current pace of operations continues and no new properties are added to the market.
This means that a person interested in buying an apartment could find more options, have more time to compare properties, and have better chances to negotiate the price.
However, just because there are more apartments for sale doesn't mean that all of them are a good opportunity.
The monthly fees for condominium associations, insurance, reserve funds for repairs, and potential extraordinary assessments can significantly increase the cost of a property.
The inspection and maintenance requirements for buildings in Florida also mandate a special focus on the structural and financial conditions of condominiums, particularly in older constructions.
Before purchasing, it is important to review the association's accounts, available inspections, pending works, and any extraordinary expenses that may fall on the owners.
It is also advisable to confirm with the lender whether the building meets the necessary requirements to finance the operation, including the criteria applicable to loans backed by Fannie Mae and Freddie Mac.
How much would it cost to buy a condominium?
Taking the median price of 417,090 dollars as a reference, a 20% down payment would amount to 83,418 dollars.
The buyer would need to finance approximately 333,672 dollars.
With a fixed 30-year mortgage at an interest rate of 7.46%, the monthly payment would be around $2,325 in principal and interest.
The difference compared to a single-family home is significant, but there would still be taxes, insurance, and condominium maintenance fees to consider.
In some buildings, these additional expenses can significantly alter the comparison between buying an apartment and continuing to rent.
The previous examples are illustrative calculations, not mortgage quotes. The actual conditions depend on credit history, loan type, down payment, and other factors.
Sales are declining, but nearly four out of ten purchases are made in cash
The report also reflects a moderation in real estate activity in Miami-Dade.
During September, 1,733 residential sales were recorded, a year-over-year decrease of 2%.
However, another indicator helps explain the difficulties faced by those who rely on a mortgage: 38.3% of purchases were made in cash.
That is, almost four out of ten transactions were completed without the need for mortgage financing.
Buyers with enough capital to pay in cash are not directly affected by rising rates and can make attractive offers to sellers looking to close a transaction quickly.
For those in need of a loan, this competition poses an additional challenge, although the situation varies depending on the type of property and the amount of available real estate.
Mansions worth over 30 million set new records
While numerous families are crunching the numbers to see if they can afford a mortgage, the luxury real estate market is recording historical figures.
Miami-Dade accumulated 24 home sales totaling over 30 million dollars during the first nine months of 2026, surpassing its previous annual record before the year has ended.
The contrast illustrates how two very different real estate markets can coexist within the same county.
On one hand, high-net-worth buyers continue to dominate multimillion-dollar transactions. On the other hand, families in need of financing are facing high prices and mortgage payments that consume a significant portion of their income.
The record luxury sales do not imply, therefore, an improvement in housing accessibility for the general population.
Is it better to buy now or wait?
The September data does not provide a one-size-fits-all answer for buyers.
In the single-family home market, prices continue to rise and the supply remains relatively limited.
In contrast, the increase in inventory and the slight decrease in prices in the condominiums could benefit those who have the financial capacity to negotiate.
But the decision depends on the circumstances of each family: how much money they have saved, what income they receive, how much they currently pay in rent, and how much it would actually cost to maintain the property.
Buying with the expectation of refinancing later if rates drop also entails risks, as there is no guarantee that interest rates will decrease as anticipated.
In the case of apartments, moreover, an apparently attractive offer can lose some of its appeal if the building has high fees or significant repairs pending.
Rents are also changing in Miami-Dade
The decision to buy a home comes at a time when the rental market shows different signals.
In early October, a market analysis of Miami-Dade revealed a decrease in rental prices, a trend that might provide tenants with more negotiating power in certain areas.
That behavior introduces another variable for families considering homeownership: in some cases, continuing to rent might allow them to save for a larger down payment or avoid committing to a mortgage that is too expensive.
Conditions, however, vary between cities and neighborhoods, making it important to compare properties and actual expenses in the area where one intends to live.
The real estate landscape of Miami-Dade leads to a clear conclusion: buying a single-family home continues to become more expensive, while condos offer more negotiation possibilities, but also expenses that need to be carefully examined.
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