How Much Money Do You Need to Buy a Miami Condo?

To buy a typical Miami condo with a mortgage, plan on cash for the down payment (from 3% to 25% or more, depending on the building and how you will use the unit), 0.55% of the loan in Florida mortgage taxes, title and lender fees on top, and monthly HOA dues that run about $1,000 to $2,400 in most neighborhoods. The numbers below use Florida law and Fannie Mae rules as of October 2026, plus our own listing and deed data.

What condos cost now

Median asking prices of condos listed on October 13, 2026:

| Neighborhood | Median asking price | Median monthly HOA | |---|---|---| | Aventura | $455,500 | $1,208 | | South Beach | $495,000 | $990 | | Downtown | $615,000 | $1,184 | | Sunny Isles Beach | $629,000 | $1,394 | | Edgewater | $650,000 | $1,256 | | Brickell | $690,000 | $1,316 | | Key Biscayne | $1,495,000 | $1,720 |

Own.Miami data from active listings. Coconut Grove's median HOA was the highest we track, at $2,381.

The down payment depends on the building

The lender approves two things: you and the building. If the condo association meets Fannie Mae's project rules, a conventional loan can cover up to 97% of the price for a home you will live in (above 95% at least one borrower must be a first-time buyer), 90% for a second home and 85% for an investment unit, according to Fannie Mae's eligibility matrix.

Many Miami towers do not qualify. Condo-hotels, buildings with heavy rental use and associations with litigation or weak reserves are often non-warrantable, which usually means a portfolio loan and a larger down payment. See warrantable vs non-warrantable condos. Foreign buyers face similar terms; see the foreign buyer's guide.

Cash is the norm in much of the market. Across 480 buildings we rate for financing, only 32% of the 7,842 purchases recorded in the 12 months to October 13, 2026 were paired with a purchase mortgage. In buildings with financed sales, the typical median down payment was 27%. Every building page shows that building's own financing record.

Closing costs: what Florida law sets

Two taxes apply to any Florida mortgage, both paid by the borrower in practice:

• Documentary stamp tax on the mortgage: 35 cents per $100 of the amount secured, with no cap (Florida Department of Revenue).
• Nonrecurring intangible tax: 2 mills, or 0.2% of the loan (section 199.133, Florida Statutes).

On a $520,000 loan (a $650,000 condo with 20% down), that is $1,820 plus $1,040.

The deed carries its own stamp tax. In Miami-Dade it is 60 cents per $100 for a single-family dwelling. In a resale the seller customarily pays it, but on new construction developer contracts often shift it to the buyer. In Miami-Dade, unlike much of Florida, the buyer customarily pays for the owner's title insurance policy. Lender fees, the appraisal, the condo association's estoppel letter and prepaid escrows come on top. Our closing costs guide goes line by line.

Monthly: HOA dues and property tax

HOA dues are the cost that most often surprises buyers. The medians in the table run from $990 to $2,381 a month, and full-service towers with large staffs often sit well above their neighborhood median. Read how HOA fees work before comparing buildings.

Property tax in the City of Miami totaled 19.9878 mills in 2025, or about 2% of taxable value, according to the Florida Department of Revenue's 2025 rate table. Rates differ in Miami Beach, Aventura and other cities. After a sale the assessment resets, so budget on the price you pay, not the seller's bill. Homestead, if you qualify, lowers it. See the property tax guide.

Insurance: the building's master policy is inside your dues; you still need your own unit (HO-6) policy.

A worked example

A $650,000 Edgewater condo bought as a primary residence with 20% down:

• Down payment: $130,000
• Mortgage stamps and intangible tax: $2,860
• Title, lender, appraisal and other fees: get a written estimate; these vary by lender and title company
• HOA dues: about $1,256 a month at the Edgewater median
• Property tax: up to about $13,000 a year at City of Miami rates if the unit is assessed near its price, before any homestead exemption

Before you commit, ask the association whether any special assessment is pending or planned. Our building pages show each building's recertification timing and approved public-record signals.

This guide is general information, not legal, tax or financial advice. Confirm the figures for your purchase with your lender, title company and a Florida attorney.