I Asked ChatGPT How Much House I Can Really Afford in Florida on a $60,000 Salary — Here’s the Answer

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Although Florida isn’t nearly as expensive as states like Hawaii or California, it still ranks in the top half nationally (No. 18) for highest costs of living, according to World Population Review.

Florida’s higher-than-average cost of living extends to its home prices. Federal Reserve data found that homes there had a median list price of $425,000 as of December 2025 — above the national median of $399,950.

What this means is that if you live in the Sunshine State and earn a typical salary, you’ll have a harder time making ends meet than most Americans. Nationwide, median earnings are $1,214 a week or $63,128 a year, according to the U.S. Bureau of Labor Statistics. Floridians who earn $60,000 a year fall just shy of the national median.

So how much house can they really afford in Florida on that kind of salary? We asked ChatGPT, and here’s what it said.

The Basic Affordability Rule

To qualify for a mortgage loan, most lenders use guidelines such as the 28% rule, which means your monthly housing costs should be no more than 28% of your gross monthly income. These costs include your mortgage payment, property tax, insurance, homeowners association (HOA) fees and private mortgage insurance (PMI), if applicable.

Here’s what the rule might look like if you earn $60,000 a year:

• Gross monthly income: $5,000
• 28% of $5,000: About $1,400 a month. This is how much you should target for housing payments, including principal, interest, taxes and insurance

What It Means in Florida

Here’s a breakdown of what you can afford in Florida based on the state’s typical costs as well as current mortgage rates (which range from around 6.1% to 6.3% for a 30-year fixed mortgage):

• Affordable purchase range: If you earn $60,000 a year, you can afford a home priced between $220,000 to $260,000. But a lot depends on factors such as your credit score and down payment.
• Other factors to consider: If you get an FHA loan with a low down payment and a higher debt-to-income ratio, you can probably afford a home on the higher end of the range.
• Reality check: If you aim to buy a home that costs around $250,000, it essentially means you’ll pay about 40% below the average listing price in Florida. To get the best bang for your buck, you’ll need to look in some of the more affordable Florida cities.

ChatGPT’s estimate for what you can afford in Florida on a $60,000 salary is a bit more than estimates provided by other sources.

For example, when you plug in a $60,000 salary using the Florida Credit Union home affordability calculator, it says you can afford a home worth about $219,000. That’s based on a $50,000 down payment, a 30-year mortgage at 6.1% and recurring monthly debts of about $600.

According to the iBuyer.com website, if you make $60,000 a year, most lenders say you can afford a home “somewhere between $180,000 and $240,000.”

Monthly Budget

Assuming you bought a $240,000 home in Florida, here’s what the purchase might look like if you can qualify for a minimal down payment that requires you to pay PMI:

• Down payment: 5%, or $12,000
• Mortgage type: 30-year fixed
• Mortgage rate: 6.2%
• Property tax: 0.74%
• Home insurance: $2,500 per year

Based on the above, here’s a rough estimate of your monthly budget for housing:

• Principal and interest: $1,200-$1,300
• Taxes and insurance: $300-$350
• PMI: $100 or more

With this budget, you’ll pay a total of roughly $1,600 to $1,750 a month on housing expenses alone. To do this on a $60,000 income you’ll need to move where other costs are much lower than average. You can also free up more money by putting 20% down on the home to avoid PMI costs.

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