Every week I talk to someone who has been renting in Broward or Miami-Dade for years, watching rent go up every lease renewal, and wondering if buying is even possible for them. My honest answer: it is harder than it was five years ago, but it is far from impossible. First-time buyers in South Florida are closing every month, and the ones who do it well almost always follow the same playbook. Here is that playbook, with the real numbers as of September 2026.

Start with what the market actually looks like

South Florida is really two markets right now, and as a first-time buyer you need to know which one you are shopping in.

• Single-family homes are still tight. According to MIAMI REALTORS® data for August 2026, the median single-family home in Broward sold for about $650,000, up roughly 4% from a year earlier, with only about four months of supply. Miami-Dade's median was about $680,000 and Palm Beach's about $650,000.
• Condos and townhomes are a buyer's market. Broward's median condo sold for about $257,500 in August with roughly ten months of supply, and Miami-Dade's median was about $408,000 with around twelve months of supply. Six months is considered balanced.

What that means for you: if a house is the goal, expect competition on the well-priced ones and be ready to move. If a condo or townhome is your entry point, you have real negotiating power right now, as long as you do your homework on the building (more on that below).

Step 1: Get pre-approved before you fall in love

I tell every buyer the same thing. Talk to a lender before you open Zillow. A real pre-approval (not a quick online pre-qualification) tells you your actual budget, your likely monthly payment, and which loan programs you qualify for. Sellers in a tight single-family market will not take an offer seriously without one.

For context on rates: Freddie Mac's Primary Mortgage Market Survey for the week of September 17, 2026 put the average 30-year fixed at 6.95% and the 15-year fixed at 6.26%. Rates move every week, so treat that as a snapshot. What matters more is getting a payment you can live with, and a good lender will run a few scenarios for you (FHA, conventional with a low down payment, and assistance programs layered on top).

Step 2: Find out if you qualify for down payment help

This is the step most first-time buyers skip, and it is the one that can change everything. A few programs worth asking your lender about:

• Florida Hometown Heroes. Florida Housing relaunched this program on July 13, 2026 with $50 million in funding. It offers 5% of your first mortgage amount (minimum $10,000, maximum $35,000) as a 0% interest deferred second mortgage, for eligible first-time buyers in frontline and workforce jobs like healthcare, teaching, law enforcement, and the military. Reports as of September 21 show a little over half of the funding left, and it is first-come, first-served through participating lenders, so do not wait on this one.
• Broward County Homebuyer Purchase Assistance. Broward's program can provide substantial deferred assistance toward down payment and closing costs for first-time buyers under 80% of area median income, and it requires a HUD-approved homebuyer education class first. Several cities, including Hollywood, Oakland Park, and Wilton Manors, run their own programs too.
• Florida Assist and other Florida Housing products. If you do not fit Hometown Heroes, ask about Florida Housing's other down payment assistance options.

Funding, income limits, and eligible price ranges change, so verify the current details with a participating lender. But I have watched these programs turn "maybe in a few years" into "we close next month."

Step 3: Budget for the Florida-specific costs

Your mortgage payment is only part of the picture here. Before you make an offer, get real numbers on:

• Homeowners insurance. Ask for a quote on the specific property early. Roof age, wind mitigation features, and impact windows can swing the premium a lot.
• Flood insurance. Check the flood zone. If your lender requires it, it is a monthly cost. If they do not, it may still be worth having in South Florida.
• Property taxes. Your taxes are based on your purchase price, not what the seller was paying. Do not budget off the seller's current tax bill. And once you move in, file for the homestead exemption.
• HOA or condo fees. Plus any special assessments that have been approved or are coming.

Step 4: If you are buying a condo, read the building, not just the unit

Condos are the most affordable way into South Florida ownership right now, and the extra inventory means you can negotiate. But since Florida's post-Surfside condo laws (SB 4-D and the 2025 update, HB 913), buildings three stories and taller must complete milestone inspections and structural integrity reserve studies, and they can no longer vote to skip funding structural reserves. Some buildings have caught up. Others are still in the middle of big assessments.

Before you commit, ask for the milestone inspection report, the structural integrity reserve study, the current budget, and recent board minutes. A building that has already done its work and funded its reserves is often the better buy, even if the monthly fee looks higher. Also confirm your lender will finance in that building, since some condo projects do not meet loan guidelines.

Step 5: Make a smart offer and protect yourself

In the single-family market, a clean, well-organized offer from a pre-approved buyer often wins over a slightly higher messy one. In the condo market, you can usually ask for more: seller credits toward closing costs, help with an assessment, or a price that reflects the building's situation.

Either way, never skip the home inspection, and add a wind mitigation and four-point inspection when needed for insurance. They cost a few hundred dollars and can save you from a very expensive surprise.

The bottom line

Buying your first home in South Florida takes more planning than it used to, but the path is clear: get pre-approved, stack every assistance program you qualify for, budget for insurance and taxes up front, and pick the right property type for today's market. The buyers who do those four things are the ones getting keys.

And if you already own a home and are thinking about making a move, whether that is upsizing, downsizing, or selling to buy somewhere new, start by finding out what your current home is worth. You can get a free home valuation at homes.discoversouthfl.com. I personally review every one. If you would rather talk it through, email me at eduardosellsfl@gmail.com and I will put together a personalized market analysis for you.