There is a common question asked by Korean families looking at houses in Fort Myers.

"How much should my annual salary be to buy a house here?"

While it may seem simple to calculate just based on home prices, it is actually more complicated. Monthly expenses include not only the mortgage but also property taxes and homeowners insurance. In particular, insurance costs in Florida must be carefully considered.

Let's assume you are buying a $350,000 house in Fort Myers. If you make a 20% down payment of $70,000, the amount you will borrow from the bank is $280,000.

If you calculate this with a 30-year fixed mortgage at an interest rate of about 6.75%, your monthly payment for principal and interest will be approximately $1,816.

But that's not the end of it.

If we simply estimate property taxes at about 1.5% of the home value annually, that adds about $438 per month. If we estimate homeowners insurance at $1,800 per year, that adds another $150 per month.

So, the total monthly cost for the house comes to about $2,400.

In simple terms, even after making a 20% down payment on a $350,000 house, you will still need around $2,400 each month. If the house has an HOA, there will be additional management fees, and you also need to consider utilities, internet, and repair costs separately.

So, how much should your annual salary be?

Banks typically look at the ratio of housing costs to income. If we estimate housing costs at about 28% of monthly income, that means you would need a monthly income of about $8,600, which translates to an annual salary of about $103,000.

Of course, this does not mean that "if you don't make $103,000 a year, you absolutely cannot buy a house." In actual loan assessments, factors like credit score, car payments, student loans, credit card debt, and the size of the down payment are also considered. If both spouses have income and there is little other debt, the situation can be different.

One advantage of Fort Myers is that home prices are relatively lower compared to Naples in Southwest Florida. However, one must be very cautious about insurance when buying a house in Florida.

Even for the same $350,000 house, if the roof is old or the area is at high risk for flooding, the insurance costs can vary significantly. Some homes may require separate flood insurance. Therefore, if you rely solely on the average insurance rates found online when signing a contract, the final calculations could be very different later on.

The advice I would give to those looking for a house in Fort Myers is simple.

When you find a house you like, don't just look at the price; calculate the total monthly costs including the mortgage, property taxes, actual insurance quotes, and HOA fees.

For a $350,000 house, considering a 20% down payment, thinking of an annual income of around $100,000 is a good starting point.

Also, due to hurricane and insurance issues, the conditions of each house in Fort Myers can vary significantly. A house that seems cheap is not necessarily a good deal. Checking how much the insurance costs annually, when the roof was last replaced, and whether there is a history of flooding can be much more important in the long run than just negotiating a $10,000 reduction in the house price.

Ultimately, what matters when buying a house in Fort Myers is not "how much house can I afford" but rather "can I maintain this house comfortably each month after purchasing it?"