Purchasing residential real estate in Florida offers notable tax perks, including zero state personal income tax and the constitutional 'Save Our Homes' amendment. Under Save Our Homes, primary Florida homeowners receive a $50,000 homestead exemption and an annual property assessment increase cap equal to 3% or the Consumer Price Index (whichever is lower). However, the primary cost variable in Florida is homeowners and windstorm hazard insurance. Due to hurricane exposure and underwriting constraints, average Florida insurance premiums range from $350 to over $550 per month, with properties in coastal flood zones requiring separate National Flood Insurance Program (NFIP) policies. When calculating your Florida monthly PITI (Principal, Interest, Taxes, and Insurance), ensure you input realistic hazard insurance estimates to prevent surprises during lender escrow underwriting.