These are the 10 cheapest states to buy a house in 2022—and Florida isn't one of them (2024)

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These are the 10 cheapest states to buy a house in 2022—and Florida isn't one of them? ›

Alabama has one of the lowest median home values in the country, as well as some of the lowest healthcare and transportation costs. While the unemployment rate is still somewhat low at 2.9%, Alabama still has the highest percentage of people living below the poverty line in the US.

Alabama has one of the lowest median home values in the country, as well as some of the lowest healthcare and transportation costs. While the unemployment rate is still somewhat low at 2.9%, Alabama still has the highest percentage of people living below the poverty line in the US.

Florida houses also tend to be smaller in size than other homes in different states. As these properties are smaller, median property prices will be lower as well. Additionally, houses for sale in Florida tend to be older homes. This factor contributes to the lower property prices as well.

West Virginia is the cheapest state to buy a house in as it has the lowest median list prices for homes as well as the cheapest sales price per square foot. Property taxes in the state are also some of the lowest in America.

States are ranked by the number of people that moved to Florida from the state in 2019. The 2019 National Movers Study found that the states with the most inbound moves were Vermont, Idaho, Oregon, Arizona, and South Carolina. Keep reading to find out which states are sending the most people to Florida.

Affordable property prices: Compared to other states like California, property prices in Florida are relatively affordable, which can make it an attractive option for real estate investors. This can lead to strong returns on investment and can make it easier for investors to purchase multiple properties.

Are house prices in Florida dropping? ›

The Florida housing market is experiencing a major shift. The median sale price increased by 3.2% in March 2023 year-on-year, and the number of homes sold dropped by 19.7%.

States With Highest Cost of Living

The ten states with the highest cost of living are Hawaii, Massachusetts, California, New York, Alaska, Maryland, Oregon, Connecticut, New Hampshire, and Vermont. Hawaii is the state with the highest cost of living in the US, with a cost of living index of 184.

New Hampshire stands out as the safest state in America, with only 20 homicides recorded in the state. This makes it one of the most secure and peaceful places to live in the country. New Hampshire has a relatively low crime rate, with a lower number of property crimes and violent crimes per capita than most states.

Albuquerque, New Mexico, ranks as the most affordable city in the country for single renters. Studio apartments in Albuquerque go for a median price of $700, and the average single person would only need to spend 15.33% of their income to afford one.

According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with its housing costing three times the national average. New York and California rank as the second and third most expensive states in which to live, respectively.

What Types of Commercial Properties Are the Most Profitable? High-Tenant Properties – Typically, properties with a high number of tenants will give the best return on investment. These properties include RVs, self-storage, apartment complexes, and office spaces.

Massachusetts and Minnesota were the two states with the highest living standards in the U.S., according to the study.

What is the most successful state to live in? ›

From July 2021-July 2022, nearly 444,500 people moved to Florida, which compared to the previous year was a gain of 185,000, the largest year-over-year impact of residents moving. Florida also ranked #1 in domestic migration, #2 in international migration, and #1 with the most people moving in per day at 1,218.

The other reasons that people leave the state after moving here are varied: “A nearly 14,000-member Facebook group for people moving out of Florida has cited severe weather, low wages, crowded beaches, changing politics, and steep housing prices as reasons people left.”

Typically, mortgage lenders in Florida want you to contribute 20% of the purchase price as a down payment. That would be $81,398 for a $406,988 home — the typical home value in Florida. However, you have options to lower your down payment amount.

The first factor that is used to determine how much house you can afford in Florida is your income. Generally, you should be able to afford no more than three times your annual salary on a house. So if you make $100,000 a year, you should look for houses that cost around $300,000.

The average monthly mortgage payment in Florida is $1,124. With the average Florida household earning $6,388, mortgage payments account for nearly 18% of Florida residents' monthly income.

With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024.

Maybe, maybe not. But the market forces of rising interest rates, from 3.8% to 5.34%, to 5.97%, to 7.81% finally hampered the buying power of homebuyers, slowing home sales. In Lee County from 2021 to 2022, single-family home sales dropped by 19.5%. Collier sales fell by 31% and Charlotte by 9.3%.

Are foreclosures increasing in Florida? ›

Additionally, Florida's foreclosure rate is a reported one in every 3,964 homes. SoFi said the number of foreclosures in the country had “drastically increased” through 2022 and that “with a total of 248,170 initiated, U.S. foreclosures rose a staggering 169 percent from the previous year.”

Regarding affordability, the report indicates that Connecticut, Massachusetts, and New Jersey are the most affordable states with Arizona, Nevada, and Florida being the least affordable. The researchers came to this conclusion by using features such as credit score, mortgage debt, paid family leave, and median income.

The best states for farmland in the US include Montana, Kansas, Oklahoma, South Dakota, North Dakota, Texas, Iowa, Kentucky, Wyoming, and California. Consider factors like profitability, cost of operation, infrastructure, and availability when selecting a location.

Oklahoma. Oklahoma currently sits at the lowest cost per acre among the best states for farmland in the US, so this is another state to consider when looking to buy land for agricultural purposes.

No state income tax in Florida, cheaper real estate and the weather are the top reasons broker Melissa Cantway said people are still moving here.

Shelter costs are a core component of inflation measurements, and with inflation so high recently, it's no shock that the Florida housing market tends to be high-priced. According to Rent.com's May 2023 Rent Report, the median rent in Orlando is $2,153, in Tampa it's $2,255 and in Miami it's a budget-busting $3,066.

A good salary — one that allows for necessities, fun, and savings — might start at $60,000 for a single, childless renter in Florida and $75,000 for a similar homeowner.

The coronavirus pandemic brought a new wave of people looking to become Floridians. That's one of the reasons why CBS News says Florida is now America's least affordable place to live. According to Realtor.com, the Miami area was the least affordable rental market in February.

What are the 6 reasons not to move to Florida? ›

Naples. This smaller metro area on the Gulf Coast is the No. 1 spot out of the 150 most populous metro areas in the U.S. for its low rates of property crime, violent crime and murder. Naples also ranks sixth for desirability, making it the most desirable Florida metro area for 2022-2023.

The current minimum wage in Florida is $8.56, slightly higher than the federal minimum wage of $7.25. Economists estimate that Floridians need to earn at least $15.60 per hour to enjoy a living wage and comfortable lifestyle. This is an average salary of $32,448 per year.

$11.87 is the 25th percentile. Wages below this are outliers. $23.94 is the 75th percentile.

With few exceptions, employers in these states must pay each employee a minimum of $7.25 per hour.

Cape Coral

Known as the “Waterfront Wonderland,” this charming town is not only one of Florida's most affordable places but it is also one of the safest. Located in the southwestern part of the state near Fort Meyers, Cape Coral has an intricate system of canals which allow its residents to always be near the water.

Cost of living

Georgia has an overall score of 93.4, about 10% less than Florida's 102.8. This means that, on average, living in Georgia is slightly more affordable than living in Florida.