What's Average Home Price In Florida (2024)

FAQs

What is the average home cost in Florida? ›

The average home value in Florida is around $377,000 as of 2023. This is an increase of 11.8% compared to the previous year. The average home price can vary widely depending on the location within the state, with some areas being significantly more expensive than others.

Are home prices in Florida dropping or rising? Over the past few years, home prices in Florida have skyrocketed. Per Redfin data, in the middle of 2020, the median sale price was $275,600 — by April 2023, that figure had jumped to $400,800.

The cost of living in Florida is 1% higher than the national average. Housing is 4% higher than the national average, while utilities are 1% higher. When it comes to basic necessities such as food and clothing, groceries are around 2% lower than in the rest of the country, while clothing costs 2% lower.

Average Cost to Buy a House in Florida

Overall, the average cost of homes for sale in Florida is $406,988, with an average price per square foot of around $207. Therefore, it's currently more expensive on average to buy an existing home in Florida than it is to build a house.

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

Overall, the Florida housing market is likely to remain strong in 2023, with continued demand for homes and steady price growth. However, the market may begin to stabilize as the growth rate slows down, which may lead to more balanced conditions between buyers and sellers.

Florida is one of the most expensive states for housing, and Miami is the least affordable city in the country, according to a report. High demand, short supply, increased migration trends since the pandemic and exploding mortgage rates, make for a pricey combination.

The Florida Market Will Cool Down by 2022

The housing market in Florida was growing at a record rate in the early stages of the coronavirus outbreak in February 2020. Sellers were retaining their advantage, and buyers were taking advantage of reduced mortgage rates.

Florida Housing Market Overview

Looking at the five-year period from September 2017 to September 2022, the median sale price in Florida peaked in May 2022 at $410,900; as of September 2022, the median sale price is down to $392,500.

Yes, you can afford the average cost of living in Florida. If you receive a salary in excess of $50,000 per year, you will have enough to cover your expenses. The biggest companies in Florida all have high-paying jobs.

What is a good salary to live in Florida? ›

Despite ranking ninth in affordability, Florida came in at No. 4 for quality of life. Residents of the Sunshine State bear the sixth-lowest tax burden in the country, according to WalletHub, but Florida's cost of living has steadily risen over the past few years.

How much does it cost to build a 4 bedroom house? The average price to build a house in Florida with four bedrooms is between $388,000 and $465,000. This range is higher than the average Florida construction costs due the fact that four-bedroom houses are typically newer than those with three or fewer bedrooms.

The average monthly mortgage payment in Florida is $1,124.

If you are looking for a place to spend your golden years, look no further. Florida was ranked the second-best state to retire to in 2022, due primarily to low taxes and great weather.

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

Homebuyer.com data analysis indicates that, for first-time home buyers, June 2023 is a good time to buy a house relative to later in the year. This article provides an unbiased look at current mortgage rates, housing market conditions, and market sentiment.

Will Florida houses continue to rise? ›

According to Norada Real Estate Investments, Florida home values have risen by an eye-popping 80% over the last five years — and GOBankingRates spoke with several experts who expect the upward trend to continue for at least another half-decade.

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.”

Florida has some of the most overvalued housing markets in the country. MIAMI - A new report shows that Florida is still one of the worst places for home buyers right now with nine of the top 14 most overvalued U.S. markets here in the state.

Florida metros make up six of the 10 most overvalued housing markets in the nation, according to the latest report from researchers at Florida Atlantic University and Florida International University.

As a home buyer, you can back out of a home purchase agreement. However, with no contingencies written in the contract, you may face costly consequences such as losing your earnest money deposit. As a buyer, the ability to back out of an accepted house offer is good news.

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%.

As of Q4 2022, the number of closed sales for single-family homes decreased by 33.1% from the previous year and the number of new listings was down 17.1% from the year before, according to Florida Realtors. That doesn't mean it's a bad time to buy, though.

Chief Economist at First American Financial Corp, Mark Fleming, says an interest rate drop may not happen for several months. "Possibly in 2024, but it will depend on the Fed's decisions about raising rates in the second half of the year," says Fleming.

Using 2021 data, the Bureau of Economic Analysis found that the average total personal consumption cost in Florida is $50,689 per year. Here's how that breaks down. That translates to about $4,224 per person, per month.

The livable wage in Florida is $17.24 per hour.

What is the minimum salary to live alone in Florida? ›

These calculations are based on the expenses of a single adult, which increase as you add dependents like older relatives and children. The necessary living wage for a single adult with one child is $32.23 per hour ($65,000 per year).

The state's regressive tax system allows the richest one percent of Floridians to pay just 2. 3% of their incomes in state and local taxes while the state's poorest 20% households pay 12.7%.

Pew draws on the same formula used in the SmartAsset report, defining the middle class as those with incomes between two-thirds and twice the national median income. That works out to a national salary range of roughly $52,000 to $156,000 in 2020 dollars for a three-person household.

1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care.

That's why Stacker dug through the most recent data to determine the best county to live in every state. According to the website, Florida's best county is St. Johns County! Located in northeastern Florida and part of the Jacksonville metro area, this county has been around since the state's annexation into the U.S.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

Not only is Texas 8% cheaper than Florida overall, but housing, utilities and groceries all cost significantly less in the Lone Star State. (Utility costs in the two states are about equal.) Overall, living in Texas is more affordable than living in Florida.

The bottom line is Florida is a far less expensive state to live in than California because it has less expensive homes, lower sales tax on things you buy, and lower income taxes on money you earn.

Is it cheaper to live in New York or Florida? ›

Good News! The cost of living in Orlando, FL is -41.2% lower than in New York, NY. You would have to earn a salary of $35,309 to maintain your current standard of living. Employers in Orlando, FL typically pay -19.2% less than employers in New York, NY.

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.

Hawaii has the highest cost of living index of 184, which is significantly higher than any other state in the US. The state with the lowest cost of living index is Mississippi, with a score of 85. Other states with relatively high costs of living include California, New York, and Massachusetts.

1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.

According to the Census Bureau, Florida ranks as one of the top states for retirement migration. One of the reasons for this is the state's tax-friendly policies, including no state income tax. Texas also has no state income tax, making it an attractive option for retirees looking to maximize their retirement income.

If you are looking for a place to spend your golden years, look no further. Florida was ranked the second-best state to retire to in 2022, due primarily to low taxes and great weather.

“Florida's taxes are lower than California's mostly because Florida does not impose an income tax or a vehicle property tax, whereas California does,” said Jill Gonzalez, an analyst at WalletHub.

Study: California Ranks as 4th Happiest State — Well Ahead of Texas and Florida.

What is a livable salary in Florida? MIT's Living Wage Calculator says a livable salary for a single person in Florida with no children is about $36,000 before taxes.

If you make $70,000 a year living in the region of Florida, USA, you will be taxed $13,523. That means that your net pay will be $56,477 per year, or $4,706 per month.

Is Florida a good place to retire to? ›

Florida is one of the most popular places for Americans to retire. Year-round warmth, sandy beaches, and luxury housing are well-known perks of the Florida lifestyle.

Conversely, Hawaii tops the list of the most expensive states with an average house price of $636,400. As the only state not geographically based in North America, it's unsurprising that the cost of moving is significantly higher, from flights to shipping costs.