Yahoo Finance How Rich Do You Have To Be To Buy a House in These 50 Florida Cities?
Living in Florida seems like a dream to many, with its warm weather, lively nightlife and beautiful beaches, but its cost of living is too much for many people — the average home costs upwards of $2 million in the state’s most expensive city. But even in the Sunshine State’s most affordable major city, you would need to earn roughly $77,000 a year to afford a home.
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To find how much money you would need to make to buy a home in Florida’s most populous cities, GOBankingRates first found the average monthly mortgage payment based on the average home value, assuming a 10% down payment. Next, monthly living costs including groceries, healthcare, utilities and transportation were calculated. To determine the salary needed to buy a home in each city, GOBankingRates used the 50/30/20 budgeting rule, which assumes that 50% of your salary goes toward housing and other monthly living costs.
Here’s a look at how rich you would need to be to buy a home in 50 of Florida’s most populous cities, ranked from most to least affordable.
1. Daytona Beach, Florida
Average monthly expenditures: $1,555
Average home value: $284,806
Average mortgage payment: $1,652
Salary needed: $76,979
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2. Pine Hills, Florida
Average monthly expenditures: $1,794
Average home value: $273,688
Average mortgage payment: $1,588
Salary needed: $81,165
Pictured: Orlando, Florida
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3. Lakeland, Florida
Average monthly expenditures: $1,541
Average home value: $317,863
Average mortgage payment: $1,844
Salary needed: $81,249
4. Deltona, Florida
Average monthly expenditures: $1,656
Average home value: $301,222
Average mortgage payment: $1,748
Salary needed: $81,682
5. Spring Hill, Florida
Average monthly expenditures: $1,708
Average home value: $310,471
Average mortgage payment: $1,801
Salary needed: $84,212
6. North Port, Florida
Average monthly expenditures: $1,646
Average home value: $348,807
Average mortgage payment: $2,024
Salary needed: $88,074
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7. Palm Coast, Florida
Average monthly expenditures: $1,642
Average home value: $351,379
Average mortgage payment: $2,039
Salary needed: $88,340
8. Tallahassee, Florida
Average monthly expenditures: $2,065
Average home value: $288,141
Average mortgage payment: $1,672
Salary needed: $89,669
9. Palm Bay, Florida
Average monthly expenditures: $1,934
Average home value: $311,506
Average mortgage payment: $1,807
Salary needed: $89,781
10. Jacksonville, Florida
Average monthly expenditures: $2,030
Average home value: $300,570
Average mortgage payment: $1,744
Salary needed: $90,581
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11. Brandon, Florida
Average monthly expenditures: $1,734
Average home value: $363,792
Average mortgage payment: $2,111
Salary needed: $92,273
Pictured: Tampa, Florida
12. Gainesville, Florida
Average monthly expenditures: $2,080
Average home value: $308,124
Average mortgage payment: $1,788
Salary needed: $92,832
13. Kissimmee, Florida
Average monthly expenditures: $1,668
Average home value: $382,916
Average mortgage payment: $2,222
Salary needed: $93,352
14. Largo, Florida
Average monthly expenditures: $1,664
Average home value: $383,934
Average mortgage payment: $2,227
Salary needed: $93,389
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15. The Villages, Florida
Average monthly expenditures: $1,544
Average home value: $407,449
Average mortgage payment: $2,364
Salary needed: $93,795
16. Town ‘n’ Country, Florida
Average monthly expenditures: $1,761
Average home value: $383,449
Average mortgage payment: $2,225
Salary needed: $95,650
Pictured: Tampa, Florida
17. Riverview, Florida
Average monthly expenditures: $1,767
Average home value: $390,069
Average mortgage payment: $2,263
Salary needed: $96,715
18. Lehigh Acres, Florida
Average monthly expenditures: $2,246
Average home value: $308,670
Average mortgage payment: $1,791
Salary needed: $96,875
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19. Tamarac, Florida
Average monthly expenditures: $1,861
Average home value: $384,691
Average mortgage payment: $2,232
Salary needed: $98,218
20. Melbourne, Florida
Average monthly expenditures: $1,904
Average home value: $384,909
Average mortgage payment: $2,233
Salary needed: $99,278
21. Lauderhill, Florida
Average monthly expenditures: $1,852
Average home value: $394,199
Average mortgage payment: $2,287
Salary needed: $99,343
22. Wesley Chapel, Florida
Average monthly expenditures: $1,700
Average home value: $431,369
Average mortgage payment: $2,503
Salary needed: $100,862
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23. Port Saint Lucie, Florida
Average monthly expenditures: $1,943
Average home value: $397,042
Average mortgage payment: $2,303
Salary needed: $101,921
24. Deerfield Beach, Florida
Average monthly expenditures: $1,809
Average home value: $427,572
Average mortgage payment: $2,481
Salary needed: $102,951
25. Pompano Beach, Florida
Average monthly expenditures: $1,829
Average home value: $430,393
Average mortgage payment: $2,497
Salary needed: $103,826
26. Tampa, Florida
Average monthly expenditures: $2,048
Average home value: $394,067
Average mortgage payment: $2,286
Salary needed: $104,017
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27. Saint Petersburg, Florida
Average monthly expenditures: $2,105
Average home value: $390,702
Average mortgage payment: $2,267
Salary needed: $104,929
28. Orlando, Florida
Average monthly expenditures: $2,078
Average home value: $401,771
Average mortgage payment: $2,331
Salary needed: $105,811
29. Clearwater, Florida
Average monthly expenditures: $2,065
Average home value: $404,615
Average mortgage payment: $2,347
Salary needed: $105,906
30. Fort Myers, Florida
Average monthly expenditures: $2,041
Average home value: $416,148
Average mortgage payment: $2,414
Salary needed: $106,916
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31. Cape Coral, Florida
Average monthly expenditures: $2,140
Average home value: $401,843
Average mortgage payment: $2,331
Salary needed: $107,301
32. Miami Gardens, Florida
Average monthly expenditures: $1,938
Average home value: $448,677
Average mortgage payment: $2,603
Salary needed: $108,984
Pictured: Miami
33. Sunrise, Florida
Average monthly expenditures: $1,848
Average home value: $468,867
Average mortgage payment: $2,720
Salary needed: $109,644
34. Homestead, Florida
Average monthly expenditures: $1,983
Average home value: $447,885
Average mortgage payment: $2,598
Salary needed: $109,944
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35. Boynton Beach, Florida
Average monthly expenditures: $1,833
Average home value: $490,031
Average mortgage payment: $2,843
Salary needed: $112,224
36. West Palm Beach, Florida
Average monthly expenditures: $2,188
Average home value: $453,015
Average mortgage payment: $2,628
Salary needed: $115,595
37. Hollywood, Florida
Average monthly expenditures: $2,071
Average home value: $497,465
Average mortgage payment: $2,886
Salary needed: $118,980
38. Hialeah, Florida
Average monthly expenditures: $2,057
Average home value: $527,492
Average mortgage payment: $3,060
Salary needed: $122,815
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39. Delray Beach, Florida
Average monthly expenditures: $1,816
Average home value: $576,301
Average mortgage payment: $3,343
Salary needed: $123,831
40. Miramar, Florida
Average monthly expenditures: $2,076
Average home value: $536,947
Average mortgage payment: $3,115
Salary needed: $124,581
41. Plantation, Florida
Average monthly expenditures: $1,830
Average home value: $606,538
Average mortgage payment: $3,519
Salary needed: $128,3763
42. Fort Lauderdale, Florida
Average monthly expenditures: $2,077
Average home value: $572,180
Average mortgage payment: $3,320
Salary needed: $129,513
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43. Pembroke Pines, Florida
Average monthly expenditures: $2,081
Average home value: $576,173
Average mortgage payment: $3,343
Salary needed: $130,157
44. Davie, Florida
Average monthly expenditures: $1,856
Average home value: $615,294
Average mortgage payment: $3,570
Salary needed: $130,222
45. Miami
Average monthly expenditures: $2,060
Average home value: $603,781
Average mortgage payment: $3,503
Salary needed: $133,499
46. Doral, Florida
Average monthly expenditures: $1,943
Average home value: $650,650
Average mortgage payment: $3,775
Salary needed: $137,232
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47. Coral Springs, Florida
Average monthly expenditures: $2,082
Average home value: $634,365
Average mortgage payment: $3,680
Salary needed: $138,283
48. Boca Raton, Florida
Average monthly expenditures: $1,824
Average home value: $716,905
Average mortgage payment: $4,159
Salary needed: $143,584
49. Weston, Florida
Average monthly expenditures: $1,897
Average home value: $793,420
Average mortgage payment: $4,603
Salary needed: $155,996
50. Miami Beach, Florida
Average monthly expenditures: $1,875
Average home value: $2,384,968
Average mortgage payment: $13,836
Salary needed: $377,073
Methodology: To find out how rich you have to be to buy a house in the most populated Florida cities, GOBankingRates analyzed the top 60 cities in Florida in terms of population as sourced from the US Census American Consumer Survey. For each Florida city, a number of factors were found including; [1] average home value for single-family homes in December 2023, as sourced from the Zillow Home Value Index; [2] average national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Research; [3] grocery cost of living index, [4] healthcare cost of living index, [5] utilities cost of living index, [6] transportation cost of living index and [7] miscellaneous cost of living index, all sourced from Sperlings BestPlaces; and [8] average national expenditure costs for all consumers, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average national expenditure costs and the cost of living indexes were used to calculate the average cost of living in each city. The average mortage and the average expenditure costs were combined to give the total cost of needs. Using the 50/30/20 rule, the needs are calculated to be 50%, so doubling the needs cost gives the total salary needed to buy a house in the most populated Florida cities. All data was collected and is up-to-date as of May 31, 2024.
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This article originally appeared on GOBankingRates.com: How Rich Do You Have To Be To Buy a House in These 50 Florida Cities?
