The Three Florida Cities Where You Allegedly Need to Be “Rich” To Afford a House

Thinking about moving to Florida? You’re probably aware that property prices have been skyrocketing. In fact, Florida now boasts the second most valuable housing market in the U.S., with a median home price around $410,000. This makes buying a home a challenge for many.

Recent studies highlight three Florida cities where you need to be “rich” to afford a house. Here’s what you need to know:

What Does It Mean to Be “Rich” in Florida?

Publications like USA Today define being “rich” as being in the top 20% of earners in your state. In August 2023, Go Banking Rates reported that to be in Florida’s top 20%, you need an annual salary of $122,778.

Using this benchmark, Redfin’s recent analysis shows which Florida cities require a “rich” income to buy a home.

Miami

Miami is the priciest city in Florida. With a median home price just under $700,000 and median rent at $3,250, you’d need an annual income of $143,187 to afford a house here. That’s well above the “rich” threshold of $122,778.

West Palm Beach

West Palm Beach is another expensive spot, popular among New Yorkers moving to Florida. The median home price here is about $485,000, but many homes cost millions. According to Redfin, you need an annual income of $125,459 to buy a home in West Palm Beach.

North Port

Named the second fastest-growing city in the U.S. by Quicken Loans in early 2023, North Port offers great schools and a safe community. However, the average home price is around $403,000, meaning you need an annual income of $123,888 to afford a home here.

Other Notable Cities

Here are some other Florida cities where you’d need a significant income to own a home:

  • Cape Coral: $108,249
  • Fort Lauderdale: $114,549
  • Jacksonville: $99,549
  • Lakeland: $88,639
  • Orlando: $108,597
  • Tampa: $103,613

These numbers highlight the financial hurdles of buying a home in some of Florida’s most popular locations. If you’re planning a move to Florida, it’s essential to consider these costs and plan accordingly.

Leave a Comment