The Average Income Needed To Buy A Home In Florida
There’s a new study about the average income needed to buy a home in Florida. The study is really eye-opening. The study comes from Redfin. Redfin’s mission is to redefine real estate in the consumer’s favor. The study found that homebuyers need to earn $115,000 to afford a median-priced home in the United States. This is more than ever before. What’s even crazier is last year all you needed to make was $99,342. So, in one year it’s gone up by $15,000. The study also found that the typical American household earns about $40,000 less than the income needed to buy a median-priced home.
The Median Home Price In Tampa
In Tampa, the income required to afford a median-priced home is $103,613. That’s a 17% increase from last year. The median-priced home in Tampa is $379,900. Additionally, your monthly mortgage payment would then be $2,590. Tampa is not the most expensive Florida city to live in. Miami is the most expensive followed by West Palm Beach.
Redfin says about first-time home buyers, “Buyers who are selling a home to buy another one are in a better boat than first-timers because they have likely built up equity in their current home, which takes a bit of the sting out of soaring monthly payments. The caveat to the caveat is those who bought at the height of the pandemic-era market with an ultra-low mortgage rate and need to sell now: Not only are they giving up a low rate, they also may have lost money on their home.”
Despite the average income needed to buy a home in Florida being six figures, people keep moving to Florida and Tampa in droves. We bet they wish they had some realistic advice before making the move. Even though we do live in paradise, it comes at a hefty price.
[SOURCE: WFLA]
Florida Cities Where Homes Are Selling Below Asking Price
Pensacola, FL Metro Area
– Number 36 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $337,900
– Median sale price: $318,950
– Total homes sold: 692
(Photo by Spencer Platt/Getty Images)
Ocala, FL Metro Area
– Number 35 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $299,000
– Median sale price: $269,000
– Total homes sold: 638
(Photo by Michael Reaves/Getty Images)
Orlando, FL Metro Area
– Number 33 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $399,989
– Median sale price: $385,000
– Total homes sold: 3,010
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Tampa, FL Metro Area
– Number 30 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $375,000
– Median sale price: $369,990
– Total homes sold: 4,215
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Cape Coral, FL Metro Area
– Number 17 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $430,000
– Median sale price: $384,945
– Total homes sold: 1,400
(Photo by Joe Raedle/Getty Images)
Jacksonville, FL Metro Area
– Number 16 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $430,000
– Median sale price: $384,945
– Total homes sold: 1,400
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Panama City, FL Metro Area
– Number 15 on Stacker’s list
– Average sale-to-list ratio: 0.97
– Median list price: $385,000
– Median sale price: $359,429
– Total homes sold: 409
(Photo by Julio Aguilar/Getty Images for IRONMAN)
Miami, FL Metro Area
– Number 7 on Stacker’s list
– Average sale-to-list ratio: 0.96
– Median list price: $530,000
– Median sale price: $455,000
– Total homes sold: 1,879
BBGI
Naples, FL Metro Area
– Number 4 on Stacker’s list
– Average sale-to-list ratio: 0.96
– Median list price: $799,450
– Median sale price: $580,000
– Total homes sold: 687
(Photo by Spencer Platt/Getty Images)
