Here’s How Much You Need To Earn To Buy A House In Florida
Homes in the state of Florida have gotten more expensive since COVID and they’re not going down anytime soon. To buy a house in Florida isn’t cheap these days. It’s become harder than ever for Americans to afford and find a home. Not only have prices gone up but inventory is also an issue. Mortgage rates being so high at the moment doesn’t help. Plus, rising home prices have made it super difficult especially for first-time home buyers. It may not be shocking when you find out how much you need to earn to buy a house in Florida.
According to a report from Redfin and WFLA, Floridians must earn a minimum of $114,627 to afford the average American home. That’s shockingly up 15% from a year ago! To make things worse, that’s up more than 50% since the start of the pandemic! The real estate website Redfin said, “Hourly wages have risen in 2023, but not nearly as fast as the income necessary to afford a home is rising: The average U.S. hourly wage has increased by about 5% over the last year.” The average household earns $40,000 less than what’s needed to buy a median-priced house in Florida.
If it’s so expensive, why move here?
First and foremost, Florida is home to stunning beaches. There are over 1,350 miles of coastline with pristine white sand, turquoise water, and extremely hot weather. One of the most famous places is Miami Beach to the very glamorous South Beach each one is amazing in its own way. The Gulf Coast beaches like Clearwater and Siesta Key are just as beautiful. It doesn’t matter what you’re looking for, there is a perfect beach for everyone. Visitors can enjoy different water activities like snorkeling, jet skiing, or just tanning in the hot sun.
Florida features vibrant cities with a diverse cultural scene all over the place. Miami is mainly known for its lively nightlife but still offers a lot of family-friendly things to do. Let’s not forget about Tampa Bay as an option too! Tampa offers the Tampa Museum of Art and Florida Aquarium as fun places for the family. Don’t forget about their energetic sports scene with the NFL’s Tampa Bay Buccaneers and the NHL’s Tampa Bay Lightning. Although Orlando is the #1 city in Florida for family vacations the average cost for a week in Orlando is $1,800 which is affordable.