Florida is known for its sunny weather, beautiful beaches, and diverse culture. But it is also one of the most expensive states to buy a house in the US. According to data from Zillow, Florida has the second most valuable housing market in the entire country, behind only California. The median home value in Florida is $325,000, which is 32% higher than the national average of $246,000.
But not all cities in Florida are equally pricey. Some areas have seen a surge in demand and prices, while others remain more affordable. In this article, we will look at the three Florida cities where you allegedly need to be rich to afford a house, based on the median home value and the income needed to buy a house in each city.
Naples
Naples is a coastal city in Southwest Florida, known for its upscale shopping, dining, and golf courses. It is also home to some of the most expensive real estate in the state. The median home value in Naples is $635,000, which is 95% higher than the state average and 158% higher than the national average.
To afford a house in Naples, you would need an annual income of $152,400, assuming a 20% down payment and a 30-year fixed mortgage at 3% interest rate. This is more than three times the median household income in Naples, which is $47,000.
Key West
Key West is the southernmost city in the continental US, located at the tip of the Florida Keys. It is a popular tourist destination, famous for its colorful architecture, nightlife, and tropical climate. It is also one of the most expensive places to live in Florida.
The median home value in Key West is $616,000, which is 89% higher than the state average and 150% higher than the national average. To afford a house in Key West, you would need an annual income of $147,840, assuming a 20% down payment and a 30-year fixed mortgage at 3% interest rate. This is more than twice the median household income in Key West, which is $67,000.
Miami
Miami is the largest and most populous city in Florida, located on the Atlantic coast. It is a global city, with a diverse and vibrant culture, economy, and entertainment scene. It is also one of the most expensive cities to buy a house in Florida. The median home value in Miami is $415,000, which is 28% higher than the state average and 69% higher than the national average.
To afford a house in Miami, you would need an annual income of $99,600, assuming a 20% down payment and a 30-year fixed mortgage at 3% interest rate. This is almost twice the median household income in Miami, which is $51,000.
Conclusion
Florida is a desirable place to live for many people, but it also comes with a high price tag. Some cities in Florida are especially costly, requiring a high income to buy a house. Naples, Key West, and Miami are the three Florida cities where you allegedly need to be rich to afford a house, based on the median home value and the income needed to buy a house in each city.
These cities have some of the highest home values in the state and the country, and they are far above the average income level of their residents. If you are looking for a more affordable place to live in Florida, you may want to consider other options.
