The Cheapest and Most Expensive Housing Markets in Florida

Special Report

Published: March 27, 2024 12:50 pm

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Florida cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Florida is worth $292,200. But across the 45 cities, towns, and unincorporated communities in the state with populations of at least 75,000, median home values range from about $185,000 to nearly $600,000.

In any local market, home prices are often a reflection of what residents can afford. In Florida, many of the least expensive cities for homebuyers are not high-income areas. Of the 45 Florida cities with available data from the ACS, 20 have a median home value that is less than the statewide median. In all but six of these places, the typical household earns less than the statewide median household income of $67,917.

These are the cheapest and most expensive housing markets in Florida.

45. Largo

Median home value: $184,500
Homes worth over $1 million: 1.6%
Homeownership rate: 60.4%
Median household income: $56,266
Total population: 82,541

44. Lakeland

Median home value: $207,800
Homes worth over $1 million: 0.7%
Homeownership rate: 54.8%
Median household income: $58,290
Total population: 114,404

43. Pine Hills

Orange County Florida Incorporated and Unincorporated areas Pine Hills Highlighted by Arkyan

Orange County Florida Incorporated and Unincorporated areas Pine Hills Highlighted (CC BY-SA 3.0) by Arkyan

Median home value: $216,400
Homes worth over $1 million: 0.9%
Homeownership rate: 54.1%
Median household income: $49,474
Total population: 83,221

42. Gainesville

Median home value: $216,600
Homes worth over $1 million: 0.9%
Homeownership rate: 38.5%
Median household income: $43,783
Total population: 142,414

41. Spring Hill

Spring Hill, Florida Gateway @ US 19 by DanTD

Spring Hill, Florida Gateway @ US 19 (CC BY-SA 3.0) by DanTD

Median home value: $221,500
Homes worth over $1 million: 0.3%
Homeownership rate: 77.9%
Median household income: $61,588
Total population: 116,882

40. Palm Bay

Median home value: $226,200
Homes worth over $1 million: 0.4%
Homeownership rate: 79.9%
Median household income: $62,538
Total population: 121,513

39. Deltona

Median home value: $226,800
Homes worth over $1 million: 0.4%
Homeownership rate: 80.3%
Median household income: $69,074
Total population: 94,373

38. Lehigh Acres

Median home value: $231,500
Homes worth over $1 million: 0.2%
Homeownership rate: 67.0%
Median household income: $59,733
Total population: 124,440

37. Jacksonville

Median home value: $243,000
Homes worth over $1 million: 2.0%
Homeownership rate: 57.0%
Median household income: $64,138
Total population: 950,203

36. Deerfield Beach

Median home value: $243,900
Homes worth over $1 million: 3.4%
Homeownership rate: 61.1%
Median household income: $53,741
Total population: 86,455

35. Melbourne

Median home value: $247,300
Homes worth over $1 million: 1.8%
Homeownership rate: 58.8%
Median household income: $60,917
Total population: 84,982

34. Kissimmee

Median home value: $253,000
Homes worth over $1 million: 0.3%
Homeownership rate: 47.0%
Median household income: $45,319
Total population: 78,478

33. Tallahassee

Median home value: $256,400
Homes worth over $1 million: 1.9%
Homeownership rate: 39.8%
Median household income: $52,899
Total population: 198,259

32. Town ‘n’ Country

Median home value: $261,300
Homes worth over $1 million: 1.3%
Homeownership rate: 57.5%
Median household income: $63,947
Total population: 89,456

31. Brandon

Median home value: $266,400
Homes worth over $1 million: 0.7%
Homeownership rate: 55.1%
Median household income: $71,156
Total population: 114,923

30. Palm Coast

Median home value: $283,300
Homes worth over $1 million: 0.9%
Homeownership rate: 77.9%
Median household income: $68,824
Total population: 91,082

29. North Port

Median home value: $283,400
Homes worth over $1 million: 1.2%
Homeownership rate: 79.5%
Median household income: $78,815
Total population: 76,975

28. Boynton Beach

Median home value: $285,500
Homes worth over $1 million: 0.9%
Homeownership rate: 62.9%
Median household income: $68,875
Total population: 80,068

27. Clearwater

Median home value: $287,900
Homes worth over $1 million: 3.6%
Homeownership rate: 58.8%
Median household income: $59,358
Total population: 116,984

26. St. Petersburg

Median home value: $289,000
Homes worth over $1 million: 5.2%
Homeownership rate: 62.6%
Median household income: $70,333
Total population: 259,343

25. Riverview

Median home value: $292,700
Homes worth over $1 million: 0.5%
Homeownership rate: 72.6%
Median household income: $87,383
Total population: 102,467

24. Port St. Lucie

Median home value: $292,900
Homes worth over $1 million: 0.9%
Homeownership rate: 82.8%
Median household income: $75,040
Total population: 210,520

23. Pompano Beach

Median home value: $293,300
Homes worth over $1 million: 4.5%
Homeownership rate: 53.1%
Median household income: $61,155
Total population: 111,790

22. Sunrise

Median home value: $296,100
Homes worth over $1 million: 0.2%
Homeownership rate: 69.6%
Median household income: $66,001
Total population: 96,510

21. Miami Gardens

Median home value: $299,700
Homes worth over $1 million: 1.0%
Homeownership rate: 64.7%
Median household income: $56,071
Total population: 111,618

20. Cape Coral

Median home value: $302,400
Homes worth over $1 million: 2.2%
Homeownership rate: 77.4%
Median household income: $72,474
Total population: 198,912

19. Homestead

Median home value: $316,200
Homes worth over $1 million: 0.3%
Homeownership rate: 44.9%
Median household income: $57,739
Total population: 79,996

18. Fort Myers

Median home value: $318,900
Homes worth over $1 million: 2.2%
Homeownership rate: 48.6%
Median household income: $57,403
Total population: 88,699

17. Hialeah

Median home value: $324,300
Homes worth over $1 million: 0.7%
Homeownership rate: 47.4%
Median household income: $49,531
Total population: 222,996

16. West Palm Beach

Median home value: $324,800
Homes worth over $1 million: 6.2%
Homeownership rate: 49.8%
Median household income: $64,044
Total population: 117,588

15. Orlando

Florida | Orlando, Florida, USA Downtown Drone Skyline Aerial

Median home value: $332,700
Homes worth over $1 million: 4.1%
Homeownership rate: 39.2%
Median household income: $66,292
Total population: 307,738

14. Tampa

Median home value: $333,200
Homes worth over $1 million: 8.8%
Homeownership rate: 50.5%
Median household income: $66,802
Total population: 388,768

13. Hollywood

Median home value: $345,300
Homes worth over $1 million: 5.2%
Homeownership rate: 56.6%
Median household income: $61,958
Total population: 152,764

12. The Villages

Median home value: $346,900
Homes worth over $1 million: 1.2%
Homeownership rate: 94.4%
Median household income: $73,415
Total population: 79,108

11. Alafaya

Median home value: $361,800
Homes worth over $1 million: 0.7%
Homeownership rate: 63.4%
Median household income: $93,251
Total population: 91,531

10. Miramar

Median home value: $378,200
Homes worth over $1 million: 1.4%
Homeownership rate: 69.4%
Median household income: $81,812
Total population: 135,158

9. Pembroke Pines

Median home value: $379,900
Homes worth over $1 million: 0.4%
Homeownership rate: 71.0%
Median household income: $77,657
Total population: 170,472

8. Davie

Median home value: $405,100
Homes worth over $1 million: 8.2%
Homeownership rate: 65.4%
Median household income: $84,346
Total population: 105,821

7. Plantation

Median home value: $412,000
Homes worth over $1 million: 3.4%
Homeownership rate: 63.9%
Median household income: $83,074
Total population: 93,130

6. Fort Lauderdale

Median home value: $417,600
Homes worth over $1 million: 14.1%
Homeownership rate: 54.2%
Median household income: $75,376
Total population: 182,673

5. Miami

Median home value: $433,900
Homes worth over $1 million: 11.2%
Homeownership rate: 30.1%
Median household income: $54,858
Total population: 443,665

4. Coral Springs

Median home value: $453,100
Homes worth over $1 million: 2.3%
Homeownership rate: 60.0%
Median household income: $87,488
Total population: 133,801

3. Kendall

Median home value: $474,000
Homes worth over $1 million: 7.9%
Homeownership rate: 61.4%
Median household income: $84,026
Total population: 78,402

2. Miami Beach

Median home value: $532,300
Homes worth over $1 million: 29.8%
Homeownership rate: 37.0%
Median household income: $65,116
Total population: 82,400

1. Boca Raton

Median home value: $597,100
Homes worth over $1 million: 22.6%
Homeownership rate: 65.7%
Median household income: $95,570
Total population: 97,980

Rank	Places in Florida with at least 75,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Boca Raton	597,100	65.7	95,570	97,980
2	Miami Beach	532,300	37.0	65,116	82,400
3	Kendall	474,000	61.4	84,026	78,402
4	Coral Springs	453,100	60.0	87,488	133,801
5	Miami	433,900	30.1	54,858	443,665
6	Fort Lauderdale	417,600	54.2	75,376	182,673
7	Plantation	412,000	63.9	83,074	93,130
8	Davie	405,100	65.4	84,346	105,821
9	Pembroke Pines	379,900	71.0	77,657	170,472
10	Miramar	378,200	69.4	81,812	135,158
11	Alafaya	361,800	63.4	93,251	91,531
12	The Villages	346,900	94.4	73,415	79,108
13	Hollywood	345,300	56.6	61,958	152,764
14	Tampa	333,200	50.5	66,802	388,768
15	Orlando	332,700	39.2	66,292	307,738
16	West Palm Beach	324,800	49.8	64,044	117,588
17	Hialeah	324,300	47.4	49,531	222,996
18	Fort Myers	318,900	48.6	57,403	88,699
19	Homestead	316,200	44.9	57,739	79,996
20	Cape Coral	302,400	77.4	72,474	198,912
21	Miami Gardens	299,700	64.7	56,071	111,618
22	Sunrise	296,100	69.6	66,001	96,510
23	Pompano Beach	293,300	53.1	61,155	111,790
24	Port St. Lucie	292,900	82.8	75,040	210,520
25	Riverview	292,700	72.6	87,383	102,467
26	St. Petersburg	289,000	62.6	70,333	259,343
27	Clearwater	287,900	58.8	59,358	116,984
28	Boynton Beach	285,500	62.9	68,875	80,068
29	North Port	283,400	79.5	78,815	76,975
30	Palm Coast	283,300	77.9	68,824	91,082
31	Brandon	266,400	55.1	71,156	114,923
32	Town ‘n’ Country	261,300	57.5	63,947	89,456
33	Tallahassee	256,400	39.8	52,899	198,259
34	Kissimmee	253,000	47.0	45,319	78,478
35	Melbourne	247,300	58.8	60,917	84,982
36	Deerfield Beach	243,900	61.1	53,741	86,455
37	Jacksonville	243,000	57.0	64,138	950,203
38	Lehigh Acres	231,500	67.0	59,733	124,440
39	Deltona	226,800	80.3	69,074	94,373
40	Palm Bay	226,200	79.9	62,538	121,513
41	Spring Hill	221,500	77.9	61,588	116,882
42	Gainesville	216,600	38.5	43,783	142,414
43	Pine Hills	216,400	54.1	49,474	83,221
44	Lakeland	207,800	54.8	58,290	114,404
45	Largo	184,500	60.4	56,266	82,541

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Read more: Special Report, acs, census bureau, cheapest city to buy a home in Florida, cheapest place to own a home in Florida, home prices in Florida, median home value, most affordable housing market in Florida, most and least expensive Florida cities, most expensive place to buy a home in Florida, Housing

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.