The Florida Cities Hit Hardest by the Housing Affordability Crisis

24/7 Wall St. Insights

• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38%.
• Coupled with historically high mortgage rates, rising home prices have made homeownership prohibitively expensive for large segments of the population. 
• Still, when accounting for income, some cities in Florida are far more affordable for prospective home buyers than others.
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The United States is in the midst of a housing affordability crisis. While inflation has dropped to 2.5% from a multi-decade high of 9.1% in June 2022 — the Consumer Price Index for housing remains stubbornly high, at 5.4% as recently as August 2024. Now, in much of the country, home prices are well above what many Americans can afford. 

 The median list price for a single-family home in the U.S. was $437,450 in July 2024 — up about $118,500 from the start of the pandemic, according to data from Realtor.com. On top of rising prices, most homebuyers are further burdened by historically high borrowing costs. The average interest rate on a 30-year fixed mortgage exceeded 6% in September 2022 for the first time in nearly a decade and a half — and it has remained above that threshold for the last two years. (Here is a look at the 23 cities where most homes are selling for less than $125,000).

 Even though the cost of homeownership has soared, the question of affordability also depends on earnings and wealth. Multiple recent studies have found that it would take an income of over $100,000 a year to comfortably afford a typical home in the United States — and most American workers are earning far less than that. As of May 2023, the median annual wage across all occupations in the U.S. was just $48,060, according to the Bureau of Labor Statistics.

Based on these numbers, the typical American home now costs about 9.1 times more than a typical worker’s annual earnings. Still, because both incomes and home prices vary across the country, housing affordability does too. In Florida, for example, housing is generally less affordable than it is nationwide. The typical home in Florida is listed for $449,900, about 10.0 times more than the state’s median annual wage of $45,070.

Even within Florida, housing affordability varies considerably by market. Of the 22 metropolitan areas in the state with available data from both Realtor.com and the BLS, median home prices are anywhere from about 7.6 to 17.3 times higher than the median annual wage. (These are 10 things to consider before buying a home for retirement.)

Accounting for both incomes and home prices, these are the most (and least) affordable housing markets in Florida, ranked. Supplemental data on median home size and year-over-year price changes are also from Realtor.com.

Why It Matters

Fueled by supply shortages and rising demand, home prices have surged since the start of the pandemic. More recently, the financial burden of higher home prices has been exacerbated by historically high mortgage rates, pricing millions of Americans out of the market. Still, housing affordability is contingent upon income, and some major markets in Florida are far more affordable for prospective buyers than others.

22. Tallahassee, FL

• Income to home price ratio: 7.6 to 1
• Median home list price in July 2024: $309,950 (31.1% lower than median home price in Florida)
• Median annual wage across all occupations: $40,930 (9.2% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,577 square feet (3.7% smaller than a typical home in Florida)
• 1-year change in median home list price: -8.8%

21. Gainesville, FL

• Income to home price ratio: 8.0 to 1
• Median home list price in July 2024: $362,500 (19.4% lower than median home price in Florida)
• Median annual wage across all occupations: $45,490 (0.9% higher than median wage in Florida)
• Median size of a listed home in July 2024: 1,648 square feet (0.6% larger than a typical home in Florida)
• 1-year change in median home list price: -4.6%

20. Ocala, FL

• Income to home price ratio: 8.1 to 1
• Median home list price in July 2024: $309,950 (31.1% lower than median home price in Florida)
• Median annual wage across all occupations: $38,470 (14.6% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,652 square feet (0.9% larger than a typical home in Florida)
• 1-year change in median home list price: -1.4%

19. Sebring, FL

• Income to home price ratio: 8.5 to 1
• Median home list price in July 2024: $315,000 (30.0% lower than median home price in Florida)
• Median annual wage across all occupations: $37,100 (17.7% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,580 square feet (3.5% smaller than a typical home in Florida)
• 1-year change in median home list price: +5.0%

18. Lakeland-Winter Haven, FL

• Income to home price ratio: 8.6 to 1
• Median home list price in July 2024: $349,945 (22.2% lower than median home price in Florida)
• Median annual wage across all occupations: $40,780 (9.5% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,821 square feet (11.2% larger than a typical home in Florida)
• 1-year change in median home list price: -2.3%

17. Palm Bay-Melbourne-Titusville, FL

• Income to home price ratio: 8.6 to 1
• Median home list price in July 2024: $398,750 (11.4% lower than median home price in Florida)
• Median annual wage across all occupations: $46,290 (2.7% higher than median wage in Florida)
• Median size of a listed home in July 2024: 1,772 square feet (8.2% larger than a typical home in Florida)
• 1-year change in median home list price: +2.5%

16. Homosassa Springs, FL

• Income to home price ratio: 8.8 to 1
• Median home list price in July 2024: $327,000 (27.3% lower than median home price in Florida)
• Median annual wage across all occupations: $36,960 (18.0% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,672 square feet (2.1% larger than a typical home in Florida)
• 1-year change in median home list price: -0.9%

15. Pensacola-Ferry Pass-Brent, FL

• Income to home price ratio: 9.0 to 1
• Median home list price in July 2024: $377,475 (16.1% lower than median home price in Florida)
• Median annual wage across all occupations: $41,900 (7.0% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,805 square feet (10.2% larger than a typical home in Florida)
• 1-year change in median home list price: -2.7%

14. Tampa-St. Petersburg-Clearwater, FL

• Income to home price ratio: 9.2 to 1
• Median home list price in July 2024: $424,950 (5.5% lower than median home price in Florida)
• Median annual wage across all occupations: $46,420 (3.0% higher than median wage in Florida)
• Median size of a listed home in July 2024: 1,617 square feet (1.3% smaller than a typical home in Florida)
• 1-year change in median home list price: -5.4%

13. Jacksonville, FL

• Income to home price ratio: 9.2 to 1
• Median home list price in July 2024: $419,000 (6.9% lower than median home price in Florida)
• Median annual wage across all occupations: $45,420 (0.8% higher than median wage in Florida)
• Median size of a listed home in July 2024: 1,808 square feet (10.4% larger than a typical home in Florida)
• 1-year change in median home list price: -3.7%

12. The Villages, FL

• Income to home price ratio: 9.5 to 1
• Median home list price in July 2024: $379,000 (15.8% lower than median home price in Florida)
• Median annual wage across all occupations: $39,980 (11.3% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,555 square feet (5.1% smaller than a typical home in Florida)
• 1-year change in median home list price: -5.2%

11. Punta Gorda, FL

• Income to home price ratio: 10.2 to 1
• Median home list price in July 2024: $399,997 (11.1% lower than median home price in Florida)
• Median annual wage across all occupations: $39,320 (12.8% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,702 square feet (3.9% larger than a typical home in Florida)
• 1-year change in median home list price: -6.8%

10. Orlando-Kissimmee-Sanford, FL

• Income to home price ratio: 10.3 to 1
• Median home list price in July 2024: $442,241 (1.7% lower than median home price in Florida)
• Median annual wage across all occupations: $43,120 (4.3% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,859 square feet (13.5% larger than a typical home in Florida)
• 1-year change in median home list price: -3.8%

9. Cape Coral-Fort Myers, FL

• Income to home price ratio: 10.4 to 1
• Median home list price in July 2024: $449,950 (in line with median home price in Florida)
• Median annual wage across all occupations: $43,330 (3.9% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,718 square feet (4.9% larger than a typical home in Florida)
• 1-year change in median home list price: -6.3%

8. Deltona-Daytona Beach-Ormond Beach, FL

• Income to home price ratio: 10.5 to 1
• Median home list price in July 2024: $399,950 (11.1% lower than median home price in Florida)
• Median annual wage across all occupations: $38,070 (15.5% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,673 square feet (2.1% larger than a typical home in Florida)
• 1-year change in median home list price: 0.0%

7. Port St. Lucie, FL

• Income to home price ratio: 11.0 to 1
• Median home list price in July 2024: $450,000 (in line with median home price in Florida)
• Median annual wage across all occupations: $40,900 (9.3% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,760 square feet (7.4% larger than a typical home in Florida)
• 1-year change in median home list price: -5.3%

6. Sebastian-Vero Beach, FL

• Income to home price ratio: 11.2 to 1
• Median home list price in July 2024: $450,000 (in line with median home price in Florida)
• Median annual wage across all occupations: $40,040 (11.2% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,760 square feet (7.4% larger than a typical home in Florida)
• 1-year change in median home list price: 0.0%

5. North Port-Sarasota-Bradenton, FL

• Income to home price ratio: 11.4 to 1
• Median home list price in July 2024: $499,450 (11.0% higher than median home price in Florida)
• Median annual wage across all occupations: $43,750 (2.9% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,730 square feet (5.6% larger than a typical home in Florida)
• 1-year change in median home list price: -9.2%

4. Panama City, FL

• Income to home price ratio: 11.4 to 1
• Median home list price in July 2024: $449,900 (in line with median home price in Florida)
• Median annual wage across all occupations: $39,340 (12.7% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,424 square feet (13.1% smaller than a typical home in Florida)
• 1-year change in median home list price: -3.1%

3. Miami-Fort Lauderdale-West Palm Beach, FL

• Income to home price ratio: 11.5 to 1
• Median home list price in July 2024: $535,000 (18.9% higher than median home price in Florida)
• Median annual wage across all occupations: $46,510 (3.2% higher than median wage in Florida)
• Median size of a listed home in July 2024: 1,338 square feet (18.3% smaller than a typical home in Florida)
• 1-year change in median home list price: -11.0%

2. Crestview-Fort Walton Beach-Destin, FL

• Income to home price ratio: 14.8 to 1
• Median home list price in July 2024: $645,625 (43.5% higher than median home price in Florida)
• Median annual wage across all occupations: $43,490 (3.5% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,834 square feet (12.0% larger than a typical home in Florida)
• 1-year change in median home list price: -11.0%

1. Naples-Immokalee-Marco Island, FL

• Income to home price ratio: 17.3 to 1
• Median home list price in July 2024: $770,000 (71.1% higher than median home price in Florida)
• Median annual wage across all occupations: $44,610 (1.0% lower than median wage in Florida)
• Median size of a listed home in July 2024: 1,807 square feet (10.3% larger than a typical home in Florida)
• 1-year change in median home list price: -9.9%

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