Average Home Prices in Florida | Real Home Values

The average home values in the Florida housing market based on market data is $357,811.62. We used publicly accessible data from Zillow value for the average home price from 2000 to 2023 in every major municipality within Florida. Then we used AI and machine learning technology to analyze this data to determine the most accurate average price in Florida as of June 2023. Check out another one of our data studies on the cheapest housing in Florida.

The average home values in the Florida housing market based on market data is $357,811.62. We used publicly accessible data from Zillow value for the average home price from 2000 to 2023 in every major municipality within Florida. Then we used AI and machine learning technology to analyze this data to determine the most accurate average price in Florida as of June 2023. Check out another one of our data studies on the cheapest housing in Florida.

1. Key West: Average Homes Cost to Purchase With Services is $958,087.14

Key West is a tourist hot spot due to its beautiful clear waters, playful local culture, and fascinating history. However Key West has the most expensive housing in the state of Florida. Why is that? Here are 5 factors that significantly affect the price and value of housing in Florida:

1. People Love Key West: Lots of folks want to visit Key West because it’s like a party that never stops! And when lots of people want to be in the same place, costs for everything tend to go up including buying a home.

2. Not Much Room: Key West is an island, which means it’s like a big piece of land surrounded by water. There’s only so much room, and when there’s not a lot of something that everyone wants, it usually costs more including buying a home.

3. Everything Comes by Boat or Plane: Since Key West is an island, a lot of stuff we use every day has to be brought in by boat or plane. That can make things like food, gas, and even toys more expensive and a home because of supplies coming from off the island.

4. Houses are Hot Cakes: Houses in Key West are like hot cakes on a Sunday morning. Everyone wants a home! And since everyone wants one, they can cost a lot of money.

5. Sunshine Galore: Imagine a home where it feels like summer all year round that is value. That’s Key West! And because the weather is so nice, lots of individuals want to live there or visit for the value. That makes everything more expensive.

2. Naples: Market Rate for People to Purchase a Home in the City is $590,612.64

Living in Naples, Florida is like owning a piece of paradise in the states, but it’s a bit pricey compared to other cities and states. Think of it like fancy restaurant services where you pay a bit more for the ambiance and quality. Here’s why it’s a bit more costly for these services:

1. Fancy Homes: Naples is like a showroom of elegant houses, which pulls in a lot of rich folks. The usual home prices for a house is more than $336,000, but some houses can go beyond $750,000. It’s like shopping for clothes – you pay more for the designer ones. But don’t worry, there are also houses that cost less than $300,000, a bit like finding a sale item in an expensive store​.

2. Pricey Rent: If buying a house feels like buying a luxury car, renting is an option. But, it’s like renting a designer dress instead of a regular one. For a small apartment, you might pay around $1,889 per month based on the data, and for a bigger one, it could be around $2,430 per month based on the data​.

3. Living Costs: Living in Naples is like shopping at a high-end grocery store. It’s a bit more expensive than usual, partly because the stores have to pay for their place and give decent wages to their employees. Also, Naples is known for fancy shopping, lovely golf courses, and lots of cultural stuff like theater and art galleries. All these make living in Naples a bit like attending a fancy gala every day​.

4. Friendly Taxes: However, Florida is like a friend who doesn’t ask for much. The state doesn’t ask for income tax, and the tax for owning a property is 0.67% based on the data, which is smaller than in most places. Even the sales tax, which is like a service charge at a restaurant, is only 7%​.

5. Utility Bills: The costs for utilities (like electricity, water, and internet) in Naples are a bit like finding a discounted item in a luxury store. Individuals here don’t need to spend much on heating during winter, so the monthly bill for utilities is $184 per month which is lower than the state median of $411 per month. Internet service might cost between $60-70​.

So, although living in Naples might seem a bit pricey, it’s a bit like getting a VIP ticket to a fancy beach party. It’s costly, but for those who can afford it, they find it worth every penny.

3. North Port, Florida: Cost to Purchase a Home is $462,583.02

Several factors contribute to the high cost of living in North Port, Florida: 

1. Homes Cost More Now: Just like a toy or a candy bar might cost more than it did last year, houses are also getting more expensive. In 2021, house costs went up a lot across the whole country. In some cities, the average house now sells for more than half a million dollars!

2. Not Enough Houses: Imagine if there were only a few toys left in the store and lots of kids wanted to buy them. The price of those toys would probably go up, right? That’s what’s happening with houses. We don’t have enough of them, and it’s hard to build more because of problems getting the stuff we need to build them, like wood and bricks.

3. More Buyers: There are also more individuals who want to buy houses as investments, kind of like collecting rare baseball cards. This makes the houses even more expensive.

4. Individuals Moving from Big Cities: A lot of individuals moved from big, crowded cities to smaller towns during the pandemic. This is like when a popular new kid moves to a small school and everyone wants to be their friend. In this case, more individuals want to buy houses in the small town, which makes them more expensive.

5. Cheap Loans: It’s been easier for individuals to borrow money to buy houses because of low interest rates. This is like if your parents let you borrow money for a toy and you didn’t have to pay them back much extra. More individuals can afford to buy houses this way, which means more competition and higher costs.

6. Pricey Neighborhoods: Some neighborhoods in North Port are especially expensive. This is like some toys being more expensive because they’re rare or special. In North Port, the price of houses can be high because they’re in a popular or special neighborhood.

4. Crestview, Florida: Cost to Purchase a Home is $454,164.43

Crestview’s houses cost a bit more because it’s a popular spot. More folks are wanting to move in, even from far-off cities, pushing costs up. Homes here are in high demand, sometimes receiving more than one offer. Florida’s housing scene is also strong, but high loan rates are making some folks hold off on buying. Plus, there aren’t enough houses for sale to meet everyone’s needs. Some cities like Tampa are seeing a big jump in house costs due to lots of buyers, not enough houses, and good job opportunities. So, all these factors make Crestview’s houses pricier. 

5. Miami Metropolitan Area, Florida: Cost to Purchase a Home is $451,436.44

Miami’s homes cost a lot because many individuals want to live there but there aren’t enough houses for everyone. The metropolitan area spans West Palm Beach, Miami, Fort Lauderdale, and Palm Beach. Miami housing is popular because it’s near the beach, has good weather, and many jobs. In 2023, a typical house in Florida cost around $390,000, but in Miami it’s usually more. Still, costs are rising everywhere no matter the home types in Florida, partly due to individuals feeling they must buy now before it gets even more expensive without asking a financial advisor. 

6. The Villages, Florida: Cost to Purchase a Home is $408,234.96

The Villages in Florida can be pricier to buy a house compared to other cities due to several reasons. First, a lot of folks, especially from big cities, want to live there, making houses more in-desire and costly. Second, the interest rates on loans can increase house costs. Lastly, living in The Villages isn’t cheap. You have to pay for special community features, utilities, and various other living costs. Despite the price, many individuals find the amenities and lifestyle worth it.

7. Cape Coral, Florida: Cost to Purchase a Home is $385,317.21

Cape Coral houses cost more than Jacksonville due to its popularity and higher living costs. Many buyers wish to stay there, pushing costs up. But compared to Miami, Cape Coral is cheaper. Miami’s high costs may be because it’s a bigger, high-demand municipality. The time houses stay on sale before they’re bought also affects costs. But remember, costs can change over time. 

8. Orlando, Florida: Cost to Purchase a Home is $384,884.02

Orlando’s housing costs soar due to a medley of factors. A surge in home sales and escalating median costs reflect a robust desire. Even with ascending interest rates, buyers remain active, stimulated by the market’s vigor​. Inventory levels have swelled compared to previous years, offering more choices, yet the supply falls short of a balanced market’s six months, making it a seller’s market and potentially heightening buyer competition, further inflating costs. Lastly, an influx of new listings underscores the market’s lively pulse​​. 

9. Sebastian, Florida: Cost to Purchase a Home is $372,412.26

Acquiring a dwelling in Sebastian, Florida can feel like a treasure hunt with a golden price tag. First, the capricious weather, prone to tempestuous hurricanes, inflates homeowners’ insurance costs​​. Second, the state’s siren call to the beach means properties near the coast fetch higher costs​. Third, the state is a haven for retirees, driving up housing costs due to desire​. Fourth, the state’s popularity, with its sundry attractions, and status as a vacation destination, make it a sought-after place to live and visit, escalating prices further​​. 

10. Tampa, Florida: Cost to Purchase a Home is $370,274.20

Tampa’s residential market teems with vibrancy as throngs of newcomers flock daily, stoking an insatiable desire for homes. This influx, coupled with towering rent and home prices in Florida, escalates the cost of purchasing a home. Furthermore, a plethora of firms engage in bulk home-buying, armed with deep pockets, thereby outbidding home buyers and hiking costs. This amalgamation of soaring desire, ascendant costs, and corporate competition contributes to Tampa’s costly housing​.

1. Palatka: Cost to Purchase a Home is $187,209.92

Palatka’s home costs are low due to several reasons. Housing insurance and property taxes are high, making larger, pricier homes less affordable. The state homes are typically smaller, which naturally reduces costs. The state has vast undeveloped land, allowing for cheaper construction. It maintains a bountiful supply of homes, keeping costs down. The median income is lower, thus home costs align with what individuals can afford. The housing market has seen fluctuations, curtailing steady price growth.

2. Wauchula: Cost to Purchase a Home is $202,690.81

Wauchula, a quaint hamlet in Florida, boasts surprisingly economical home costs, with a median cost of a mere $202,690.81, making it a bargain compared to other locales in the Sunshine State and the nation at large​. Predominantly populated by modest, single-family residences, Wauchula offers a mix of homes from different eras, bestowing a unique charm upon the town​​. Additionally, a considerable quantity of vacant homes, contributing to about 11% of the housing stock, suppresses property costs, providing an opportunity for astute buyers to capitalize on affordable real estate​.

3. Sebring: Cost to Purchase a Home is $236,812.27

Several factors contribute to Sebring’s reduced housing costs. The state’s high insurance and property taxes can dampen the purchasing power for extravagant dwellings, thus moderating overall costs​. The state’s homes are smaller, which translates into lesser selling costs. Additionally, the abundance of undeveloped land in the state, including Sebring, provides affordable expansion opportunities for home builders​​. Finally, the state housing market volatility and lower median income further keep housing costs in check​. 

4. Clewiston: Cost to Purchase a Home is $242,978.69

Clewiston’s housing costs are more modest, shaped by a fusion of factors. High flood risk necessitates insurance, escalating homeowners’ expenses​​. A higher drought risk compared to the state median may also deter some buyers​​.

Property values hinge on features like location, house size, condition, upgrades, and local environment conditions​​. Clewiston may lack some urban amenities, pulling costs down. Conversely, a buyer open to these idiosyncrasies can snag a good deal.

Thus, Clewiston presents a unique opportunity for budget-conscious buyers willing to navigate its distinct landscape.

5. Lake City: Cost to Purchase a Home is $248,506.22

Lake City offers wallet-friendly living with its cost of living index at 96, under both the national median of 100 and the index of 98. This quaint town ranks as the 2,601st most affordable out of 6,418 places in the state. Housing, the biggest factor influencing affordability, is notably cheaper in Lake City. The median home value in Lake City is $248,506.22, significantly lower than the $357,811.62  median in the state and the 436,800 national median. When considering the median income, residents spend a smaller portion of their income on housing, making it more affordable​. 

6. Okeechobee: Cost to Purchase a Home is $248,836.65

Okeechobee, a quaint municipality in the state, offers homes at costs that may seem like a steal compared to other Floridian locations. A variety of factors play into this. For starters, Okeechobee has an abundance of houses constructed during the 1970s to 1990s, thus lacking the allure of recent architectural trends. Additionally, the municipality grapples with a significant number of vacant homes (almost 13%), which suppresses real estate costs as these unoccupied dwellings saturate the environment. Lower-than-average appreciation rates, compared to 80% of the state, also contribute to the affordability. Now, when we look at factors influencing house costs generally, a locale’s attractions (schools, jobs, leisure venues) weigh heavily, as does the local environment dynamics, and economic climate. Okeechobee’s characteristics in these areas might not be as enticing as other Floridian cities, making its housing environment more economical​.

7. Arcadia: Cost to Purchase a Home is $258,368.05

Buying a house in Arcadia is comparatively less expensive due to several factors. First, Arcadia’s real estate environment may have lower desire compared to other areas in the state, resulting in lower costs. Additionally, Arcadia is a rural town, which means that the cost of living and property values tend to be lower than in urban or coastal areas. Moreover, Arcadia may not have as many amenities or attractions as other popular cities, which can contribute to lower housing costs. In summary, factors such as lower desire, rural location, and fewer amenities make purchasing a house in Arcadia more affordable. 

8. Tallahassee: Cost to Purchase a Home is $262,778

Buying a house in Tallahassee can be more affordable for various reasons. Firstly, the state does not impose state income tax, which means residents have more disposable income to allocate towards housing expenses. Additionally, Tallahassee offers a diverse range of housing options, including older homes and new developments, catering to different budgetary constraints. The municipality’s lower cost of living, relative to other parts of the state, translates to more reasonable housing costs. Furthermore, the area benefits from a steady influx of college students attending Florida State University, creating a desire for rental properties and potentially more affordable purchase options. 

9. Ocala, Florida Home Price is $280,640.20

Buying a house in Ocala can be less expensive due to several factors. Firstly, Ocala is located in a region where the cost of living is generally lower compared to other parts of the state. This means that housing costs are often more affordable. Additionally, Ocala’s real estate environment may not experience the same level of desire as popular tourist destinations like Miami or Orlando, resulting in lower home costs. Furthermore, the availability of land and a less densely populated area can contribute to lower housing costs. These factors combine to make purchasing a house in Ocala a more affordable option compared to North Carolina, North Dakota, or South Carolina.

10. Homosassa Springs, Florida: $281,821.98

In Homosassa Springs, Florida, abodes are favorably priced with an average selling price of $281,821.98. The affordability of homes can be credited to several factors. Escalated insurance and property taxes due to natural disaster risks limit the purchasing power, pushing prices downward​. Smaller homes in Florida, compared to the national average, also contribute to lower prices​​. Additionally, plentiful undeveloped land provides ample opportunities for affordable expansion​​. An historically robust supply of homes ensures price stability​​. Lower median income compared to other cities also restrains prices​. Lastly, the volatile nature of the housing market deters steady price growth​​. 

The median home price in the state has increased by approximately 251.35% from 2000 to 2023 without adjusting for inflation.

Graph of the Median Home Sales Cost from 2000 to 2023

The percentage increase between the inflation-adjusted 2000 price and the 2023 price is approximately 99.01%. This means that, when adjusted for inflation, the home sales cost in Florida has nearly doubled from 2000 to 2023.

Graph of the Median Home Sales Cost from 2000 to 2023 Without Being Adjusted for Inflation and Being Adjusted for Inflation

How Much Does It Cost to Live Comfortably in Florida?

How much you need to make to live comfortably in the state depends on your circumstances. On average you need to make an annual salary of $53,857 per year to cover the average personal consumption costs of $50,687 per year for a single person.

Is Texas or Florida More Expensive?

Overall Texas is 8% cheaper than Florida. Housing, utilities, and groceries all cost less in Texas than in Florida. The only costs which are higher in Texas than Florida is property tax and utility costs. The cost of services and living in Texas is $45,114 per year.

Is Florida Expensive Place to Live?

The state is an expensive place to live with the living costs being 1% higher than the national median price and has one of the highest cost of living in the United States of America. 

Is California or Florida More Expensive?

California is more expensive than Florida by 17.2% and is the second most expensive place to live in the USA.