So you’re thinking of finding a home and settling in Florida. Lots of folks are moving to Florida every year for the great weather, amenities, and more. But you may be surprised to find that Florida real estate prices aren’t what they used to be. While Florida has traditionally been a retiree’s playground, prices today are steep even for two income households.
In our guide, we’ll cover some of the average home prices in Florida today. We’ll also delve into why renting your home may be a smarter financial decision. With this info in-hand, you can make the more informed choice for yourself.
Though it’s a big and complex state, there is a single price tag for Florida real estate, it would seem. And that price is “high.” As of fall of 2023, the average home price in Florida for a single-family home was $409,243.
Now keep in mind, that is state-wide. This means that every single family home in the more expensive urban areas are counterbalancing the comparatively cheaper areas.
Amazingly, average home price in Florida is below the national single family home price average. In 2023, that price was $412,000. Of course, that number is likely driven up by more expensive real estate averages in the Northeast, California, etc.
But still, the average price for a house in Florida is no small number. Those hoping to buy a house in the Sunshine state on the cheap may be smart to consider other options.
You might be inclined to think that buying a condo in Florida might help to save some money. But consider this. As of the middle of this year, the median sale price for a condo or townhouse unit in Florida was $315,000.
That is considerably better than the national average of $371,000. But again, you must factor in expensive metros like New York, Boston, and San Francisco driving up that average price.
It would seem that condos can help save, but it may not be enough. The housing cost in Florida is simply too expensive for many average Americans.
The reality is for homebuyers in Florida, things are only going to get more expensive. Prices are up 1.3% over this time last year, while the number of homes sold is up 1.9%. It would seem the Sunshine State is a hot real estate market that, much like its weather, never seems to cool.
In truth, it is getting more and more expensive to live in Florida. This is largely thanks to a variety of factors, each of which affecting the housing prices in Florida:
There’s an old saying that something only holds the value another person is willing to put on it. While some may say that over a million dollars for a perfectly average home is madness, all it takes is one willing buyer.
However, with rising interest rates, rising prices, and dropping inventory, things get complicated. And the odds don’t look good for your average homebuyer. Consider further how many cash buyers flood the market anytime a new piece of property comes available. Unless you have a few million in liquid assets, you may find stiff competition on the Florida marketplace.
We can’t say outright that Florida housing rates are overpriced. But we can say there is a better way to claim a bit of Florida real estate for yourself.
Though buying a home in Florida may be hard, there is a smarter, faster, and potentially cheaper way. With ARK Homes for Rent, you get access to delightful, homey, and modern rental homes to meet your family’s needs.
Consider our properties that come equipped with modern amenities like stainless steel kitchens or open floor plans. Or how we have tucked our rental homes into Florida’s most inviting and cutest communities around.
ARK Homes for Rent is the financially savvy choice for calling Florida home. Gone are the expensive down payments, ludicrous mortgage rates, or cutthroat offer markets. With us, you get a simple application process, a quick decision, and a simple move-in experience.
Browse our communities, and you’ll see you can claim a piece of the Florida housing market for yourself!
Rent a home in Florida today!
