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Living in The Sunshine State.

Home Mortgage Rates in Florida

Florida Real Estate Information

Clearwater Lifeguard Station 3.

Florida is the 3rd most populous state in the US, and for good reason. With its warm year round temperatures and miles of beaches, there is no doubt as to why it is referred to as the “Sunshine State.” Florida has been a dream destination point for individuals and families for generations. Residents are drawn to the state for its weather, vibrant cities, and quiet coastal areas.

Are you thinking of buying a home (or a second home) in Florida? With its warm sunny climate, its two shores of beachfront property, its theme park attractions and its great cities, Florida has a lot to offer homebuyers.

Long a retirement destination for older Americans, especially those from the Northeast and Midwest, Florida also has become increasingly popular with foreign buyers for investment and recreational opportunities.

In mid-2017, the median value for a Florida home was $209,900, an increase of 8.8 percent over the past year. Real estate analysts predict these values will go up 2.4 percent within the coming year.

The median price per square foot was $157 in Florida, and the median monthly rental price was $1,725. The median price of a home was $279,900 as of mid-2017. As you might expect, real estate costs vary dramatically across the state, with the highest cost of living in the state in the Miami area.

How Florida Weathered the 2008 Recession

Miami was one of the hottest housing markets in the nation leading up to the 2008 recession. To get a sense of how extreme the bubble was, the movie The Big Short featured a scene with a Florida stripper with 5 homes and a condo which were all financed using adjustable rates.

Florida’s housing market was hit hard by the recession, but is has rebounded nicely. Home prices have been slowing increasing across the state since late 2011.

Even in South Florida, where many home prices lost more than 50 percent of their value during the big housing bust, things have turned around. According to an article in The Washington Post, developers are more cautious, and several factors make real estate growth different this time around.

For example, condominium buyers, who helped fuel the housing boom earlier this century in Miami, are now putting down deposits of 50 percent of the purchase price rather than 10 to 20 percent that was common before the housing bust.

Also, while banks are now back to funding more building projects in South Florida, they often are requiring developers to have a substantial number of pre-construction sales.

A Look Around The State

Popular Metropolitan Regions

FL Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 8 Miami-Fort Lauderdale-West Palm Beach 6,066,387 5,564,635 501,752 9.02%
2 18 Tampa-St. Petersburg-Clearwater 3,032,171 2,783,243 248,928 8.94%
3 23 Orlando-Kissimmee-Sanford 2,441,257 2,134,411 306,846 14.38%
4 40 Jacksonville 1,478,212 1,345,596 132,616 9.86%
5 73 North Port-Sarasota-Bradenton 788,457 702,281 86,176 12.27%
6 78 Cape Coral-Fort Myers 722,336 618,754 103,582 16.74%
7 82 Lakeland-Winter Haven 666,149 602,095 64,054 10.64%
8 88 Deltona-Daytona Beach-Ormond Beach 637,674 590,289 47,385 8.03%
9 95 Palm Bay-Melbourne-Titusville 579,130 543,376 35,754 6.58%
10 109 Pensacola-Ferry Pass-Brent 485,684 448,991 36,693 8.17%
11 111 Port St. Lucie 465,208 424,107 41,101 9.69%
12 140 Tallahassee 379,627 367,413 12,214 3.32%
13 145 Naples-Immokalee-Marco Island 365,136 321,520 43,616 13.57%
14 149 Ocala 349,020 331,298 17,722 5.35%
15 170 Gainesville 280,708 264,275 16,433 6.22%
16 180 Crestview-Fort Walton Beach-Destin 267,059 235,865 31,194 13.23%
17 221 Panama City 199,964 184,715 15,249 8.26%
18 237 Punta Gorda 178,465 159,978 18,487 11.56%
19 274 Sebastian-Vero Beach 151,563 138,028 13,535 9.81%
20 293 Homosassa Springs 143,621 141,236 2,385 1.69%
21 329 The Villages 123,996 93,420 30,576 32.73%
22 380 Sebring 100,917 98,786 2,131 2.16%
23 450 Key West 79,077 73,090 5,987 8.19%
24 471 Palatka 72,277 74,364 -2,087 -2.81%
25 483 Lake City 69,299 67,531 1,768 2.62%
26 689 Okeechobee 40,314 39,996 318 0.80%
27 701 Clewiston 39,290 39,140 150 0.38%
28 755 Arcadia 35,800 34,862 938 2.69%
29 841 Wauchula 27,360 27,731 -371 -1.34%

Southeast Florida

Southeast Florida, which includes the city of Miami, offers diverse cultural, recreational and business opportunities in a subtropical climate.

With a population of more than 5.5 million people, the Miami metro area, which includes Fort Lauderdale, is the eighth most populous region in the United States. Miami is a major international trade center and has an economy based upon tourism, media and entertainment and finance.

Miami Skyline at Night.

The median home value in Miami in mid-2017 was just over $300,000, an increase of 1.5 percent over the past year. The average list price of a home or condominium in Miami was $449,000.

The median list price per square foot in the city itself was $411, which is nearly double the Miami metropolitan area average of $211 per square foot. The median rental price in the city of Miami was $2,300, which is $300 higher than the Miami metro area median price.

Miami luxury condos are a popular destination for illicit hot money from South American drug cartels.

“We don’t come across [money laundering in real estate] once every 10 or 12 cases,” John Tobon, U.S. Homeland Security Investigations Deputy Special Agent in Charge for South Florida, told the Miami Herald in January. “We come across real estate being purchased with illicit funds once every other case.”

Northeast Florida

If someone were to ask you what is the biggest city in Florida, most people likely would say Miami or maybe Orlando. They would be wrong. Miami would win hands-down if they were considering its entire metro area, but if  going by the actual city population, the winner is Jacksonville.

The reason is that the city of Jacksonville is much larger geographically than the city of Miami. Jacksonville’s city borders contain 750 square miles, while Miami is roughly 36 square miles in area.

Jacksonville Skyline.

Located in the northeast corner of the state on the shore of the St. Johns River and about 25 miles south of the state border with Georgia, Jacksonville is a financial and commercial center for North Florida, a busy seaport and a U.S. military base.

In 2017, the median home value in Jacksonville was $153,600, an increase of 10.8 percent over the previous year. Home values should continue to increase by about 3.6 percent over the next year. In mid-2017, the median listing price of homes in Jacksonville was $191,000.

The average list price per square foot in the city itself is $111, a price that is less than the Jacksonville metro area average of $127 per square foot. The average rental price in Jacksonville is $1,200, which also is lower than the metro average of $1,325.

Central Florida

Known as the Theme Park Capital of the World, Orlando is the center of a busy metropolitan area with a population of nearly 2,500,000 people, making it the third largest metro are in Florida.

Through the popularity of Disney World, Universal Studios and other local theme parks, the Orlando area is a world tourist destination and is one of the nation’s busiest convention and conference centers. The Orlando area offers many locations for fine dining, golf and family entertainment.

Orlando Skyline.

The median value for an Orlando home was $169,700 in 2017, an increase of 11.9 percent over the previous year with experts predicting an increase of 4.4 percent over the following year. The average list price is $137 per square foot in Orlando, and the average rental price is $1,500. The 2017 median listing price of homes in Orlando was $265,000.

Tampa is another popular city in central Florda, located on the Western coast. The city began slowly as a cattle and citrus shipping port near the United States Army outpost named Fort Brooke. The broader metro Tampa Bay Area has a population of roughly 2.9 million people & includes the cities of St. Petersburg and Clearwater. The area's economy boasts a strong footprint in financial services, healthcare, tourism, real estate, shipping and professional sports.

Downtown Tampa at Night.

The median home value in Tampa is $185,700 in 2017, a 12.9 percent over the previous year with experts predicting an increase of 3.7 percent over the following year. The median list price is $167 per square foot in Tampa, and the average rental price is $1,500. The 2017 median listing price of homes located in Tampa was $279,995.

Florida Panhandle

The northwestern part of Florida, frequently called the Panhandle, offers beaches, fishing, a slight taste of all four seasons and a slower-paced lifestyle than the larger urban areas of the state.

The state capital of Tallahassee, with a 2016 population of 190,894, is the largest city in the region, but Pensacola, a seaport on Pensacola Bay, is the center of a growing metropolitan region.

Downtown Tallahassee at Night.

In Tallahassee, the median home value was $167,600 in mid-2017, an increase of 3.7 percent over the past year, and the median listing price was $195,000.

The average price per square foot for a listing in Tallahassee was $123, higher than the Tallahassee metro area average of $121. The median rental price in Tallahassee was $975, which is about the same as the Tallahassee metro rental price.

In Pensacola, the median home value was $134,700 in mid-2017, a rise of nearly 10 percent from 2016, and experts predict values will increase about 5 percent over the next year. The median listing price of a home in Pensacola was $182,250 in mid-2017.

The average list price per square foot for a home in Pensacola is $103, lower than the Pensacola metro area median price of $111, and the average rental price in Pensacola is $995, also lower than the metro average price of $1,150.

Florida Census Data

According to the United States census an estimated 20,612,439 people live in the state of Florida. The state has 65,755 mi² of land area, which gave it a population density of 313.47 per mi². Here is a list of cities with more than 10,000 residents, with their estimated population as of June 2016 & the 2010 United States Census.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Jacksonville Duval 880,619 821,784 58,835 7.16% 747 1,178.87
2 Miami Miami-Dade 453,579 399,457 54,122 13.55% 35.87 12,645.08
3 Tampa Hillsborough 377,165 335,709 41,456 12.35% 113.41 3,325.68
4 Orlando Orange 277,173 238,300 38,873 16.31% 102.4 2,706.77
5 St. Petersburg Pinellas 260,999 244,769 16,230 6.63% 61.74 4,227.39
6 Hialeah Miami-Dade 236,387 224,669 11,718 5.22% 21.45 11,020.37
7 Tallahassee Leon 190,894 181,376 9,518 5.25% 100.25 1,904.18
8 Port St. Lucie St. Lucie 185,132 164,603 20,529 12.47% 113.95 1,624.68
9 Cape Coral Lee 179,804 154,305 25,499 16.53% 105.67 1,701.56
10 Fort Lauderdale Broward 178,752 165,521 13,231 7.99% 34.77 5,140.98
11 Pembroke Pines Broward 168,587 154,750 13,837 8.94% 33.12 5,090.19
12 Hollywood Broward 151,998 140,768 11,230 7.98% 27.37 5,553.45
13 Miramar Broward 138,449 122,041 16,408 13.44% 29.52 4,690.01
14 Gainesville Alachua 131,591 124,354 7,237 5.82% 61.3 2,146.67
15 Coral Springs Broward 130,059 121,096 8,963 7.40% 23.79 5,466.96
16 Clearwater Pinellas 114,361 107,685 6,676 6.20% 25.56 4,474.22
17 Miami Gardens Miami-Dade 113,058 107,167 5,891 5.50% 18.23 6,201.76
18 Palm Bay Brevard 110,104 103,190 6,914 6.70% 65.7 1,675.86
19 Pompano Beach Broward 109,393 99,845 9,548 9.56% 24 4,558.04
20 West Palm Beach Palm Beach 108,161 99,919 8,242 8.25% 55.29 1,956.25
21 Lakeland Polk 106,420 97,422 8,998 9.24% 65.27 1,630.46
Brandon CDP Hillsborough 103,483 103,483 0 0.00% 33.1 3,126.37
22 Davie Broward 101,871 91,992 9,879 10.74% 34.89 2,919.78
Spring Hill CDP Hernando 98,621 98,621 0 0.00% 59.81 1,648.90
23 Boca Raton Palm Beach 96,114 84,392 11,722 13.89% 29.33 3,276.99
24 Sunrise Broward 93,734 84,439 9,295 11.01% 18.1 5,178.67
25 Plantation Broward 92,706 84,955 7,751 9.12% 21.74 4,264.31
26 Miami Beach Miami-Dade 91,917 87,779 4,138 4.71% 7.63 12,046.79
27 Deltona Volusia 90,124 85,182 4,942 5.80% 37.53 2,401.39
Lehigh Acres CDP Lee 86,784 86,784 0 0.00% 92.56 937.60
28 Palm Coast Flagler 85,109 75,180 9,929 13.21% 89.87 947.02
29 Largo Pinellas 83,065 77,648 5,417 6.98% 17.62 4,714.25
30 Melbourne Brevard 81,185 76,068 5,117 6.73% 33.86 2,397.67
31 Deerfield Beach Broward 79,764 75,018 4,746 6.33% 15.09 5,285.88
Town 'n' Country CDP Hillsborough 78,442 78,442 0 0.00% 22.11 3,547.81
Alafaya CDP Orange 78,113 78,113 0 0.00% 37.96 2,057.77
32 Fort Myers Lee 77,146 62,298 14,848 23.83% 39.96 1,930.58
33 Boynton Beach Palm Beach 75,569 68,217 7,352 10.78% 16.17 4,673.41
Kendall CDP Miami-Dade 75,371 75,371 0 0.00% 16.08 4,687.25
34 Lauderhill Broward 71,626 66,887 4,739 7.09% 8.53 8,396.95
Riverview CDP Hillsborough 71,050 71,050 0 0.00% 46.19 1,538.21
35 Weston Broward 70,015 65,333 4,682 7.17% 25.16 2,782.79
36 Kissimmee Osceola 69,369 59,682 9,687 16.23% 21.19 3,273.67
37 Homestead Miami-Dade 67,996 60,512 7,484 12.37% 15.14 4,491.15
38 Delray Beach Palm Beach 67,371 60,522 6,849 11.32% 15.81 4,261.29
39 Daytona Beach Volusia 66,645 61,005 5,640 9.25% 58.41 1,140.99
40 Tamarac Broward 65,199 60,427 4,772 7.90% 11.62 5,610.93
41 North Port Sarasota 64,274 57,357 6,917 12.06% 99.58 645.45
42 Wellington Palm Beach 63,900 56,508 7,392 13.08% 45.14 1,415.60
43 Jupiter Palm Beach 63,813 55,156 8,657 15.70% 21.47 2,972.19
44 North Miami Miami-Dade 62,139 58,786 3,353 5.70% 8.41 7,388.70
45 Port Orange Volusia 61,105 56,048 5,057 9.02% 26.66 2,292.01
Pine Hills CDP Orange 60,076 60,076 0 0.00% 12.25 4,904.16
Fountainebleau CDP Miami-Dade 59,764 59,764 0 0.00% 4.26 14,029.11
46 Coconut Creek Broward 59,405 52,909 6,496 12.28% 11.85 5,013.08
47 Ocala Marion 59,253 56,315 2,938 5.22% 44.83 1,321.73
48 Sanford Seminole 58,605 53,570 5,035 9.40% 22.96 2,552.48
49 Doral Miami-Dade 57,947 45,704 12,243 26.79% 13.88 4,174.86
50 Margate Broward 57,870 53,284 4,586 8.61% 8.85 6,538.98
Palm Harbor CDP Pinellas 57,439 57,439 0 0.00% 17.38 3,304.89
51 Sarasota Sarasota 56,610 51,917 4,693 9.04% 14.66 3,861.53
Wellington village Palm Beach 56,508 56,508 0 0.00% 44.89 1,258.81
Kendale Lakes CDP Miami-Dade 56,148 56,148 0 0.00% 8.1 6,931.85
52 Bradenton Manatee 55,687 49,546 6,141 12.39% 14.18 3,927.15
Tamiami CDP Miami-Dade 55,271 55,271 0 0.00% 7.07 7,817.68
Port Charlotte CDP Charlotte 54,392 54,392 0 0.00% 28.43 1,913.19
53 Bonita Springs Lee 54,198 43,914 10,284 23.42% 38.6 1,404.09
54 Pensacola Escambia 53,779 51,923 1,856 3.57% 22.54 2,385.94
55 Palm Beach Gardens Palm Beach 53,778 48,452 5,326 10.99% 55.09 976.18
Poinciana CDP Osceola & Polk 53,193 53,193 0 0.00% 71.88 740.03
56 Pinellas Park Pinellas 52,137 49,079 3,058 6.23% 15.51 3,361.51
The Villages CDP Sumter & Marion 51,442 51,442 0 0.00% 30.81 1,669.65
The Hammocks CDP Miami-Dade 51,003 51,003 0 0.00% 7.88 6,472.46
57 Coral Gables Miami-Dade 50,815 46,780 4,035 8.63% 12.92 3,933.05
58 Apopka Orange 49,458 41,542 7,916 19.06% 31.24 1,583.16
59 St. Cloud Osceola 47,809 35,183 12,626 35.89% 17.76 2,691.95
Country Club CDP Miami-Dade 47,105 47,105 0 0.00% 4.14 11,378.02
60 Titusville Brevard 46,019 43,761 2,258 5.16% 29.37 1,566.87
61 Fort Pierce St. Lucie 45,295 41,590 3,705 8.91% 20.57 2,201.99
62 Ocoee Orange 44,820 35,579 9,241 25.97% 14.71 3,046.91
63 Cutler Bay Miami-Dade 44,707 40,286 4,421 10.97% 9.83 4,548.02
64 Oakland Park Broward 44,326 41,363 2,963 7.16% 7.46 5,941.82
Wesley Chapel CDP Pasco 44,092 44,092 0 0.00% 43.9 1,004.37
65 North Miami Beach Miami-Dade 43,891 41,523 2,368 5.70% 4.83 9,087.16
66 North Lauderdale Broward 43,699 41,023 2,676 6.52% 4.59 9,520.48
67 Altamonte Springs Seminole 43,492 41,496 1,996 4.81% 9.01 4,827.08
68 Ormond Beach Volusia 42,162 38,137 4,025 10.55% 31.93 1,320.45
69 Winter Garden Orange 41,988 34,568 7,420 21.46% 15.41 2,724.72
University CDP Hillsborough 41,163 41,163 0 0.00% 6.42 6,411.68
70 Greenacres Palm Beach 40,013 37,573 2,440 6.49% 5.79 6,910.71
71 Hallandale Beach Broward 39,500 37,113 2,387 6.43% 4.22 9,360.19
North Fort Myers CDP Lee 39,407 39,407 0 0.00% 49.48 796.42
72 Oviedo Seminole 39,337 33,342 5,995 17.98% 15.21 2,586.26
73 Winter Haven Polk 38,953 33,874 5,079 14.99% 31.3 1,244.50
The Acreage CDP Palm Beach 38,704 38,704 0 0.00% 40.84 947.70
74 Plant City Hillsborough 38,200 34,721 3,479 10.02% 27.18 1,405.45
75 Royal Palm Beach Palm Beach 38,006 34,140 3,866 11.32% 11.14 3,411.67
76 Lake Worth Palm Beach 37,812 34,910 2,902 8.31% 5.87 6,441.57
77 Aventura Miami-Dade 37,724 35,762 1,962 5.49% 2.65 14,235.47
78 Panama City Bay 37,635 36,484 1,151 3.15% 29.28 1,285.35
79 Dunedin Pinellas 36,381 35,321 1,060 3.00% 10.36 3,511.68
Kendall West CDP Miami-Dade 36,154 36,154 0 0.00% 2.75 13,146.91
South Miami Heights CDP Miami-Dade 35,696 35,696 0 0.00% 4.89 7,299.80
80 Winter Springs  Seminole 35,599 33,282 2,317 6.96% 14.67 2,426.65
Valrico CDP Hillsborough 35,545 35,545 0 0.00% 13.81 2,573.86
81 Cooper City Broward 35,405 28,547 6,858 24.02% 8.04 4,403.61
Egypt Lake-Leto CDP Hillsborough 35,282 35,282 0 0.00% 5.91 5,969.88
82 Lauderdale Lakes Broward 34,790 32,593 2,197 6.74% 3.68 9,453.80
Merritt Island CDP Brevard 34,743 34,743 0 0.00% 17.51 1,984.18
West Little River CDP Miami-Dade 34,699 34,699 0 0.00% 4.56 7,609.43
83 Riviera Beach Palm Beach 34,244 32,488 1,756 5.41% 8.53 4,014.54
Royal Palm Beach village Palm Beach 34,140 34,140 0 0.00% 11.2 3,048.21
84 Clermont Lake 33,549 28,742 4,807 16.72% 13.63 2,461.41
Carrollwood CDP Hillsborough 33,365 33,365 0 0.00% 9.21 3,622.69
Golden Glades CDP Miami-Dade 33,145 33,145 0 0.00% 4.88 6,792.01
85 Estero Lee 32,140 2,325 29,815 1282.37% 24.45 1,314.52
Land O' Lakes CDP Pasco 31,996 31,996 0 0.00% 19.04 1,680.46
Richmond West CDP Miami-Dade 31,973 31,973 0 0.00% 4.17 7,667.39
86 DeLand Volusia 31,569 27,031 4,538 16.79% 17.6 1,793.69
87 Parkland Broward 31,507 23,962 7,545 31.49% 12.33 2,555.31
88 Dania Beach Broward 31,422 29,639 1,783 6.02% 8.09 3,884.05
Navarre CDP Santa Rosa 31,378 31,378 0 0.00% 23 1,364.26
University CDP Orange 31,084 31,084 0 0.00% 9.08 3,423.35
East Lake CDP Pinellas 30,962 30,962 0 0.00% 28.91 1,070.98
Lakeside CDP Clay 30,943 30,943 0 0.00% 13.52 2,288.68
89 Miami Lakes Miami-Dade 30,873 29,361 1,512 5.15% 5.63 5,483.66
90 Winter Park Orange 30,208 27,852 2,356 8.46% 8.68 3,480.18
Westchester CDP Miami-Dade 29,862 29,862 0 0.00% 3.94 7,579.19
Fruit Cove CDP St. Johns 29,362 29,362 0 0.00% 16.06 1,828.27
Ferry Pass CDP Escambia 28,921 28,921 0 0.00% 13.94 2,074.68
Lake Magdalene CDP Hillsborough 28,509 28,509 0 0.00% 10.23 2,786.80
Fleming Island CDP Clay 27,126 27,126 0 0.00% 15.83 1,713.58
91 Rockledge Brevard 27,068 24,926 2,142 8.59% 11.94 2,267.00
92 Casselberry Seminole 27,053 26,241 812 3.09% 6.99 3,870.24
University Park CDP Miami-Dade 26,995 26,995 0 0.00% 3.97 6,799.75
93 Key West Monroe 26,990 24,649 2,341 9.50% 5.59 4,828.26
94 Temple Terrace Hillsborough 26,515 24,541 1,974 8.04% 6.85 3,870.80
Four Corners CDP Lake, Polk, Osceola & Orange 26,116 26,116 0 0.00% 46.36 563.33
Buenaventura Lakes CDP Osceola 26,079 26,079 0 0.00% 5.58 4,673.66
95 New Smyrna Beach Volusia 25,796 22,464 3,332 14.83% 34.64 744.69
Meadow Woods CDP Orange 25,558 25,558 0 0.00% 11.39 2,243.90
96 Tarpon Springs Pinellas 24,867 23,484 1,383 5.89% 9.11 2,729.64
97 Sebastian Indian River 24,772 21,929 2,843 12.96% 13.66 1,813.47
98 Palmetto Bay Miami-Dade 24,570 23,410 1,160 4.96% 8.29 2,963.81
Coral Terrace CDP Miami-Dade 24,376 24,376 0 0.00% 3.38 7,211.83
Citrus Park CDP Hillsborough 24,252 24,252 0 0.00% 10.16 2,387.01
Immokalee CDP Collier 24,154 24,154 0 0.00% 22.7 1,064.05
99 Palm Springs Palm Beach 24,051 18,928 5,123 27.07% 4.2 5,726.43
Keystone CDP Hillsborough 24,039 24,039 0 0.00% 35.13 684.29
Golden Gate CDP Collier 23,961 23,961 0 0.00% 3.9 6,143.85
100 Hialeah Gardens Miami-Dade 23,837 21,744 2,093 9.63% 3.25 7,334.46
101 Crestview Okaloosa 23,567 20,978 2,589 12.34% 16.02 1,471.10
Bayonet Point CDP Pasco 23,467 23,467 0 0.00% 5.74 4,088.33
102 Haines City Polk 23,454 20,535 2,919 14.21% 18.39 1,275.37
Palmetto Bay village Miami-Dade 23,410 23,410 0 0.00% 8.29 2,823.88
103 Jacksonville Beach Duval 23,387 21,362 2,025 9.48% 7.33 3,190.59
Bellview CDP Escambia 23,355 23,355 0 0.00% 11.64 2,006.44
Wright CDP Okaloosa 23,127 23,127 0 0.00% 5.52 4,189.67
Palm City CDP Martin 23,120 23,120 0 0.00% 13.91 1,662.11
Vero Beach South CDP Indian River 23,092 23,092 0 0.00% 10.25 2,252.88
The Crossings CDP Miami-Dade 22,758 22,758 0 0.00% 3.46 6,577.46
East Lake-Orient Park CDP Hillsborough 22,753 22,753 0 0.00% 16.32 1,394.18
Bloomingdale CDP Hillsborough 22,711 22,711 0 0.00% 8.13 2,793.48
Oak Ridge CDP Orange 22,685 22,685 0 0.00% 3.57 6,354.34
Leisure City CDP Miami-Dade 22,655 22,655 0 0.00% 3.33 6,803.30
Estero CDP Lee 22,612 22,612 0 0.00% 20.02 1,129.47
104 Venice Sarasota 22,465 20,748 1,717 8.28% 15.27 1,471.19
105 Leesburg Lake 22,419 20,117 2,302 11.44% 30.8 727.89
Holiday CDP Pasco 22,403 22,403 0 0.00% 5.37 4,171.88
South Bradenton CDP Manatee 22,178 22,178 0 0.00% 4.47 4,961.52
106 Sunny Isles Beach Miami-Dade 22,086 20,832 1,254 6.02% 1.02 21,652.94
Northdale CDP Hillsborough 22,079 22,079 0 0.00% 8.08 2,732.55
107 Edgewater Volusia 22,077 20,750 1,327 6.40% 22.22 993.56
Princeton CDP Miami-Dade 22,038 22,038 0 0.00% 7.38 2,986.18
Wekiwa Springs CDP Seminole 21,998 21,998 0 0.00% 8.59 2,560.88
108 Fort Walton Beach Okaloosa 21,971 19,507 2,464 12.63% 7.48 2,937.30
109 Naples Collier 21,845 19,537 2,308 11.81% 12.31 1,774.57
Brent CDP Escambia 21,804 21,804 0 0.00% 10.38 2,100.58
Westchase CDP Hillsborough 21,747 21,747 0 0.00% 9.87 2,203.34
West Pensacola CDP Escambia 21,339 21,339 0 0.00% 7.18 2,972.01
110 West Melbourne Brevard 21,293 18,355 2,938 16.01% 10.2 2,087.55
Palm River-Clair Mel CDP Hillsborough 21,024 21,024 0 0.00% 11.55 1,820.26
111 Lynn Haven Bay 20,850 18,493 2,357 12.75% 10.37 2,010.61
112 Eustis Lake 20,768 18,558 2,210 11.91% 10.5 1,977.90
113 Sweetwater Miami-Dade 20,701 13,499 7,202 53.35% 0.79 26,203.80
Ensley CDP Escambia 20,602 20,602 0 0.00% 12.17 1,692.85
114 DeBary Volusia 20,394 19,320 1,074 5.56% 18.97 1,075.07
Oakleaf Plantation CDP Clay 20,315 20,315 0 0.00% 16.57 1,226.01
Pace CDP Santa Rosa 20,039 20,039 0 0.00% 24.23 827.03
Palm Valley CDP St. Johns 20,019 20,019 0 0.00% 12.21 1,639.56
Lealman CDP Pinellas 19,879 19,879 0 0.00% 4.01 4,957.36
Ives Estates CDP Miami-Dade 19,525 19,525 0 0.00% 2.5 7,810.00
115 Bartow Polk 19,499 17,298 2,201 12.72% 45.87 425.09
116 Pinecrest Miami-Dade 19,444 18,223 1,221 6.70% 7.45 2,609.93
Lutz CDP Hillsborough 19,344 19,344 0 0.00% 24.65 784.75
Sun City Center CDP Hillsborough 19,258 19,258 0 0.00% 15.74 1,223.51
117 Belle Glade Palm Beach 19,130 17,467 1,663 9.52% 5.62 3,403.91
Jasmine Estates CDP Pasco 18,989 18,989 0 0.00% 3.55 5,349.01
Palm Springs village Palm Beach 18,928 18,928 0 0.00% 3.3 5,735.76
118 Punta Gorda Charlotte 18,796 16,641 2,155 12.95% 15.01 1,252.23
119 Seminole Pinellas 18,334 17,233 1,101 6.39% 5.1 3,594.90
Pinecrest village Miami-Dade 18,223 18,223 0 0.00% 7.44 2,449.33
Florida Ridge CDP Indian River 18,164 18,164 0 0.00% 10.77 1,686.54
120 Cocoa Brevard 18,102 17,140 962 5.61% 13.32 1,359.01
Ojus CDP Miami-Dade 18,036 18,036 0 0.00% 2.65 6,806.04
121 Marco Island Collier 17,847 16,413 1,434 8.74% 12.14 1,470.10
122 Safety Harbor Pinellas 17,606 16,884 722 4.28% 4.9 3,593.06
123 Maitland Orange 17,519 15,751 1,768 11.22% 5.27 3,324.29
Ruskin CDP Hillsborough 17,208 17,208 0 0.00% 18.01 955.47
Glenvar Heights CDP  Miami-Dade 16,898 16,898 0 0.00% 4.12 4,101.46
San Carlos Park CDP Lee 16,824 16,824 0 0.00% 4.72 3,564.41
124 Vero Beach Indian River 16,751 15,220 1,531 10.06% 11.44 1,464.25
125 Stuart Martin 16,623 15,593 1,030 6.61% 6.65 2,499.70
Pinewood CDP Miami-Dade 16,520 16,520 0 0.00% 1.76 9,386.36
126 Opa-locka Miami-Dade 16,457 15,219 1,238 8.13% 4.3 3,827.21
Sunset CDP Miami-Dade 16,389 16,389 0 0.00% 3.48 4,709.48
Bayshore Gardens CDP Manatee 16,323 16,323 0 0.00% 3.5 4,663.71
127 Lake Mary Seminole 16,198 13,822 2,376 17.19% 9.16 1,768.34
128 New Port Richey Pasco 16,167 14,911 1,256 8.42% 4.53 3,568.87
Midway CDP Santa Rosa 16,115 16,115 0 0.00% 12.01 1,341.80
Country Walk CDP Miami-Dade 15,997 15,997 0 0.00% 2.58 6,200.39
129 Tavares Lake 15,922 13,951 1,971 14.13% 9.5 1,676.00
Southchase CDP Orange 15,921 15,921 0 0.00% 6.84 2,327.63
Myrtle Grove CDP Escambia 15,870 15,870 0 0.00% 6.64 2,390.06
130 Lake Wales Polk 15,860 14,225 1,635 11.49% 18.69 848.58
West Lealman CDP Pinellas 15,651 15,651 0 0.00% 3.13 5,000.32
131 Auburndale Polk 15,540 13,507 2,033 15.05% 13.49 1,151.96
Lake Butler CDP Orange 15,400 15,400 0 0.00% 12.22 1,260.23
Iona CDP Lee 15,369 15,369 0 0.00% 6.6 2,328.64
Brownsville CDP Miami-Dade 15,313 15,313 0 0.00% 2.27 6,745.81
132 Callaway Bay 15,269 14,405 864 6.00% 9.01 1,694.67
133 West Park Broward 15,112 14,156 956 6.75% 2.19 6,900.46
Three Lakes CDP Miami-Dade 15,047 15,047 0 0.00% 3.2 4,702.19
134 Longwood Seminole 15,011 13,657 1,354 9.91% 5.45 2,754.31
135 Lady Lake Lake 14,974 13,926 1,048 7.53% 8.07 1,855.51
136 Niceville Okaloosa 14,974 12,749 2,225 17.45% 11.42 1,311.21
137 Zephyrhills Pasco 14,907 13,288 1,619 12.18% 8.88 1,678.72
Englewood CDP Sarasota & Charlotte 14,863 14,863 0 0.00% 9.79 1,518.18
Warrington CDP Escambia 14,531 14,531 0 0.00% 6.93 2,096.83
138 Miami Springs Miami-Dade 14,431 13,809 622 4.50% 2.88 5,010.76
139 Oldsmar Pinellas 14,397 13,591 806 5.93% 8.7 1,654.83
Sarasota Springs CDP Sarasota 14,395 14,395 0 0.00% 3.5 4,112.86
Hunters Creek CDP Orange 14,321 14,321 0 0.00% 3.83 3,739.16
140 St. Augustine St. Johns 14,280 12,975 1,305 10.06% 9.43 1,514.32
Gibsonton CDP Hillsborough 14,234 14,234 0 0.00% 12.79 1,112.90
Fish Hawk CDP Hillsborough 14,087 14,087 0 0.00% 16.21 869.03
Apollo Beach CDP Hillsborough 14,055 14,055 0 0.00% 19.84 708.42
Horizon West CDP Orange 14,000 14,000 0 0.00% 32.94 425.02
Elfers CDP Pasco 13,986 13,986 0 0.00% 3.54 3,950.85
Upper Grand Lagoon CDP Bay 13,963 13,963 0 0.00% 8.09 1,725.96
South Venice CDP Sarasota 13,949 13,949 0 0.00% 6.02 2,317.11
Forest City CDP Seminole 13,854 13,854 0 0.00% 4.26 3,252.11
141 Mount Dora Lake 13,818 12,370 1,448 11.71% 8.02 1,722.94
Homosassa Springs CDP Citrus 13,791 13,791 0 0.00% 25.14 548.57
142 Destin Okaloosa 13,654 12,305 1,349 10.96% 7.69 1,775.55
Palmetto Estates CDP Miami-Dade 13,535 13,535 0 0.00% 2.16 6,266.20
Olympia Heights CDP Miami-Dade 13,488 13,488 0 0.00% 2.65 5,089.81
Conway CDP Orange 13,467 13,467 0 0.00% 3.42 3,937.72
143 Atlantic Beach Duval 13,452 12,655 797 6.30% 3.49 3,854.44
144 Palmetto Manatee 13,446 12,606 840 6.66% 5.37 2,503.91
Bellair-Meadowbrook Terrace CDP Clay 13,343 13,343 0 0.00% 4.2 3,176.90
Gonzalez CDP Escambia 13,273 13,273 0 0.00% 15.11 878.42
Fruitville CDP Sarasota 13,224 13,224 0 0.00% 6.8 1,944.71
Lockhart CDP Orange 13,060 13,060 0 0.00% 4.42 2,954.75
145 Key Biscayne Miami-Dade 13,019 12,344 675 5.47% 1.25 10,415.20
Thonotosassa CDP Hillsborough 13,014 13,014 0 0.00% 26.5 491.09
Middleburg CDP Clay 13,008 13,008 0 0.00% 19.56 665.03
146 North Palm Beach Palm Beach 12,993 12,015 978 8.14% 3.6 3,609.17
147 South Daytona Volusia 12,789 12,252 537 4.38% 3.71 3,447.17
148 Panama City Beach Bay 12,776 12,018 758 6.31% 18.39 694.73
149 Wilton Manors Broward 12,682 11,632 1,050 9.03% 1.96 6,470.41
Azalea Park CDP Orange 12,556 12,556 0 0.00% 3.18 3,948.43
150 Groveland Lake 12,493 8,729 3,764 43.12% 14.98 833.98
151 Fernandina Beach Nassau 12,459 11,487 972 8.46% 11.13 1,119.41
152 Gulfport Pinellas 12,407 12,029 378 3.14% 2.76 4,495.29
Key Biscayne village Miami-Dade 12,344 12,344 0 0.00% 1.23 10,035.77
World Golf Village CDP St. Johns 12,310 12,310 0 0.00% 26.86 458.30
153 Lake City Columbia 12,285 12,046 239 1.98% 12.02 1,022.05
Port St. John CDP Brevard 12,267 12,267 0 0.00% 3.87 3,169.77
154 South Miami Miami-Dade 12,207 11,657 550 4.72% 2.27 5,377.53
Hudson CDP Pasco 12,158 12,158 0 0.00% 6.32 1,923.73
155 Holly Hill Volusia 12,142 11,659 483 4.14% 3.93 3,089.57
156 Florida City Miami-Dade 12,078 11,245 833 7.41% 5.95 2,029.92
Goldenrod CDP Orange & Seminole 12,039 12,039 0 0.00% 2.52 4,777.38
North Palm Beach village Palm Beach 12,015 12,015 0 0.00% 3.59 3,346.80
Jupiter Farms CDP Palm Beach 11,994 11,994 0 0.00% 14.98 800.67
Cypress Lake CDP Lee 11,846 11,846 0 0.00% 3.86 3,068.91
Westwood Lakes CDP Miami-Dade 11,838 11,838 0 0.00% 1.64 7,218.29
157 Cocoa Beach Brevard 11,761 11,231 530 4.72% 4.66 2,523.82
Jensen Beach CDP Martin 11,707 11,707 0 0.00% 6.76 1,731.80
Villas CDP Lee 11,569 11,569 0 0.00% 4.65 2,487.96
Gladeview CDP Miami-Dade 11,535 11,535 0 0.00% 2.56 4,505.86
Shady Hills CDP Pasco 11,523 11,523 0 0.00% 28.57 403.33
Hobe Sound CDP Martin 11,521 11,521 0 0.00% 5.27 2,186.15
Yulee CDP Nassau 11,491 11,491 0 0.00% 23.16 496.16
158 Orange City Volusia 11,403 10,599 804 7.59% 7.08 1,610.59
Lakewood Park CDP St. Lucie 11,323 11,323 0 0.00% 6.65 1,702.71
Mango CDP Hillsborough 11,313 11,313 0 0.00% 4.66 2,427.68
159 Lantana Palm Beach 11,221 10,423 798 7.66% 2.29 4,900.00
160 Lighthouse Point Broward 11,143 10,344 799 7.72% 2.31 4,823.81
161 Minneola Lake 11,078 9,403 1,675 17.81% 10.34 1,071.37
East Milton CDP Santa Rosa 11,074 11,074 0 0.00% 28.81 384.38
Lakeland Highlands CDP Polk 11,056 11,056 0 0.00% 4.85 2,279.59
Doctor Phillips CDP Orange 10,981 10,981 0 0.00% 3.39 3,239.23
Gulf Gate Estates CDP Sarasota 10,911 10,911 0 0.00% 2.71 4,026.20
Trinity CDP Pasco 10,907 10,907 0 0.00% 4.62 2,360.82
Highland City CDP Polk 10,834 10,834 0 0.00% 8.01 1,352.56
162 Satellite Beach Brevard 10,832 10,109 723 7.15% 2.92 3,709.59
Pine Castle CDP Orange 10,805 10,805 0 0.00% 2.49 4,339.36
163 Miami Shores Miami-Dade 10,762 10,493 269 2.56% 2.49 4,322.09
Viera East CDP Brevard 10,757 10,757 0 0.00% 5.07 2,121.70
Cheval CDP Hillsborough 10,702 10,702 0 0.00% 5.96 1,795.64
164 Sebring Highlands 10,638 10,491 147 1.40% 9.98 1,065.93
Miami Shores village Miami-Dade 10,493 10,493 0 0.00% 2.5 4,197.20
165 Palatka Putnam 10,452 10,558 -106 -1.00% 8.55 1,222.46
Key Largo CDP Monroe 10,433 10,433 0 0.00% 12.05 865.81
166 Cape Canaveral Brevard 10,352 9,912 440 4.44% 2.33 4,442.92
167 Avon Park Highlands 10,259 8,836 1,423 16.10% 7.15 1,434.83
Fairview Shores CDP Orange 10,239 10,239 0 0.00% 3.03 3,379.21
Goulds CDP Miami-Dade 10,103 10,103 0 0.00% 2.91 3,471.82
Port Salerno CDP Martin 10,091 10,091 0 0.00% 3.53 2,858.64
New Port Richey East CDP Pasco 10,036 10,036 0 0.00% 3.7 2,712.43

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Dates: For the United States, regions, divisions, states, and Puerto Rico Commonwealth, December 2016. For counties, municipios, metropolitan statistical areas, micropolitan statistical areas, metropolitan divisions, and combined statistical areas, March 2017. For cities and towns (incorporated places and minor civil divisions), May 2017

Qualifying for a Home Loan

Conforming Mortgages

The most popular loan type in Florida is the 30-year fixed rate mortgage. This loan allows buyers to lock in a low interest rate on their loans without having to worry about future uncertainty. 15-year fixed rate mortgages allow homeowners to build equity much faster.

The most common adjustable mortgages are one-, three- and five-year adjustable rate mortgages. These loans keep the same rate for a certain time period and then go up or down depending on current market conditions.

Relatively high real estate prices around the Miami metro area make a large portion of loans jumbo mortgages, as they exceed the conforming limit. As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, which varies based on credit market conditions. Here are the conforming mortgage limits in different areas of the state.

County Name Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Collier Naples-Immokalee-Marco Island, Fl $450,800 $577,100 $697,600 $866,950
Monroe Key West, Fl $529,000 $677,200 $818,600 $1,017,300

A home equity line of credit (HELOC) can be perfect for people who need to access the equity they have already built in their home. Often used by small business owners, or people that want immediate access to cash for emergencies like home or vehicle repairs, HELOCs work like a credit card where you only pay the interest for the money you borrow.

Down Payments

The amount a home buyer puts down to buy a Florida home is typically 20 percent, but it can vary according to the type of home (single family or condominium), its location and the loan you are seeking. A second mortgage can be a great alternative to only having one loan with property mortgage insurance (PMI). The second loan can be applied to the home’s down payment so PMI is not required. Interest paid on a second mortgage is tax deductible, but the interest rate will be higher than your first mortgage. The secondary loans have a lower priority than a primary mortgage during the foreclosure process, which means the risk of these loans are higher for lenders.

Government Financial Assistance Programs

Federally subsidized loans through the FHA or the VA are available to qualified buyers. These federally insured loans have low interest rates, low down payment requirements & built in mortgage insurance.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Assistance Programs for Florida Homebuyers

Many Florida state programs as well as federal programs are available to help low-income individuals, veterans, senior citizens, the disabled as well as rural home buyers in Florida. Check online for information on assistance programs within the specific Florida county where you wish to purchase a home.

Here are just a few of the available housing programs:

State Specific Real Estate Laws

Taxes

While the sunny weather and mild climate are big reasons why many people move to Florida, another big draw is that there is no state income tax. What’s more is that the sales tax rates of Florida’s major cities are lower than those of other large cities in the U.S.

However, property taxes are a primary source of revenue for Florida county and state projects, so it is wise to educate yourself on property tax rates before you purchase a home. Each city and county has its own taxation rates.

The average property assessment across the state is 1.05% which costs $2,936 per year. The Naples-Immokalee-Marcos Island area has the highest average property tax expense across the state at $5,035 per year. The national average property tax rate is 1.24% for a cost of $3,313 per year.

Flood Insurance

In addition to its warm sunshine, Florida weather can include hurricane winds and flooding. Therefore, many lenders require weather-related insurance. Lenders also are now looking at predicted rises in sea levels due to climate change when they consider insuring oceanfront homes.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult – or very expensive – to insure.

Low-lying coastal properties may precipitously decline in value if perception of hurricanes or global warming cause people to try to exit before the crash.

If property values start to fall, Cason said, banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. Those properties make up a quarter of the city’s tax base; if that revenue fell, the city would struggle to provide the services that make it such a desirable place to live, causing more sales and another drop in revenue.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don’t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government’s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Deed restricted communities

There are many properties in Florida that are governed by a homeowners’ associations. In these situations, all homeowners are subject to association rules and regulations and must pay fees for community maintenance.

For example, homeowner’s associations can restrict how many people live in your home, the pets you have and whether or not you can rent the property to others.

Some retirement communities & golf properties charge massive fees which must be paid anytime someone buys into the community. These in turn depress how much the homes can be sold for. In fact, during the recession some sites like Auction.com were selling properties for as little as $1 as owning them cost many thousands in annual fees and a $40,000 fee to join.

the “$1 condos” require you to pay a non-refundable $10,000 country club membership application fee as well as a $40,000 equity buy-in to join the club. When you sell your unit, you may get back as much as 70 percent of your equity buy-in ($28,000). You are also required to pay annual country club dues of approximately $10,000.

Closing Costs

Florida is a “High Closing Cost” state, which means it is more expensive to close in Florida than in many other states. However, Florida offers lower closing costs than its neighboring states of Georgia and Alabama.

The majority of Florida closing costs are paid to the lender. For example, with the purchase of a $200,000 home, there is an average of $1,800 in closing costs with more than $1,000 of the costs going to the lender. Cash buyers often receive a 50 percent or more discount on closing costs in Florida.

Since the pre-recession housing boom, lenders’ origination fees have decreased considerably and currently average under 1 percent of the loan amount. Some Florida lenders include a document preparation fee and a tax services fee, which usually have a combined total of $100 or less.

Non-lender closing costs can vary according to each particular transaction, but here are the most common ones in the state:

  • Home appraisal – Many lenders require a home appraisal that may range from $300 to $500.
  • Property survey – The cost for a survey that verifies the exact boundaries of the property runs from $350 to $500.
  • Settlement fee — The attorney or title company agent who transfers the property’s title from seller to buyer receives a settlement fee of $350 to $500 in Florida.
  • Home inspection – Many lenders require a home inspection in Florida, with the cost ranging from $100 to $500.
  • Additional closing costs – at about $100 each — may include a courier fee, a credit report fee and a flood certification fee.

Florida law requires that sellers disclose any facts or conditions about their property that may affect its value such as:

  • appliances included in sale and their state of repair
  • any defects in the electrical, plumbing or other systems
  • presence of potentially harmful conditions such as asbestos or termites
  • homeowners’ association fees and any deed restrictions

Sellers of houses built before 1978 must comply with federal law regarding lead-based paint.

Working with a Lawyer

Florida does not require that buyers engage a lawyer in a home purchase.

Homestead State

Florida is a Homestead State, which means that if your new home will serve as your primary residence, you can file for an exemption worth up to $50,000.  This exemption lowers the amount of property taxes you are required to pay and limits the amount those taxes will go up each year.

Foreclosures

In Florida, the foreclosure process is a judicial proceeding that can take a year or more to complete.

The lender initiates the foreclosure process by filing a written complaint with the state court that is then served to the borrower together with a summons that specifies that the borrower respond within 20 days. If the borrower does not respond within that period, the lender can get a default judgment from the court.

If the borrower does respond, the lender then will either file a motion of summary judgment or go to trial with the case. The court will grant a summary judgment in favor of the lender when there is no dispute on the important facts of the case.