How Rich Do You Have To Be To Buy a House in These 50 Florida Cities?

Living in Florida seems like a dream to many, with its warm weather, lively nightlife and beautiful beaches, but its cost of living is too much for many people — the average home costs upwards of $2 million in the state’s most expensive city. But even in the Sunshine State’s most affordable major city, you would need to earn roughly $77,000 a year to afford a home.

To find how much money you would need to make to buy a home in Florida’s most populous cities, GOBankingRates first found the average monthly mortgage payment based on the average home value, assuming a 10% down payment. Next, monthly living costs including groceries, healthcare, utilities and transportation were calculated. To determine the salary needed to buy a home in each city, GOBankingRates used the 50/30/20 budgeting rule, which assumes that 50% of your salary goes toward housing and other monthly living costs.

Here’s a look at how rich you would need to be to buy a home in 50 of Florida’s most populous cities, ranked from most to least affordable.

• Average monthly expenditures: $1,555
• Average home value: $284,806
• Average mortgage payment: $1,652
• Salary needed: $76,979

• Average monthly expenditures: $1,794
• Average home value: $273,688
• Average mortgage payment: $1,588
• Salary needed: $81,165

Pictured: Orlando, Florida

• Average monthly expenditures: $1,541
• Average home value: $317,863
• Average mortgage payment: $1,844
• Salary needed: $81,249

• Average monthly expenditures: $1,656
• Average home value: $301,222
• Average mortgage payment: $1,748
• Salary needed: $81,682

• Average monthly expenditures: $1,708
• Average home value: $310,471
• Average mortgage payment: $1,801
• Salary needed: $84,212

• Average monthly expenditures: $1,646
• Average home value: $348,807
• Average mortgage payment: $2,024
• Salary needed: $88,074

• Average monthly expenditures: $1,642
• Average home value: $351,379
• Average mortgage payment: $2,039
• Salary needed: $88,340

• Average monthly expenditures: $2,065
• Average home value: $288,141
• Average mortgage payment: $1,672
• Salary needed: $89,669

• Average monthly expenditures: $1,934
• Average home value: $311,506
• Average mortgage payment: $1,807
• Salary needed: $89,781

• Average monthly expenditures: $2,030
• Average home value: $300,570
• Average mortgage payment: $1,744
• Salary needed: $90,581

• Average monthly expenditures: $1,734
• Average home value: $363,792
• Average mortgage payment: $2,111
• Salary needed: $92,273

Pictured: Tampa, Florida

• Average monthly expenditures: $2,080
• Average home value: $308,124
• Average mortgage payment: $1,788
• Salary needed: $92,832

• Average monthly expenditures: $1,668
• Average home value: $382,916
• Average mortgage payment: $2,222
• Salary needed: $93,352

• Average monthly expenditures: $1,664
• Average home value: $383,934
• Average mortgage payment: $2,227
• Salary needed: $93,389

R

• Average monthly expenditures: $1,544
• Average home value: $407,449
• Average mortgage payment: $2,364
• Salary needed: $93,795

• Average monthly expenditures: $1,761
• Average home value: $383,449
• Average mortgage payment: $2,225
• Salary needed: $95,650

Pictured: Tampa, Florida

• Average monthly expenditures: $1,767
• Average home value: $390,069
• Average mortgage payment: $2,263
• Salary needed: $96,715

• Average monthly expenditures: $2,246
• Average home value: $308,670
• Average mortgage payment: $1,791
• Salary needed: $96,875

• Average monthly expenditures: $1,861
• Average home value: $384,691
• Average mortgage payment: $2,232
• Salary needed: $98,218

• Average monthly expenditures: $1,904
• Average home value: $384,909
• Average mortgage payment: $2,233
• Salary needed: $99,278

• Average monthly expenditures: $1,852
• Average home value: $394,199
• Average mortgage payment: $2,287
• Salary needed: $99,343

• Average monthly expenditures: $1,700
• Average home value: $431,369
• Average mortgage payment: $2,503
• Salary needed: $100,862

• Average monthly expenditures: $1,943
• Average home value: $397,042
• Average mortgage payment: $2,303
• Salary needed: $101,921

• Average monthly expenditures: $1,809
• Average home value: $427,572
• Average mortgage payment: $2,481
• Salary needed: $102,951

• Average monthly expenditures: $1,829
• Average home value: $430,393
• Average mortgage payment: $2,497
• Salary needed: $103,826

• Average monthly expenditures: $2,048
• Average home value: $394,067
• Average mortgage payment: $2,286
• Salary needed: $104,017

• Average monthly expenditures: $2,105
• Average home value: $390,702
• Average mortgage payment: $2,267
• Salary needed: $104,929

• Average monthly expenditures: $2,078
• Average home value: $401,771
• Average mortgage payment: $2,331
• Salary needed: $105,811

• Average monthly expenditures: $2,065
• Average home value: $404,615
• Average mortgage payment: $2,347
• Salary needed: $105,906

• Average monthly expenditures: $2,041
• Average home value: $416,148
• Average mortgage payment: $2,414
• Salary needed: $106,916

• Average monthly expenditures: $2,140
• Average home value: $401,843
• Average mortgage payment: $2,331
• Salary needed: $107,301

• Average monthly expenditures: $1,938
• Average home value: $448,677
• Average mortgage payment: $2,603
• Salary needed: $108,984

Pictured: Miami

• Average monthly expenditures: $1,848
• Average home value: $468,867
• Average mortgage payment: $2,720
• Salary needed: $109,644

• Average monthly expenditures: $1,983
• Average home value: $447,885
• Average mortgage payment: $2,598
• Salary needed: $109,944

• Average monthly expenditures: $1,833
• Average home value: $490,031
• Average mortgage payment: $2,843
• Salary needed: $112,224

• Average monthly expenditures: $2,188
• Average home value: $453,015
• Average mortgage payment: $2,628
• Salary needed: $115,595

• Average monthly expenditures: $2,071
• Average home value: $497,465
• Average mortgage payment: $2,886
• Salary needed: $118,980

• Average monthly expenditures: $2,057
• Average home value: $527,492
• Average mortgage payment: $3,060
• Salary needed: $122,815

• Average monthly expenditures: $1,816
• Average home value: $576,301
• Average mortgage payment: $3,343
• Salary needed: $123,831

• Average monthly expenditures: $2,076
• Average home value: $536,947
• Average mortgage payment: $3,115
• Salary needed: $124,581

• Average monthly expenditures: $1,830
• Average home value: $606,538
• Average mortgage payment: $3,519
• Salary needed: $128,3763

• Average monthly expenditures: $2,077
• Average home value: $572,180
• Average mortgage payment: $3,320
• Salary needed: $129,513

• Average monthly expenditures: $2,081
• Average home value: $576,173
• Average mortgage payment: $3,343
• Salary needed: $130,157

• Average monthly expenditures: $1,856
• Average home value: $615,294
• Average mortgage payment: $3,570
• Salary needed: $130,222

• Average monthly expenditures: $2,060
• Average home value: $603,781
• Average mortgage payment: $3,503
• Salary needed: $133,499

• Average monthly expenditures: $1,943
• Average home value: $650,650
• Average mortgage payment: $3,775
• Salary needed: $137,232

• Average monthly expenditures: $2,082
• Average home value: $634,365
• Average mortgage payment: $3,680
• Salary needed: $138,283

• Average monthly expenditures: $1,824
• Average home value: $716,905
• Average mortgage payment: $4,159
• Salary needed: $143,584

• Average monthly expenditures: $1,897
• Average home value: $793,420
• Average mortgage payment: $4,603
• Salary needed: $155,996

• Average monthly expenditures: $1,875
• Average home value: $2,384,968
• Average mortgage payment: $13,836
• Salary needed: $377,073

Methodology: To find out how rich you have to be to buy a house in the most populated Florida cities, GOBankingRates analyzed the top 60 cities in Florida in terms of population as sourced from the US Census American Consumer Survey. For each Florida city, a number of factors were found including; [1] average home value for single-family homes in December 2023, as sourced from the Zillow Home Value Index; [2] average national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Research; [3] grocery cost of living index, [4] healthcare cost of living index, [5] utilities cost of living index, [6] transportation cost of living index and [7] miscellaneous cost of living index, all sourced from Sperlings BestPlaces; and [8] average national expenditure costs for all consumers, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average national expenditure costs and the cost of living indexes were used to calculate the average cost of living in each city. The average mortage and the average expenditure costs were combined to give the total cost of needs. Using the 50/30/20 rule, the needs are calculated to be 50%, so doubling the needs cost gives the total salary needed to buy a house in the most populated Florida cities. All data was collected and is up-to-date as of Jan. 30, 2024.

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