Buying a home in Florida is manageable for many families, though it takes real commitment. The typical home costs $359,000, which is about 4.8× of the typical household income of $74,568 a year. A family saving their entire income would need around 4.8 years to cover the purchase price — before mortgage interest, taxes, or upkeep.
Renters face severe pressure. The typical rent in Florida is $1,669 a month, and 56% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 25% higher than the national average of 45%.
19.7% of Florida homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.