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

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Living in Florida may be appealing with its warm weather and beautiful beaches, but it can be unaffordable 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.

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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.

Daytona Beach Florida

1. Daytona Beach, Florida

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

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Orlando, Florida, USA Downtown Drone Skyline Aerial stock photo

2. Pine Hills, Florida

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

Pictured: Orlando, Florida

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Lakeland, Florida, USA downtown cityscape on the lake at twilight.

3. Lakeland, Florida

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

sunset in Deltona Florida

4. Deltona, Florida

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

Spring Hill Florida best weather

5. Spring Hill, Florida

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

Warm Mineral Springs In North Port, Florida.

6. North Port, Florida

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

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High angel view of beach at Palm Coast, Florida.

7. Palm Coast, Florida

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

Drone angle view of Florida State Capitol with the city skyline.

8. Tallahassee, Florida

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

Palm Bay Florida

9. Palm Bay, Florida

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

A gorgeous aerial view of Ponte Vedra Beach in Jacksonville, Florida.

10. Jacksonville, Florida

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

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Drone shot of houses at a neighborhood with palm trees near Tampa, Florida, USA stock photo

11. Brandon, Florida

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

Pictured: Tampa, Florida

Gainesville, Florida, USA downtown cityscape at twilight.

12. Gainesville, Florida

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

Lake Front Kissimmee 4 - Image.

13. Kissimmee, Florida

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

Florida Keys fishing boats in turquoise tropical blue water.

14. Largo, Florida

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

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Downtown shopping area in Sumpter Landing a residential location in The Villages Florida USA.

15. The Villages, Florida

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

People on the Riverwalk in downtown Tampa FL.

16. Town ‘n’ Country, Florida

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

Pictured: Tampa, Florida

Amazing view of a colorful landscape after the storm, summer season in Riverview, Florida.

17. Riverview, Florida

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

Lehigh Acres Florida

18. Lehigh Acres, Florida

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

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Tamarac Florida Golf Course Lake - Image.

19. Tamarac, Florida

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

Melbourne Florida's historic downtown is on the shore of the Indian River Lagoon.

20. Melbourne, Florida

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

Lauderhill, Florida/USA - September 26, 2019: Modern Yellow color Building Apartments Condo in Lauderhill, available for rent.

21. Lauderhill, Florida

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

Zephyrhills and Wesley Chapel Florida Neighborhood Aerial by Hot Air Balloon.

22. Wesley Chapel, Florida

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

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Port Saint Lucie Florida nature reserve

23. Port Saint Lucie, Florida

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

Deerfield Beach Florida sunrise pier

24. Deerfield Beach, Florida

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

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Pompano Beach Florida

25. Pompano Beach, Florida

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

Drone angle view of downtown Tampa, Florida at dusk.

26. Tampa, Florida

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

Clearwater Beach, Saint Petersburg, Florida, beach cities

27. Saint Petersburg, Florida

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

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Downtown Orlando, Florida Skyline at Sunset

28. Orlando, Florida

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

Sunset at Clearwater Beach Pier Florida

29. Clearwater, Florida

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

Fort Myers Florida

30. Fort Myers, Florida

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

Cape Coral, Florida.

31. Cape Coral, Florida

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

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Miami Beach Art Deco

32. Miami Gardens, Florida

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

Pictured: Miami

Sunrise, Florida, USA - January 08, 2019 : Sawgrass Mills outlet and famous shopping center and mall in Florida, United States.

33. Sunrise, Florida

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

Aerial shot of Downtown Homestead Miami Dade Florida.

34. Homestead, Florida

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

Aerial drone photo of the Oceanfront Beach Park Boynton Florida.

35. Boynton Beach, Florida

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

City skyline of west palm beach.

36. West Palm Beach, Florida

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

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Hollywood Florida beach

37. Hollywood, Florida

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

The Hialeah Entry Fountain in Hialeah, Florida, USA on March 17, 2018.

38. Hialeah, Florida

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

Sunset in Florida - Image.

39. Delray Beach, Florida

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

Destin, USA - April 24, 2018: Miramar beach city town village with colorful multicolored yellow beachfront houses in Florida panhandle gulf of mexico, coast highway road street.

40. Miramar, Florida

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

Plantation, FL, USA - August 24, 2023: Aerial drone photo of Morgan Stanley Financial Advisors building Plantation Florida.

41. Plantation, Florida

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

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East Fort Lauderdale, Fort Lauderdale, United States.

42. Fort Lauderdale, Florida

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

residential homes in the City of Pembroke Pines Florida USA

43. Pembroke Pines, Florida

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

Davie Florida climate change

44. Davie, Florida

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

Aerial panorama of Miami, Florida at dusk.

45. Miami

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

Doral, FL, USA - March 14, 2020: Image of Downtown Doral a growing city in Miami FL.

46. Doral, Florida

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

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CORAL SPRINGS, FL, USA: Backyard view of lake and houses.

47. Coral Springs, Florida

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

Boca Raton Florida, United States – May 30, 2021: A view of a big shopping and entertainment district in the affluent downtown  Boca Raton Florida.

48. Boca Raton, Florida

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

Aerial drone photo of a business park in Weston Florida USA.

49. Weston, Florida

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

Miami Beach, Ocean Drive with row of hotels.

50. Miami Beach, Florida

  • 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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This article originally appeared on
GOBankingRates.com:
How Rich Do You Have To Be To Buy a House in These 50 Florida Cities?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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