Here Is The Cheapest Place To Buy A House In Florida
In the recent past, the market for real estate has been subject to significant fluctuations in both directions. The COVID-19 epidemic sparked a surge in the demand for housing, but 2023 marked the beginning of a significant slowing in the trend. According to Forbes, there are a number of issues that contribute to what is being called a “affordability crisis” for aspiring homeowners. Some of these concerns include high mortgage rates and a decreased inventory of houses. But the data is in… the cheapest place to buy a house in Florida.
The article by 24/7 Wall St. provides information that can help buyers save money on the purchase of a home. According to the analysts, they “reviewed data on the median list price of homes that were available on the market in April 2023 with data from realtor.com, a website that is dedicated to the real estate market.” Using data on the median list price for more than 900 metropolitan areas in the United States, we determined which city in each state had the lowest median list price.
What does the data show?
According to the data, the region of Sebring-Avon Park is the cheapest place to buy a house in Florida. The following data helps to illustrate why it deserves a spot on the list:
- Median list price, April 2023: $295,000 (Florida: $467,990)
- Year-over-year change in median list price: +5.4% (Florida: -0.2%)
- Median size of home on market: 1,550 sq. ft. (Florida: 1,704 sq. ft.)
- Num. of homes on the market in city: 492
- Cities considered in state: 29
Want to see where the cheapest place in each state it is to purchase a home? Click here.
The Best Florida Cities For First Time Home Buyers
There are many people in Florida that are first time home buyers. A new list has come out and a bunch of Florida cities for those buyers. WalletHub has released their annual list of the best and worst cities in the United States for first time home buyers. There are five Florida cities in the Top 10. What’s even better than than is that all of the Florida cities are the first five on the list.
The way WalletHub came up with the list is they compared 300 cities of varying sizes across 22 key indicators. Those indicators are of market attractiveness, affordability and quality of life. They say, “Where a home is located is just as important as what features it has. If the neighborhood is unpleasant, it can sour the experience of a great home. Potential buyers may want to narrow their search down to an area with a good reputation before getting into housing details.”
It is pretty cool that Florida is a great state for first time home buyers, but what are the worst cities for them? Well, nine of the Top 10 worst cities are in California. Additionally, the only non-California city is Anchorage, Alaska, which is #3. Berkeley, California is the #1 worst city followed by Santa Monica.
Finally, check out the five best Florida cities for first time home buyers below. Yes, they are #1 through #5.
Palm Bay
The #1 overall best city for first time home buyers to move to. Palm Bay is located just south of Melbourne on the east coast of Florida.
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Cape Coral
Located next to Ft. Myers, Cape Coral comes in #2 in Florida and #2 in the United States. It has the #2 overall real estate market.
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Tampa
Yes, first time home buyers love Tampa. Tampa comes in #3 overall. Tampa also ranks #1 overall for quality of life.
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Port St. Lucie
Located about an hour north of West Palm Beach on Florida east coast comes in #4 overall. Port St. Lucie is the #1 overall real estate market right now.
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Orlando
Finally, the fifth Florida city and #5 on the list of the best cities for first time home buyers is Orlando.
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