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A Record Number of Million Dollar Homes in Florida

Author Geno
A real estate agent from Kamany Realty, (L) shows Rocio Marquez around a condo for sale in Miami.

Almost 1 in 10 homes in the U.S. now is worth $1 million or more. That’s the highest it’s ever been, according to a new Redfin study. The exact number is 8.5%. Where is the jump the highest? California. In San Jose and San Francisco, they found that 80% of the homes are valued at $1 million or more. So what about Florida? Yep, the number of million dollar homes in Florida is WAY up in every major city.

Million Dollar Homes in Florida: South Florida

This probably will not come as a big surprise. Miami is where you find those most expensive properties in Florida. In Miami, almost 15% of the homes (14.8% to be exact) were found to be valued at $1 million or more. That’s up 1.5% from just last year.

Not far behind Miami is West Palm Beach where 14.2% of homes are million dollar properties. Rounding out the top 3 (all in South Florida) is Fort Lauderdale where 7.7% of the real estate will set you back a million.

So where does Tampa rank for million dollar homes in Florida? In the middle of the pack statewide among the big cities.
Joe Raedle/Getty Images
So where does Tampa rank for million dollar homes in Florida? In the middle of the pack statewide among the big cities.

Closer to Home: The Tampa Number

Here in the Tampa area, we’re the priciest of the rest of the Florida big cities. Just over 5% of Tampa area homes are priced at $1 million and up. Jacksonville is right behind us at 4.6%. Looks like the cheapest big city is Orlando where only 3.6% of the homes are valued at $1 million.

Where do you find the cheap homes?

Willing to leave Florida? If you’re ok with ditching the beaches and palm trees, you’ll find it easier to find cheap real estate if you can deal with the snow life. Redfin says the percentage of million dollar homes is tiny in Detroit, Cleveland, Pittsburgh and Kansas City. None of those cities had more than 1% of homes valued at that $1 million price point. [Source: Redfin]

Hear Geno on the air weekday afternoons. Geno's passions include fat guy food, concerts, sports, travel to Europe and South America. He loves 80s and 90s music, from MTV hairbands to old school freestyle, alternative rock to TRL era jams. Geno's radio career began in his hometown of Portland, Maine. Since then he's been on the air coast to coast from Boston to Las Vegas, Tampa to California.

7 Tampa Bay Area Cities With The Most Affordable Rental Prices

  • 7. Bradenton

    The median price for a 1 bedroom apartment in Bradenton is $1,570. Prices in this city usually stay around this average (at least for now). There’s plenty to see and do in this area, including checking out the clear blue waters at Anna Maria Island, or trying some new brews at Motorworks Brewery.

     

  • 6. Largo

    Expect Largo to be another fast growing Florida city. With it’s central location to Tampa, Clearwater, and St. Pete, it makes it a great location for newcomers. Plus, they’ll have the first drive-thru Wawa in Florida! Not that that should be the highest priority on your list, but it is a bonus! The median rent for a one bedroom apartment in Largo is $1,560. Two bedrooms are only about $300 more.

    Largo police car

  • 5. Clearwater

    That’s right, the home to the best beach in the south is also one of the more affordable Tampa Bay area cities for rental. That is, if you don’t plan on living directly on the beach. The median one bedroom rental price in Clearwater is $1,510. But expect to pay over $600 more for a two bedroom place.

    4 Florida White Sand Beaches Named Prettiest In America

    Getty Royalty Free

  • 4. South Bradenton

    Same perks as Bradenton, just a little more inland. This means that the one bedroom rental prices are about $200 cheaper. The median price according to Zumper is $1,380.

    Bradenton Beach Historic Pier Sign on Anna Maria Island, Florida

  • 3. Tarpon Springs

    We wish Tarpon Springs would get more love when talking about the best cities in Tampa Bay. There’s so much culture in the area that leaves you with countless of things to do. Check out Fred Howard park, the Tarpon Springs Sponge Docks, or enjoy some authentic Greek food! The median one-bedroom cost here is $1,340.

  • 2. Lakeland

    Lakeland is also one of the fastest growing cities in Florida. With it being in the middle of Tampa and Orlando, many see the best of both worlds in that city. Plus there are some great shopping and dining options in Downtown Lakeland! The median one bedroom rental here is $1,320 and only $100 more for a two bedroom!

  • 1. Winter Haven

    The number 1 city in the Tampa Bay area with the cheapest rent is Winter Haven. This area has 50 lakes within its borders, including its famous Chain of Lakes. It’s also super close to some other popular fresh-water springs. The median price for a one-bedroom apartment here is $1,250 and is $1,460 for a two bedroom!

    5 Springs That Are Worth The Drive From Tampa

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