Here’s How Much You Need To Earn To Buy A House In Florida
Homes in the state of Florida have gotten more expensive since COVID and they’re not going down anytime soon. Buying a house in Florida isn’t cheap these days. It’s become harder than ever for Americans to afford and find a home. Not only have prices gone up but inventory is also an issue. Mortgage rates being so high at the moment doesn’t help. Plus, rising home prices have made it super difficult especially for first-time home buyers. It may not be shocking when you find out how much you need to earn to buy a house in Florida.
According to a report from Redfin and WFLA, Floridians must earn a minimum of $114,627 to afford the average American home. That’s shockingly up 15% from a year ago! To make things worse, that’s up more than 50% since the start of the pandemic! The real estate website Redfin said, “Hourly wages have risen in 2023, but not nearly as fast as the income necessary to afford a home is rising: The average U.S. hourly wage has increased by about 5% over the last year.” The average household earns $40,000 less than what’s needed to buy a median-priced house in Florida.
If it’s so expensive, why move here?
First and foremost, Florida is home to stunning beaches. There are over 1,350 miles of coastline with pristine white sand, turquoise water, and extremely hot weather. One of the most famous places is Miami Beach to the very glamorous South Beach each one is amazing in its own way. The Gulf Coast beaches like Clearwater and Siesta Key are just as beautiful. It doesn’t matter what you’re looking for, there is a perfect beach for everyone. Visitors can enjoy different water activities like snorkeling, jet skiing, or just tanning in the hot sun.
Florida features vibrant cities with a diverse cultural scene all over the place. Miami is mainly known for its lively nightlife but still offers a lot of family-friendly things to do. Let’s not forget about Tampa Bay as an option too! Tampa offers the Tampa Museum of Art and Florida Aquarium as fun places for the family. Don’t forget about their energetic sports scene with the NFL’s Tampa Bay Buccaneers and the NHL’s Tampa Bay Lightning. Although Orlando is the #1 city in Florida for family vacations the average cost for a week in Orlando is $1,800 which is affordable.
Realistic Advice For Moving To Tampa
Pack Some Patience
This is slightly a joke but also kind of serious because it really does take an hour to get anywhere in Tampa. If you plan on moving to Tampa be sure to bring some patience. Trust us, you’ll need it for driving on 275 or across the Howard Frankland during rush-hour (or any time of day really).
Get Your Insurance FAST
One of the biggest cons of moving to Florida/Tampa is the insurance rates. You have 10 days to title and register your car, boats, mobile home, etc. You’ll have 30 days to obtain a Florida driver license. If you don’t, you could see a hefty $500 fine. It’s also worth noting the cost of car insurance is 30% higher than the national average.
Also since Florida is constantly threatened by major hurricanes, expect to pay A LOT for home/flood insurance.
Learn Our Driving Habits
It’s something that even locals are guilty of doing. If you want to fit right in with the rest of Tampa, be sure to never use your blinker and let other drivers know your next move. Also, instead of making a u-turn, it’s Florida policy to cut over 3 lanes of traffic to correct your mistake. (For legal reasons, this is a joke).
If you go anything under the speed limit in the left lane, be prepared to be met with a lot of middle fingers from Tampa locals.
Don't Brag About Your Hometown
Seriously, you made the move. Now you’re a Floridian. We don’t care “how you did it in New York”. If you liked it so much, you could’ve stayed. Related note: Once you make the transfer to Tampa, leave behind your old team sports gear. You’re a Bucs/Rays/Lightning fan now.
Sunscreen, Bug Spray, and Allergy Medication Are Your New Best Friends
One thing you may not have realized in Florida is the bugs are INTENSE. Mosquitoes, fire ants, and palmetto bugs are extremely common. You also might want to get used to wearing sunscreen daily and have some allergy medication on hand. We have plants that bloom year-round which causes a lot of issues for people with bad allergies. Plus the ocean breeze can move pollen for miles.
Learn To Wait Out The Rain
If you’ve visited on vacation you probably experienced this. It’s a beautiful sunny day until around 4pm when we get our daily showers. If you’re at an amusement park like Busch Gardens, don’t worry about gathering your things and leaving (unless otherwise stated by the park). Majority of the time, you can wait out the storm in 30-60 minutes.
Do A Trial Run
Before making the move to Tampa, maybe consider doing a trial run during our “worst” months. It’s the hottest in July/August, hurricanes really pick up in September, traffic is TERRIBLE during spring break. If you plan a 2-3 week visit during any of these months, you’ll get a real taste of what it’s like living in Tampa.
