Yahoo Finance I’m a Real Estate Agent: These 8 Florida Cities Are Becoming More Affordable
Because of inflation, the cost of living has increased across the country, and Florida is no exception. According to CNBC, Florida is ranked as the ninth most expensive state to live in for 2024. While several factors contribute to the state’s high cost of living, two big reasons are increased home prices and home insurance costs. But it’s not all bad news. There are still some cities in Florida that are becoming more affordable.
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Keep reading as we dive into eight Florida cities that are actually becoming more affordable than you might have thought.
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Ocala
Ocala, located roughly 40 miles from Gainesville, is home to about 63,000 residents. It is one of the most affordable places to live in Florida, with a median home sale price of $290,000. This is almost $130,000 cheaper than the median home sale price in Florida of $419,500. Plus, because the average home sells for about 3% below the list price in Ocala, you might not need to worry about bidding wars.
“Ocala has seen a recent increase in housing availability, which has helped to stabilize and even reduce home prices in some areas,” said Colten Claus, associate broker at 8z Real Estate. “Known for its natural beauty, equestrian culture, and outdoor recreational opportunities, Ocala offers a slower pace of life that appeals to many. The cost of living is below the national average, making it an appealing option for those looking to escape the higher costs of Florida’s larger metropolitan areas while still enjoying the state’s favorable climate.”
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Gainesville
Gainesville, home to the University of Florida, has a median home sale price of $260,000. This is nearly $160,000 lower than Florida’s median home sale price. And if you’re worried about multiple offers pushing the price higher, you can rest easy knowing that the average home sells for 2% below its list price. One thing to keep in mind is that home prices in June 2024 were up 2.4% in Gainsville. While this is a small jump, it is getting more expensive.
Lakeland
Lakeland, located about 30 miles from Tampa, has roughly 112,000 residents. The median home sale price in Lakeland is $299,750, more than $119,000 cheaper than the median home sale price in Florida. This is also a decrease of almost 4% year over year. The average home in Lakeland sells for about 3% below list price.
Fort Myers
Fort Myers, located 45 miles from Naples, Florida, is more expensive than the other cities mentioned. The median home sale price in Fort Myers is $390,000, which is only about $30,000 less than the median home sale price in Florida. However, home prices in Fort Myers were down 8.2% in June 2024 compared to last year. That means they’re gradually becoming more affordable.
“In recent years, Fort Myers has become increasingly seen as a cheaper option than some of the pricier parts of Florida,” said Johnny Austin, licensed real estate agent and founder of Sell My House Now. “The real estate market benefits from steady retiree population influxes together with winter visitors who compete for properties every year. One can find everything here, cheap houses near the waterfront or new areas for development.”
Pensacola
Pensacola, located on Florida’s panhandle, has a median home sale price of $340,000, which is almost $80,000 less than the state’s median. Home prices are up 3.3% from last year, but the average home sells for about 3% below the list price.
“Pensacola is becoming more affordable due to a combination of factors, including a steady increase in housing inventory and moderate economic growth,” Claus said. “The cost of living in Pensacola is relatively low compared to other Florida cities, and it offers a mix of beautiful beaches, a rich history, and a strong sense of community.”
Poinciana
Poinciana, located just outside Orlando, is a smaller town of under 70,000 residents. The median home sale price in Poinciana is $300,000, which is significantly below Florida’s median home sale price. Home prices in Poinciana were down 4.8% compared to last year, which is one of the biggest decreases of any city on our list. The average home in Poinciana sells for about 2% below list price.
Spring Hill
Spring Hill is located about 40 miles from Tampa and has 113,600 residents. The median home sale price in Spring Hill is $334,995, which is about $85,000 less than the state’s median price. Although the home prices were up 3.1% compared to last year, the average homes sell for about 2% below the list price. It should also be noted that homes in Spring Hill sit on the market for an average of 43 days, up from 31 days last year. This can give you a little extra negotiating power.
Pine Hills
Pine Hills is only 6 miles from Orlando and has just over 66,000 residents. If you’re looking for a smaller, more affordable community to live in and want to be close to Orlando for work or family, Pine Hills is a great option. The median home sale price is $284,950, more than $130,000 cheaper than Florida’s median home sale price.
There are many affordable cities to choose from in Florida. Of course, when deciding where to live, there are other factors to consider besides affordability you should consider. Things like community, job opportunities, amenities, distance to family and more should also go into your decision.
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