It's no secret that home prices in Florida have risen substantially over the last couple of years. However, some markets have increased more sharply than others. For example, according to the S&P Core Logic Case-Shiller Index released in June of 2022, Tampa saw home price increases of about 34% over the course of a year, while Miami saw increases of around 32%. (The Florida housing market in general rose about 21% over one year's time, according to data from March of 2022.) Although there may be signs that the market is cooling in some areas, prices also remain high in hot markets.
With Such Sharp Housing Price Increases, Many Consider Florida as Increasingly Unaffordable: Needless to say, having to pay substantially more for housing strains the budgets of many Floridians. Paying more for a mortgage means less money to spend on other essentials. This situation has caused some experts to call Florida unaffordable or expensive.
Because of this, some cities like Tampa have proposed giving city workers raises, since many of them must live within city limits and are dealing with rising housing costs.
For Perspective, How Much Salary Would You Need to Buy an Average Home in the United States?: With the increased housing costs across the United States, the website Visual Capitalist wanted to know how much salary a household would need to purchase a house in various cities across the United States.
The website found that in the United States in general, the average salary an American would need to buy a home is $76,000. Of course, where you are buying makes a big difference. The site said that in New York City, you'd need six figures to be a homeowner, but in Cleveland Ohio, you could buy a home for half of New York City prices.
What About Florida?: In Florida, Visual Capitalist looked at the cities of Miami, Orlando, Jacksonville, and Tampa. Here were the findings, from highest to lowest:
Miami - $103,700 salary per year.
Orlando - $79,600 salary per year
Tampa - $75,4000 salary per year
Jacksonville - $73,500 salary per year
Note that these figures are for a household.
What is the Average Salary in Those Florida Cities?: To determine how affordable those prices are, we can look at average salaries in the above cities. According to ZipRecruiter, the average salary in Miami currently is $62,247. In Orlando, it is $59,797. Tampa's average salary is $56,465, and Jacksonville's is $60,549.
Which Cities in the United States Had the Most Expensive Housing?: Which Had the Least? The Visual Capitalist data clearly showed that California housing costs were among the highest in the nation, with the city of San Jose requiring a salary of over $330,000 to own a home.
Pittsburg, Pennsylvania was the most reasonably priced housing market. An approximate salary of $43,000 per year is necessary to buy a home there, according to Visual Capitalist.