Florida, known as the Sunshine State, has long been a popular destination for tourists, retirees, and anyone seeking a sunny, warm climate. But what if you want to do more than just visit? What if you dream of owning a piece of paradise in the form of a Florida home? The good news is that despite its popularity, Florida offers plenty of affordable real estate options. In this blog, we’ll explore some of the cheapest places to buy a house in Florida.
Florida: A Land of Opportunity
Florida may be famous for its beaches, theme parks, and retirement communities, but it’s also a land of opportunity for homebuyers looking for affordability. To assess the cost of living and the median home sale prices in various Florida cities, we used data from Best Places. The cost of living index is based on a national average of 100, with numbers below 100 indicating below-average costs and above 100 indicating above-average costs. With a state median home sales price of $373,300, every city on our list boasts a local median price even lower than that.
- Altamonte Springs
Just north of Orlando, Altamonte Springs is a growing suburban town with a population of around 47,000. Homes here, especially apartments and condominiums, remain affordable. With a median home price of $198,500, Altamonte Springs offers value, even with a 10% increase since October 2021. The job market in this area is also promising, with an unemployment rate of just 4%, considerably lower than the national average. Job opportunities span various sectors, making it a great place for job seekers.
Median home price: $198,500
Median household income: $55,312
Cost of living index: 97.4
Cost of utilities index: 103.1
Property tax rate: 0.81%
- Callahan
Situated 30 minutes north of Jacksonville, Callahan is a small town with a population of about 1,600. Despite its size, Callahan offers easy access to the city and affordable homes. With a median home price below the state average and an unemployment rate of 4%, it’s a great option for those who want proximity to a large city and access to the beach within an hour.
Median home price: $275,100
Median household income: $56,645
Cost of living index: 102.1
Cost of utilities index: 103.9
Property tax rate: 0.80%
- DeBary
DeBary, known for its scenic location along Lake Monroe and the St. Johns River, is a town with a population of 23,000. The median home sales price is just over $270,000, which remains affordable despite a 7.5% increase since October 2021. Job prospects are bright, with an unemployment rate below the national average and a projected job growth of 42.9% over the next decade. DeBary offers a beautiful lakeside lifestyle at an affordable cost.
Median home price: $270,500
Median household income: $71,554
Cost of living index: 100.8
Cost of utilities index: 100.5
Property tax rate: 0.92%
- Ellenton
Ellenton, a small town with a population of 4,000, is located just 45 minutes from Tampa. Despite its size, Ellenton provides proximity to the coast, with the median home price down 6.6% from May 2021, offering excellent opportunities for homebuyers. The town has a low unemployment rate and is expected to see a 45.1% job growth over the next decade, making it an attractive option for those seeking affordable homes near the water.
Median home price: $250,000
Median household income: $58,349
Cost of living index: 103.3
Cost of utilities index: 95.1
Property tax rate: 0.92%
- Frostproof
With a population of just 2,800, Frostproof is located in the southern interior region of Florida. Despite its small size and lack of immediate beach access, Frostproof offers affordable homes with a median price down 5.9% from May 2021. The town’s unemployment rate is slightly below the national average, and it’s expected to see a significant job growth of 43.7% over the next 10 years.
Median home price: $224,723
Median household income: $43,730
Cost of living index: 82.9
Cost of utilities index: 107.5
Property tax rate: 0.90%
- Hialeah Gardens
If you’ve always dreamed of living the Miami lifestyle without the Miami prices, Hialeah Gardens might be the answer. Located just 30 minutes outside of Miami, this small city of 23,000 offers a median home price well below the statewide average. Despite a 3.4% increase since October 2021, Hialeah Gardens remains an affordable choice for those looking for property in southern Florida.
Median home price: $251,500
Median household income: $52,979
Cost of living index: 92.4
Cost of utilities index: 96.9
Property tax rate: 1.02%
- Immokalee
Another option for southern Florida homebuyers, Immokalee is a town of 25,000 located about an hour southeast of Fort Myers. Immokalee boasts a median home price of just $219,900, even with a 9.1% increase from January 2021. The town has a low unemployment rate and offers job opportunities in various sectors, including agriculture, construction, and retail.
Median home price: $219,900
Median household income: $33,249
Cost of living index: 95.2
Cost of utilities index: 106.6
Property tax rate: 0.69%
- Largo
With a population of 83,400, Largo is one of the most populous cities on our list. Located just south of Clearwater, Largo maintains affordable home pricing, with a median home price of $239,500, even with an 8.8% increase since September 2021. The town’s economy is stable, featuring a low unemployment rate and a high projection of job growth over the coming decade.
Median home price: $239,500
Median household income: $46,733
Cost of living index: 98.1
Cost of utilities index: 105.2
Property tax rate: 0.91%
- Palatka
Palatka is a cozy town with a population of 10,400, located an hour south of Jacksonville. Despite an 18% increase in the median home price since June 2021, it’s still just over $200,000, making it an attractive option for those seeking an affordable home. While the unemployment rate in Palatka is similar to the national average, job opportunities are readily available, especially in retail and healthcare.
Median home price: $205,000
Median household income: $40,068
Cost of living index: 78.7
Cost of utilities index: 100.3
Property tax rate: 0.74%
- Temple Terrace
Temple Terrace, located just 20 minutes outside of Tampa, offers affordable homes despite a 10.6% increase in median home price since October 2021. With a median home price of $207,000, it provides an enticing opportunity for homebuyers who want to live near the water without breaking the bank. The unemployment rate in Temple Terrace is 5.1%, and jobs are expected to grow at a rate of 44.6% over the next 10 years, thanks in part to its proximity to Tampa.
Median home price: $207,000
Median household income: $56,209
Cost of living index: 99.2
Cost of utilities index: 96.3
Property tax rate: 1.09%
Key Takeaways
As long as you’re willing to step outside the major cities and resort areas, Florida remains a very affordable place to buy a home. The U.S. median home price in 2022 is $428,700, but the Florida cities listed here have median prices ranging from $184,000 to $275,100. Keep in mind that the best way to find your perfect home in Florida is to work with a great real estate agent. A knowledgeable agent can help you navigate listings while prioritizing your budget and needs. With HomeLight, you can be matched with top agents in your area in just a few minutes, and it’s entirely free. So, if you’re looking for an affordable piece of paradise in Florida, these cities are a great place to start your search.
