Known as the Sunshine State, Florida is renowned for its beautiful beaches, pleasant warm climate, tax incentives and high standard of living, attracting numerous expats year after year. In this article, we’ll look at median home prices and property in Florida available for under USD 100,000.
Content:
- Median home price in Florida
- Florida cities with lowest home prices
- Property options priced at USD 100,000 and below
- Why consider buying a home in Florida now?
- Buy real estate in Florida with us!
Median home price in Florida
In September of this year, the median home sale price in the state rose by 2.8% year-over-year and amounted to USD 402,500. There were also 1,200 more homes sold, with their number reaching 30,815 properties. Interest rates today are at 8.5%.
In Miami, one of the state’s most popular cities, the median home price in September was USD 575,000, up 7% from 2022. In Tampa, homes sold for a median of USD 415,000, up 6.4% from a year ago. Overall, there is no city in the entire state where home values have dropped year-over-year. This indicates the investment attractiveness of the Florida real estate market.
Predictions for the next five years suggest a gradual slowing down of the growth in prices for houses and apartments in Florida compared to the previous five-year period, during which home prices surged by 80%. While the upward trend is expected to persist in the near future, it is set to become more moderate.
Florida cities with lowest home prices
Despite the mentioned median home price, there are numerous options for real estate in Florida under USD 100,000. It’s noteworthy to highlight cities with inexpensive properties on the market. For example, Bartow in Central Florida, about 50 miles from Orlando and Tampa, is one of the most affordable places to live in the state, with a median home price of approximately USD 255,000.
Another viable option for purchasing an affordable residence is Dade City., where the median property price is USD 265,000, significantly lower than in the state and throughout the country. Situated approximately 45 minutes north of Tampa, Dade City I offers ample employment opportunities and is home to several major universities.
Homosassa Springs, situated north of Tampa Bay, is a rural community known for its tranquil environment, appealing to those who value peace and privacy. The median cost of housing in this area is about USD 269,000.
Dunedin is known for its excellent schools and low crime rate, making it particularly attractive to families with children. The median cost of a home in Dunedin is about USD 355,000.
Kissimmee is one of the most affordable places to live in Florida. It‘s near the state’s theme park hub, just a short drive from Universal Studios and Disney World. The median cost of a home in the city is USD 367,000, making it a great option for those who want to live close to Florida’s entertainment and attractions but away from the hustle and bustle and heavy traffic.
Cape Coral, situated in the southwestern part of Florida, is also a very affordable place to live, It’s one of the state’s safest cities with a low crime rate. The median price of a home is about USD 390,000, making it an excellent option for those seeking affordable housing and a comfortable environment in Florida.
Other cities with affordable housing options include:
- Gainesville: Situated in Central Florida. The median property price is USD 295,000.
- Edgewater: Located near Daytona Beach and Cape Canaveral. Housing costs a median of USD 305,000.
- Auburndale: A suburb near Tampa with a population of 21,189 people. The median home price is less than USD 250,000.
Budget-friendly metropolitan areas in Florida include Jacksonville, the largest city in the state, with a median housing cost of about USD 295,000, significantly lower than the national median. This makes the city attractive to those seeking affordable living options in Florida.
Property options priced at USD 100,000 and below
The price of housing always depends on many factors, including:
- Location
- Size
- Condition
- Age of the house
Currently, for USD 100,000 or less in Florida, you can only buy properties on the secondary market. For example, in Tampa, one of the state’s most popular cities, you can buy a 35-square-metre studio in a condominium. The house, built in 1986, is situated at 4138 Dolphin Dr The residence is for sale with furniture and appliances. The price is USD 100,000.
Another option is a manufactured home in Orlando at 1961 Scranton Ave. It was built in 1973 and offers an area of 133 square metres. The property has 3 bedrooms and 2 bathrooms. This is a good option for those looking for secondary housing, an investment property or a home for relocation. It has a carport and a back patio. It will cost you USD 95,300.
This amount can also buy you a 35-square-metre studio in Jacksonville on the 3rd floor of an apartment building. The property has been recently renovated, the floors are tiled and it’s equipped with furniture and plumbing fixtures. This apartment in Florida is located in a 17-storey historically designated building built in 1949. The future owner of the property will have access to a laundry lounge, a fitness room and a clubroom with free Wi-Fi. The building has key card access.
As you can see, there are decent options under USD 100,000 in Florida.
Why consider buying a home in Florida now?
In September 2023, homes in Florida were purchased for an average of 97.4% of their listed price, indicating sellers’ willingness to negotiate and offer discounts. In addition, between May and September 2023, buyer competition decreased by 21.5%. All this creates favourable conditions for potential clients, offering more opportunities to find properties meeting their requirements.
It’s also worth mentioning that Florida’s GDP grew by 6.9% in 2022. This dynamic indicates the benefits of investing in real estate for potential buyers, as an increase in gross product means an overall rise in economic activity.
Buy real estate in Florida with us!
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