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Living in Florida is Going to Cost You

Posted: September 30, 2009

Florida has long been considered a "hot spot" for vacationers and permanent residents alike (no pun intended), but some recent information released by the U.S. Census showed that Floridians end up paying the price. Read below for some interesting details that may make some think twice about moving to the Sunshine state:

* Florida ranks 34th among U.S. states and the District of Columbia in median household income ($47,778). The national average for median household income comes in around $52,209.

* Florida has the fourth highest service employment rate in the U.S., and ranks only 46th out of the U.S. for professional level employment

* Florida ranks 20th in median home value in 2008; half of the homes were valued at less than $218,700 (compared to $197,600 in the U.S.)

* Approximately half of Florida homeowners pay an additional $89 per month in mortgage and escrow payments, bringing the total to about $1,603 per month. The national average? $1,514.00

* 49% of mortgage holders spend more than 30% of their monthly income on housing (the third highest rate in the country)

All statistics and information courtesy of the U.S. Census Bureau, News Service of Florida, and Florida Association of Realtors.

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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Downing-Frye Realty, Inc. Realtors are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available through the BR Program.