FL Shows Up Repeatedly On List Of Housing Markets Where You Need A Six Figure Down Payment

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Floridians already know that housing is expensive in Florida. In fact, according to Florida Trend, housing costs have risen almost 74% over the last five years in the Sunshine State. If that statistic isn't shocking enough, a new study shows that several Florida housing markets now require over a $100,000 down payment to buy a home.

About The Zillow Study And What Examined: In late June 2024, the real estate website Zillow published the results of its analysis of real estate markets that require an over $100,000 down payment to buy a home.

The study cited previous data which found that 43% of homebuyers in 2023 used a gift from family or friends to help with the down payment.

Because mortgage rates are high and home values remain stable in some markets, Zillow found that a higher down payment is required to compete with other home buyers.

How Did Florida Fare?: Several Florida markets showed up on the list of markets that require over $100,000 down payment to buy a home, as follows:

Miami: Florida's highest-ranking market (that required the most money down) was Miami, where the typical home costs $490,088 and home buyers reportedly need $316,270 down.

According to Redfin, Miami's housing market was up 8.6% in May 2024 over the same time last year.

Tampa: The next market on the list was Tampa where buyers reportedly need to have a down payment of $181,195 which is 47.3 % of the average home price of $382,802.

Redfin data suggests that the Tampa housing market was up 7.7% in May 2024 when compared with last May.

Orlando: Florida's third most expensive city in terms of housing down payment was Orlando, where you reportedly need a down payment of $192,533 - which is 48.3 % of the average home price of $398,881.

Redfin says that Orlando home prices were up 8.5% in May of 2024 when compared to May of 2023.

Jacksonville: The final Florida market on the list was Jacksonville, where one reportedly needs a down payment of $116,974 on a $361,796 home. Per Redfin, Jacksonville's May 2024 home price was up 5% from a year ago.