3 Florida Cities Where the Average Family Can’t Afford a Starter Home — and 3 Where They Can

Buying a “ starter home ” is often thought of as a major financial rite of passage, but many families will not be able to reach that goal. According to a recent Redfin report, prospective homebuyers need to earn about $80,000 to afford the median-priced starter home — that’s up 4.4% from this time last year and only about $500 less than the all-time high. That means starter homes are just barely affordable for families earning the median U.S. income.

However, a family earning the local median income can’t afford a starter home in half of the 50 most populous metros in the U.S.

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See the Florida cities where starter homes are not affordable for households earning a median income and those where they are.

Also see the most affordable city in every state for the middle class .

Fort Lauderdale, Florida

• Can the average family afford a starter home here? Yes
• Median sale price of starter home: $225,000
• Median household income: $78,583
• Income needed to afford a starter home: $77,137

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Jacksonville, Florida

• Can the average family afford a starter home here? Yes
• Median sale price of starter home: $240,000
• Median household income: $83,672
• Income needed to afford a starter home: $77,704

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Miami

• Can the average family afford a starter home here? No
• Median sale price of starter home: $320,000
• Median household income: $71,749
• Income needed to afford a starter home: $105,657

Orlando, Florida

• Can the average family afford a starter home here? No
• Median sale price of starter home: $267,000
• Median household income: $80,102
• Income needed to afford a starter home: $86,903

Tampa, Florida

• Can the average family afford a starter home here? No
• Median sale price of starter home: $250,000
• Median household income: $75,221
• Income needed to afford a starter home: $81,499

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West Palm Beach, Florida

• Can the average family afford a starter home here? Yes
• Median sale price of starter home: $248,250
• Median household income: $84,990
• Income needed to afford a starter home: $82,431

Data is sourced from Redfin and is accurate as of July 2024.

This article originally appeared on GOBankingRates.com : 3 Florida Cities Where the Average Family Can’t Afford a Starter Home — and 3 Where They Can