The following table shows current 30-year mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.

Home Mortgage Rates in Florida

Florida Real Estate Information

Florida is the 3^rd most populous state in the US, and for good reason. With its warm year round temperatures and miles of beaches, there is no doubt as to why it is referred to as the “Sunshine State.” Florida has been a dream destination point for individuals and families for generations. Residents are drawn to the state for its weather, vibrant cities, and quiet coastal areas.

Are you thinking of buying a home (or a second home) in Florida? With its warm sunny climate, its two shores of beachfront property, its theme park attractions and its great cities, Florida has a lot to offer homebuyers.

Long a retirement destination for older Americans, especially those from the Northeast and Midwest, Florida also has become increasingly popular with foreign buyers for investment and recreational opportunities.

In mid-2017, the median value for a Florida home was $209,900, an increase of 8.8 percent over the past year. Real estate analysts predict these values will go up 2.4 percent within the coming year.

The median price per square foot was $157 in Florida, and the median monthly rental price was $1,725. The median price of a home was $279,900 as of mid-2017. As you might expect, real estate costs vary dramatically across the state, with the highest cost of living in the state in the Miami area.

How Florida Weathered the 2008 Recession

Miami was one of the hottest housing markets in the nation leading up to the 2008 recession. To get a sense of how extreme the bubble was, the movie The Big Short featured a scene with a Florida stripper with 5 homes and a condo which were all financed using adjustable rates.

Florida’s housing market was hit hard by the recession, but is has rebounded nicely. Home prices have been slowing increasing across the state since late 2011.

Even in South Florida, where many home prices lost more than 50 percent of their value during the big housing bust, things have turned around. According to an article in The Washington Post, developers are more cautious, and several factors make real estate growth different this time around.

For example, condominium buyers, who helped fuel the housing boom earlier this century in Miami, are now putting down deposits of 50 percent of the purchase price rather than 10 to 20 percent that was common before the housing bust.

Also, while banks are now back to funding more building projects in South Florida, they often are requiring developers to have a substantial number of pre-construction sales.

Homeownership across the state stood at 64.4% in 1989. It rose rapidly during the tech boom and then rose again during the early years of the housing bubble, peaking at 72.4% in 2006. Florida's homeownership rate led the broader economy, turning south even before the Great Recession happened. In spite of the aggressive stimulus measures, homeownership rates stood at 64.3% in 2016.

COVID-19 Impacts on the Florida Real Estate Market

Through the first 3 quarters of 2020 real estate held up far better than it did during the 2008 housing recession. Central banks and politicians reacted faster and much more aggressively to the COVID-19 crisis than they did to the 2008 recession. Many novel and unconventional policies which began in response to the prior recession were used much more aggressively in this recession. For instance, here are some of the policies which were enacted:

• The Federal Reserve quickly dropped the Fed Funds Rate to zero while suggesting they would buy an unlimited number of Treasury securities and mortgage-backed securities to keep those markets functional.
• In 4 months the Federal Reserve expanded their balance sheet by over $3 trillion from $4 trillion to over $7 trillion.
• The Federal Reserve offered forward guidance stating they were unlikely to lift interest rates through 2023.
• Unemployment benefits were extended in duration, amount, and to people who previously could not qualify for unemployment like self-employed people.
• The CARES act was a $2.2 trillion economic stimulus bill. It prohibited evictions for lack of rent payment and prohibited foreclosures for lack of mortgage payments while allowing homebuyers to payment forebearance for up to 360 days.
• In the 2008 economic criss the FASB did not relax mark-to-market accounting rules until April, 2009. In 2020 domestic & international regulators worked much more quickly to adjust financial reporting requirements.

On November 24, 2020 the Federal Housing Finance Agency (FHFA) raised conforming loan limits by 7.42%, reflecting strong annual growth in the nationwide FHFA House Price Index (HPI).

Some bombed out hotels and motels which relied on Disney traffic have decended into outright disasters, but most of the MSAs in the state of Florida saw property prices increase by more than 5% year over year through the third quarter of 2020. Taxpayers fleaing high-tax states have also boosted real estate prices in the panhandle region. The St. Joe company owns about 78,000 acres there and their stock through November had doubled off the COVID-19 March low and was up over 50% above the recent 2020 high before the COVID-19 crisis. High earning taxpayers in high-tax states like California, New York and New Jersey have had strong recent net migration into low-tax states like Florida, Nevada, Texas, and Tennessee.

Florida has been lax with statewide COVID-19 restrictions.

State & Federal Income Tax Impacts on Internal Migration

The 2017 Tax Cuts and Jobs Acts (TCJA) bill limited a taxpayer's deduction of state and local taxes (SALT) to $10,000. This dramatically increased the cost of state taxes in states with high marginal income tax rates and relatively high property taxes. A home of modest means in a middle-class neighborhood on the outskirts of the Bay Area can cost $7,000 a year in property taxes. While campaigning Joe Biden stated he wanted to set the top marginal tax rate at 39.7% and re-impose FICA taxes on any income above $400,000. This would effectively make the marginal Federal income tax rate 55% for those in the top bracket. Add in the 13.3% top marginal rate in California and taxpayers could pay a 68.3% marginal rate on income above $1,000,000. That income tax rate would be before other taxes and fees like property taxes, vehicle licensing and registration, and sales taxes.

Some high-income earners like bond investor Jeffrey Gundalach have considered moving out of states like California due to escalating income taxes coupled with incompetent government leading to rolling brown outs. Low-tax or no income tax states like Florida, Texas, Tenneessee and Nevada have seen net migration from high-tax states like California, New York and New Jersey. Lockdowns destroyed many small businesses while lowering the appeal of cramped living places in big cities. Those combined with the realization that much work can be done remote has many businesses and successful business owners migrating. California legislators proposed a wealth and exit tax. Some high-end spec homes which were listed for $100 million or more sold at steep discounts to their original offering prices as capital has flooded into the stock market & conspicuous consumption is looking less appealing during a time when many people are hurting and politicians are proposing wealth and income taxes.

The COVID-19 Crisis Led to Record Income Inequality

American income inequality was at a 50-year high before the COVID-19 crisis took hold. Wealthier people with higher incomes have a higher likelihood of being able to continue to work from home, whereas many low-wage hospitality workers were hit hard by lockdowns. Some small business owners without access to credit saw their businesses fall apart due to the impacts of lockdowns and demonstrations.

Central bank intervention has led the domestic stock market to recover quickly from the COVID-19 crisis, but many middle class and lower class consumers hold little stock and are still struggling with unemployment. The country has reached record wealth and income inequality which exceeds both that of the gilded age and many third world countries.

A Look Around The State

Popular Metropolitan Regions

FL Rank	US Rank	Metropolitan Area	2016 Pop	2010 Pop	Change	% △
1	8	Miami-Fort Lauderdale-West Palm Beach	6,066,387	5,564,635	501,752	9.02%
2	18	Tampa-St. Petersburg-Clearwater	3,032,171	2,783,243	248,928	8.94%
3	23	Orlando-Kissimmee-Sanford	2,441,257	2,134,411	306,846	14.38%
4	40	Jacksonville	1,478,212	1,345,596	132,616	9.86%
5	73	North Port-Sarasota-Bradenton	788,457	702,281	86,176	12.27%
6	78	Cape Coral-Fort Myers	722,336	618,754	103,582	16.74%
7	82	Lakeland-Winter Haven	666,149	602,095	64,054	10.64%
8	88	Deltona-Daytona Beach-Ormond Beach	637,674	590,289	47,385	8.03%
9	95	Palm Bay-Melbourne-Titusville	579,130	543,376	35,754	6.58%
10	109	Pensacola-Ferry Pass-Brent	485,684	448,991	36,693	8.17%
11	111	Port St. Lucie	465,208	424,107	41,101	9.69%
12	140	Tallahassee	379,627	367,413	12,214	3.32%
13	145	Naples-Immokalee-Marco Island	365,136	321,520	43,616	13.57%
14	149	Ocala	349,020	331,298	17,722	5.35%
15	170	Gainesville	280,708	264,275	16,433	6.22%
16	180	Crestview-Fort Walton Beach-Destin	267,059	235,865	31,194	13.23%
17	221	Panama City	199,964	184,715	15,249	8.26%
18	237	Punta Gorda	178,465	159,978	18,487	11.56%
19	274	Sebastian-Vero Beach	151,563	138,028	13,535	9.81%
20	293	Homosassa Springs	143,621	141,236	2,385	1.69%
21	329	The Villages	123,996	93,420	30,576	32.73%
22	380	Sebring	100,917	98,786	2,131	2.16%
23	450	Key West	79,077	73,090	5,987	8.19%
24	471	Palatka	72,277	74,364	-2,087	-2.81%
25	483	Lake City	69,299	67,531	1,768	2.62%
26	689	Okeechobee	40,314	39,996	318	0.80%
27	701	Clewiston	39,290	39,140	150	0.38%
28	755	Arcadia	35,800	34,862	938	2.69%
29	841	Wauchula	27,360	27,731	-371	-1.34%

Southeast Florida

Southeast Florida, which includes the city of Miami, offers diverse cultural, recreational and business opportunities in a subtropical climate.

Miami

With a population of more than 5.5 million people, the Miami metro area, which includes Fort Lauderdale, is the eighth most populous region in the United States. Miami is a major international trade center and has an economy based upon tourism, media and entertainment and finance. The city is home to professional baseball, basketball, football and hockey teams as the Marlins, Heat, Dolphins and Panthers call the metro area home.

The median home value in Miami in mid-2017 was just over $300,000, an increase of 1.5 percent over the past year. The average list price of a home or condominium in Miami was $449,000.

The median list price per square foot in the city itself was $411, which is nearly double the Miami metropolitan area average of $211 per square foot. The median rental price in the city of Miami was $2,300, which is $300 higher than the Miami metro area median price.

Miami luxury condos are a popular destination for illicit hot money from South American drug cartels.

Fort Lauderdale

Fort Lauderdale is located about a half-hour north of Miami. In 2016 the city had an estimated population of 178,752 residents. The comfortable climate makes the city is a popular tourist destination. The local economy is heavily reliant on cruise ship visitors and yacht manufacturing.

The local median sales price is $306,000, which comes to $253 per square foot. The median local rent is $2,175.

West Palm Beach

West Palm Beach is about 68 miles north of Miami. Due to the heavy urbanization along the southeast Florida coast the city is considered part of the Miami metropolitan area. As of 2016 the city has an estimated population of 108,161. The city was incorporated in 1894, two years before Miami was. The city has many historic neighborhoods with a median overall home value of $225,300. Median local rents are about $1,750 per month, which is $250 cheaper than the Miami metro area.

Northeast Florida

Jacksonville

If someone were to ask you what is the biggest city in Florida, most people likely would say Miami or maybe Orlando. They would be wrong. Miami would win hands-down if they were considering its entire metro area, but if  going by the actual city population, the winner is Jacksonville.

The reason is that the city of Jacksonville is much larger geographically than the city of Miami. Jacksonville’s city borders contain 750 square miles, while Miami is roughly 36 square miles in area.

Located in the northeast corner of the state on the shore of the St. Johns River and about 25 miles south of the state border with Georgia, Jacksonville is a financial and commercial center for North Florida, a busy seaport and a U.S. military base. The Jaguars NFL team call the city home,

In 2017, the median home value in Jacksonville was $153,600, an increase of 10.8 percent over the previous year. Home values should continue to increase by about 3.6 percent over the next year. In mid-2017, the median listing price of homes in Jacksonville was $191,000.

The average list price per square foot in the city itself is $111, a price that is less than the Jacksonville metro area average of $127 per square foot. The average rental price in Jacksonville is $1,200, which also is lower than the metro average of $1,325.

Gainesville

Gainesville has an estimated population of 131,591 and is the home of the University of Florida. The city has a median sales price of $172,000 which comes to $111 per square foot. Local median rent costs $1,300 per month.

Central Florida

Orlando

Known as the Theme Park Capital of the World, Orlando is the center of a busy metropolitan area with a population of nearly 2,500,000 people, making it the third largest metro are in Florida.

Through the popularity of Disney World, Universal Studios and other local theme parks, the Orlando area is a world tourist destination and is one of the nation’s busiest convention and conference centers. The Orlando area offers many locations for fine dining, golf and family entertainment. Orlanda is also the home of the Magic NBA team.

The median value for an Orlando home was $169,700 in 2017, an increase of 11.9 percent over the previous year with experts predicting an increase of 4.4 percent over the following year. The average list price is $137 per square foot in Orlando, and the average rental price is $1,500. The 2017 median listing price of homes in Orlando was $265,000.

Tampa

Tampa is another popular city in central Florda, located on the Western coast. The city began slowly as a cattle and citrus shipping port near the United States Army outpost named Fort Brooke. The broader metro Tampa Bay Area has a population of roughly 2.9 million people & includes the cities of St. Petersburg and Clearwater. The area's economy boasts a strong footprint in financial services, healthcare, tourism, real estate, shipping and professional sports.

The median home value in Tampa is $185,700 in 2017, a 12.9 percent over the previous year with experts predicting an increase of 3.7 percent over the following year. The median list price is $167 per square foot in Tampa, and the average rental price is $1,500. The 2017 median listing price of homes located in Tampa was $279,995.

Tampa is home to professional baseball, football and hockey teams. The Devil Rays, Buccaneers & Lightning call the city home.

St. Petersburg

St. Petersburg is the fifth most populous city in the state with 260,999 residents in 2016. It and Clearwater are part of the Tampa Bay Area. Home prices are fairly even across the metro area.

Cape Coral

The city of Gainesville began as a planned community in 1957 and had a total population of 179,804 in 2016. Median homes are valued at $217,400 with a median price per square foot of $145.

Florida Panhandle

The northwestern part of Florida, frequently called the Panhandle, offers beaches, fishing, a slight taste of all four seasons and a slower-paced lifestyle than the larger urban areas of the state.

Tallahassee

The state capital of Tallahassee, with a 2016 population of 190,894, is the largest city in the region, but Pensacola, a seaport on Pensacola Bay, is the center of a growing metropolitan region.

In Tallahassee, the median home value was $167,600 in mid-2017, an increase of 3.7 percent over the past year, and the median listing price was $195,000.

The average price per square foot for a listing in Tallahassee was $123, higher than the Tallahassee metro area average of $121. The median rental price in Tallahassee was $975, which is about the same as the Tallahassee metro rental price.

Pensacola

In Pensacola, the median home value was $134,700 in mid-2017, a rise of nearly 10 percent from 2016, and experts predict values will increase about 5 percent over the next year. The median listing price of a home in Pensacola was $182,250 in mid-2017.

The average list price per square foot for a home in Pensacola is $103, lower than the Pensacola metro area median price of $111, and the average rental price in Pensacola is $995, also lower than the metro average price of $1,150.

Florida Census Data

According to the United States census an estimated 20,612,439 people live in the state of Florida. The state has 65,755 mi² of land area, which gave it a population density of 313.47 per mi². Here is a list of cities with more than 10,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank	Geography	County	2016 Pop	2010 Pop	Change	% △	Land mi²	Pop Den mi²
1	Jacksonville	Duval	880,619	821,784	58,835	7.16%	747	1,178.87
2	Miami	Miami-Dade	453,579	399,457	54,122	13.55%	35.87	12,645.08
3	Tampa	Hillsborough	377,165	335,709	41,456	12.35%	113.41	3,325.68
4	Orlando	Orange	277,173	238,300	38,873	16.31%	102.4	2,706.77
5	St. Petersburg	Pinellas	260,999	244,769	16,230	6.63%	61.74	4,227.39
6	Hialeah	Miami-Dade	236,387	224,669	11,718	5.22%	21.45	11,020.37
7	Tallahassee	Leon	190,894	181,376	9,518	5.25%	100.25	1,904.18
8	Port St. Lucie	St. Lucie	185,132	164,603	20,529	12.47%	113.95	1,624.68
9	Cape Coral	Lee	179,804	154,305	25,499	16.53%	105.67	1,701.56
10	Fort Lauderdale	Broward	178,752	165,521	13,231	7.99%	34.77	5,140.98
11	Pembroke Pines	Broward	168,587	154,750	13,837	8.94%	33.12	5,090.19
12	Hollywood	Broward	151,998	140,768	11,230	7.98%	27.37	5,553.45
13	Miramar	Broward	138,449	122,041	16,408	13.44%	29.52	4,690.01
14	Gainesville	Alachua	131,591	124,354	7,237	5.82%	61.3	2,146.67
15	Coral Springs	Broward	130,059	121,096	8,963	7.40%	23.79	5,466.96
16	Clearwater	Pinellas	114,361	107,685	6,676	6.20%	25.56	4,474.22
17	Miami Gardens	Miami-Dade	113,058	107,167	5,891	5.50%	18.23	6,201.76
	Lehigh Acres CDP	Lee	110,244	86,784	23,460	27.03%	92.56	1,191.05
18	Palm Bay	Brevard	110,104	103,190	6,914	6.70%	65.7	1,675.86
19	Pompano Beach	Broward	109,393	99,845	9,548	9.56%	24	4,558.04
	Brandon CDP	Hillsborough	108,287	103,483	4,804	4.64%	33.1	3,271.51
20	West Palm Beach	Palm Beach	108,161	99,919	8,242	8.25%	55.29	1,956.25
21	Lakeland	Polk	106,420	97,422	8,998	9.24%	65.27	1,630.46
22	Davie	Broward	101,871	91,992	9,879	10.74%	34.89	2,919.78
	Spring Hill CDP	Hernando	101,709	98,621	3,088	3.13%	59.81	1,700.54
23	Boca Raton	Palm Beach	96,114	84,392	11,722	13.89%	29.33	3,276.99
24	Sunrise	Broward	93,734	84,439	9,295	11.01%	18.1	5,178.67
25	Plantation	Broward	92,706	84,955	7,751	9.12%	21.74	4,264.31
26	Miami Beach	Miami-Dade	91,917	87,779	4,138	4.71%	7.63	12,046.79
27	Deltona	Volusia	90,124	85,182	4,942	5.80%	37.53	2,401.39
	Alafaya CDP	Orange	85,167	78,113	7,054	9.03%	37.96	2,243.60
28	Palm Coast	Flagler	85,109	75,180	9,929	13.21%	89.87	947.02
29	Largo	Pinellas	83,065	77,648	5,417	6.98%	17.62	4,714.25
	Town 'n' Country CDP	Hillsborough	82,219	78,442	3,777	4.82%	22.11	3,718.63
30	Melbourne	Brevard	81,185	76,068	5,117	6.73%	33.86	2,397.67
	Riverview CDP	Hillsborough	79,886	71,050	8,836	12.44%	46.19	1,729.51
31	Deerfield Beach	Broward	79,764	75,018	4,746	6.33%	15.09	5,285.88
32	Fort Myers	Lee	77,146	62,298	14,848	23.83%	39.96	1,930.58
	Kendall CDP	Miami-Dade	76,267	75,371	896	1.19%	16.08	4,742.97
33	Boynton Beach	Palm Beach	75,569	68,217	7,352	10.78%	16.17	4,673.41
34	Lauderhill	Broward	71,626	66,887	4,739	7.09%	8.53	8,396.95
35	Weston	Broward	70,015	65,333	4,682	7.17%	25.16	2,782.79
36	Kissimmee	Osceola	69,369	59,682	9,687	16.23%	21.19	3,273.67
37	Homestead	Miami-Dade	67,996	60,512	7,484	12.37%	15.14	4,491.15
38	Delray Beach	Palm Beach	67,371	60,522	6,849	11.32%	15.81	4,261.29
	Pine Hills CDP	Orange	66,906	60,076	6,830	11.37%	12.25	5,461.71
39	Daytona Beach	Volusia	66,645	61,005	5,640	9.25%	58.41	1,140.99
	The Villages CDP	Sumter & Marion	66,083	51,442	14,641	28.46%	30.81	2,144.86
40	Tamarac	Broward	65,199	60,427	4,772	7.90%	11.62	5,610.93
41	North Port	Sarasota	64,274	57,357	6,917	12.06%	99.58	645.45
42	Wellington village	Palm Beach	63,900	56,508	7,392	13.08%	45.14	1,415.60
43	Jupiter	Palm Beach	63,813	55,156	8,657	15.70%	21.47	2,972.19
44	North Miami	Miami-Dade	62,139	58,786	3,353	5.70%	8.41	7,388.70
45	Port Orange	Volusia	61,105	56,048	5,057	9.02%	26.66	2,292.01
	Poinciana CDP	Osceola & Polk	59,927	53,193	6,734	12.66%	71.88	833.71
	Palm Harbor CDP	Pinellas	59,769	57,439	2,330	4.06%	17.38	3,438.95
46	Coconut Creek	Broward	59,405	52,909	6,496	12.28%	11.85	5,013.08
	Kendale Lakes CDP	Miami-Dade	59,354	56,148	3,206	5.71%	8.1	7,327.65
47	Ocala	Marion	59,253	56,315	2,938	5.22%	44.83	1,321.73
48	Sanford	Seminole	58,605	53,570	5,035	9.40%	22.96	2,552.48
49	Doral	Miami-Dade	57,947	45,704	12,243	26.79%	13.88	4,174.86
50	Margate	Broward	57,870	53,284	4,586	8.61%	8.85	6,538.98
	Tamiami CDP	Miami-Dade	57,195	55,271	1,924	3.48%	7.07	8,089.82
51	Sarasota	Sarasota	56,610	51,917	4,693	9.04%	14.66	3,861.53
	Port Charlotte CDP	Charlotte	56,434	54,392	2,042	3.75%	28.43	1,985.02
	The Hammocks CDP	Miami-Dade	55,713	51,003	4,710	9.23%	7.88	7,070.18
52	Bradenton	Manatee	55,687	49,546	6,141	12.39%	14.18	3,927.15
	Fountainebleau CDP	Miami-Dade	55,596	59,764	-4,168	-6.97%	4.26	13,050.70
53	Bonita Springs	Lee	54,198	43,914	10,284	23.42%	38.6	1,404.09
54	Pensacola	Escambia	53,779	51,923	1,856	3.57%	22.54	2,385.94
55	Palm Beach Gardens	Palm Beach	53,778	48,452	5,326	10.99%	55.09	976.18
56	Pinellas Park	Pinellas	52,137	49,079	3,058	6.23%	15.51	3,361.51
57	Coral Gables	Miami-Dade	50,815	46,780	4,035	8.63%	12.92	3,933.05
	Wesley Chapel CDP	Pasco	49,735	44,092	5,643	12.80%	43.9	1,132.92
58	Apopka	Orange	49,458	41,542	7,916	19.06%	31.24	1,583.16
	Country Club CDP	Miami-Dade	48,622	47,105	1,517	3.22%	4.14	11,744.44
59	St. Cloud	Osceola	47,809	35,183	12,626	35.89%	17.76	2,691.95
60	Titusville	Brevard	46,019	43,761	2,258	5.16%	29.37	1,566.87
61	Fort Pierce	St. Lucie	45,295	41,590	3,705	8.91%	20.57	2,201.99
62	Ocoee	Orange	44,820	35,579	9,241	25.97%	14.71	3,046.91
63	Cutler Bay	Miami-Dade	44,707	40,286	4,421	10.97%	9.83	4,548.02
64	Oakland Park	Broward	44,326	41,363	2,963	7.16%	7.46	5,941.82
65	North Miami Beach	Miami-Dade	43,891	41,523	2,368	5.70%	4.83	9,087.16
66	North Lauderdale	Broward	43,699	41,023	2,676	6.52%	4.59	9,520.48
67	Altamonte Springs	Seminole	43,492	41,496	1,996	4.81%	9.01	4,827.08
68	Ormond Beach	Volusia	42,162	38,137	4,025	10.55%	31.93	1,320.45
69	Winter Garden	Orange	41,988	34,568	7,420	21.46%	15.41	2,724.72
	University CDP	Hillsborough	41,858	41,163	695	1.69%	6.42	6,519.94
	North Fort Myers CDP	Lee	40,560	39,407	1,153	2.93%	49.48	819.73
70	Greenacres	Palm Beach	40,013	37,573	2,440	6.49%	5.79	6,910.71
71	Hallandale Beach	Broward	39,500	37,113	2,387	6.43%	4.22	9,360.19
	Kendall West CDP	Miami-Dade	39,347	36,154	3,193	8.83%	2.75	14,308.00
72	Oviedo	Seminole	39,337	33,342	5,995	17.98%	15.21	2,586.26
73	Winter Haven	Polk	38,953	33,874	5,079	14.99%	31.3	1,244.50
	South Miami Heights CDP	Miami-Dade	38,255	35,696	2,559	7.17%	4.89	7,823.11
74	Plant City	Hillsborough	38,200	34,721	3,479	10.02%	27.18	1,405.45
75	Royal Palm Beach village	Palm Beach	38,006	34,140	3,866	11.32%	11.14	3,411.67
	The Acreage CDP	Palm Beach	37,853	38,704	-851	-2.20%	40.84	926.86
76	Lake Worth	Palm Beach	37,812	34,910	2,902	8.31%	5.87	6,441.57
77	Aventura	Miami-Dade	37,724	35,762	1,962	5.49%	2.65	14,235.47
78	Panama City	Bay	37,635	36,484	1,151	3.15%	29.28	1,285.35
	Egypt Lake-Leto CDP	Hillsborough	37,408	35,282	2,126	6.03%	5.91	6,329.61
	Valrico CDP	Hillsborough	36,975	35,545	1,430	4.02%	13.81	2,677.41
79	Dunedin	Pinellas	36,381	35,321	1,060	3.00%	10.36	3,511.68
	Merritt Island CDP	Brevard	35,900	34,743	1,157	3.33%	17.51	2,050.26
	Richmond West CDP	Miami-Dade	35,693	31,973	3,720	11.63%	4.17	8,559.47
80	Winter Springs	Seminole	35,599	33,282	2,317	6.96%	14.67	2,426.65
81	Cooper City	Broward	35,405	28,547	6,858	24.02%	8.04	4,403.61
	Carrollwood CDP	Hillsborough	35,027	33,365	1,662	4.98%	9.21	3,803.15
82	Lauderdale Lakes	Broward	34,790	32,593	2,197	6.74%	3.68	9,453.80
83	Riviera Beach	Palm Beach	34,244	32,488	1,756	5.41%	8.53	4,014.54
	Land O' Lakes CDP	Pasco	33,812	31,996	1,816	5.68%	19.04	1,775.84
	Golden Glades CDP	Miami-Dade	33,806	33,145	661	1.99%	4.88	6,927.46
84	Clermont	Lake	33,549	28,742	4,807	16.72%	13.63	2,461.41
	Navarre CDP	Santa Rosa	32,949	31,378	1,571	5.01%	23	1,432.57
	University CDP	Orange	32,937	31,084	1,853	5.96%	9.08	3,627.42
	Four Corners CDP	Lake, Polk, Osceola & Orange	32,727	26,116	6,611	25.31%	46.36	705.93
85	Estero	Lee	32,140	2,325	29,815	1282.37%	24.45	1,314.52
	Ferry Pass CDP	Escambia	32,077	28,921	3,156	10.91%	13.94	2,301.08
	East Lake CDP	Pinellas	32,054	30,962	1,092	3.53%	28.91	1,108.75
86	DeLand	Volusia	31,569	27,031	4,538	16.79%	17.6	1,793.69
87	Parkland	Broward	31,507	23,962	7,545	31.49%	12.33	2,555.31
88	Dania Beach	Broward	31,422	29,639	1,783	6.02%	8.09	3,884.05
	Buenaventura Lakes CDP	Osceola	31,348	26,079	5,269	20.20%	5.58	5,617.92
	Lakeside CDP	Clay	31,223	30,943	280	0.90%	13.52	2,309.39
	Fruit Cove CDP	St. Johns	31,146	29,362	1,784	6.08%	16.06	1,939.35
89	Miami Lakes	Miami-Dade	30,873	29,361	1,512	5.15%	5.63	5,483.66
	West Little River CDP	Miami-Dade	30,749	34,699	-3,950	-11.38%	4.56	6,743.20
	Westchester CDP	Miami-Dade	30,585	29,862	723	2.42%	3.94	7,762.69
	Fleming Island CDP	Clay	30,350	27,126	3,224	11.89%	15.83	1,917.25
90	Winter Park	Orange	30,208	27,852	2,356	8.46%	8.68	3,480.18
	Golden Gate CDP	Collier	29,258	23,961	5,297	22.11%	3.9	7,502.05
	Meadow Woods CDP	Orange	28,943	25,558	3,385	13.24%	11.39	2,541.09
	Lake Magdalene CDP	Hillsborough	28,560	28,509	51	0.18%	10.23	2,791.79
91	Rockledge	Brevard	27,068	24,926	2,142	8.59%	11.94	2,267.00
92	Casselberry	Seminole	27,053	26,241	812	3.09%	6.99	3,870.24
	Princeton CDP	Miami-Dade	26,992	22,038	4,954	22.48%	7.38	3,657.45
93	Key West	Monroe	26,990	24,649	2,341	9.50%	5.59	4,828.26
94	Temple Terrace	Hillsborough	26,515	24,541	1,974	8.04%	6.85	3,870.80
	Leisure City CDP	Miami-Dade	25,952	22,655	3,297	14.55%	3.33	7,793.39
	University Park CDP	Miami-Dade	25,870	26,995	-1,125	-4.17%	3.97	6,516.37
95	New Smyrna Beach	Volusia	25,796	22,464	3,332	14.83%	34.64	744.69
	Citrus Park CDP	Hillsborough	25,570	24,252	1,318	5.43%	10.16	2,516.73
	Bayonet Point CDP	Pasco	25,453	23,467	1,986	8.46%	5.74	4,434.32
	East Lake-Orient Park CDP	Hillsborough	25,373	22,753	2,620	11.51%	16.32	1,554.72
	Immokalee CDP	Collier	24,879	24,154	725	3.00%	22.7	1,095.99
96	Tarpon Springs	Pinellas	24,867	23,484	1,383	5.89%	9.11	2,729.64
	Wright CDP	Okaloosa	24,862	23,127	1,735	7.50%	5.52	4,503.99
97	Sebastian	Indian River	24,772	21,929	2,843	12.96%	13.66	1,813.47
98	Palmetto Bay village	Miami-Dade	24,570	23,410	1,160	4.96%	8.29	2,963.81
99	Palm Springs village	Palm Beach	24,051	18,928	5,123	27.07%	4.2	5,726.43
	Coral Terrace CDP	Miami-Dade	23,994	24,376	-382	-1.57%	3.38	7,098.82
	Vero Beach South CDP	Indian River	23,973	23,092	881	3.82%	10.25	2,338.83
	The Crossings CDP	Miami-Dade	23,938	22,758	1,180	5.18%	3.46	6,918.50
100	Hialeah Gardens	Miami-Dade	23,837	21,744	2,093	9.63%	3.25	7,334.46
	South Bradenton CDP	Manatee	23,822	22,178	1,644	7.41%	4.47	5,329.31
101	Crestview	Okaloosa	23,567	20,978	2,589	12.34%	16.02	1,471.10
	Wekiwa Springs CDP	Seminole	23,500	21,998	1,502	6.83%	8.59	2,735.74
102	Haines City	Polk	23,454	20,535	2,919	14.21%	18.39	1,275.37
	Palm City CDP	Martin	23,413	23,120	293	1.27%	13.91	1,683.18
103	Jacksonville Beach	Duval	23,387	21,362	2,025	9.48%	7.33	3,190.59
	Keystone CDP	Hillsborough	23,271	24,039	-768	-3.19%	35.13	662.43
	Westchase CDP	Hillsborough	23,222	21,747	1,475	6.78%	9.87	2,352.79
	Oak Ridge CDP	Orange	23,108	22,685	423	1.86%	3.57	6,472.83
	Oakleaf Plantation CDP	Clay	23,087	20,315	2,772	13.65%	16.57	1,393.30
	Palm River-Clair Mel CDP	Hillsborough	23,017	21,024	1,993	9.48%	11.55	1,992.81
	Bloomingdale CDP	Hillsborough	22,882	22,711	171	0.75%	8.13	2,814.51
	Northdale CDP	Hillsborough	22,725	22,079	646	2.93%	8.08	2,812.50
	Estero CDP	Lee	22,612	18,176	4,436	24.41%	20.02	1,129.47
104	Venice	Sarasota	22,465	20,748	1,717	8.28%	15.27	1,471.19
105	Leesburg	Lake	22,419	20,117	2,302	11.44%	30.8	727.89
	Bellview CDP	Escambia	22,341	23,355	-1,014	-4.34%	11.64	1,919.33
	Hunters Creek CDP	Orange	22,327	14,321	8,006	55.90%	3.83	5,829.50
106	Sunny Isles Beach	Miami-Dade	22,086	20,832	1,254	6.02%	1.02	21,652.94
107	Edgewater	Volusia	22,077	20,750	1,327	6.40%	22.22	993.56
	Pace CDP	Santa Rosa	21,997	20,039	1,958	9.77%	24.23	907.84
	Ensley CDP	Escambia	21,981	20,602	1,379	6.69%	12.17	1,806.16
108	Fort Walton Beach	Okaloosa	21,971	19,507	2,464	12.63%	7.48	2,937.30
	Brent CDP	Escambia	21,957	21,804	153	0.70%	10.38	2,115.32
109	Naples	Collier	21,845	19,537	2,308	11.81%	12.31	1,774.57
	Palm Valley CDP	St. Johns	21,630	20,019	1,611	8.05%	12.21	1,771.50
110	West Melbourne	Brevard	21,293	18,355	2,938	16.01%	10.2	2,087.55
111	Lynn Haven	Bay	20,850	18,493	2,357	12.75%	10.37	2,010.61
	Lealman CDP	Pinellas	20,783	19,879	904	4.55%	4.01	5,182.79
112	Eustis	Lake	20,768	18,558	2,210	11.91%	10.5	1,977.90
113	Sweetwater	Miami-Dade	20,701	13,499	7,202	53.35%	0.79	26,203.80
	Ruskin CDP	Hillsborough	20,643	17,208	3,435	19.96%	18.01	1,146.20
	Holiday CDP	Pasco	20,636	22,403	-1,767	-7.89%	5.37	3,842.83
	Sun City Center CDP	Hillsborough	20,554	19,258	1,296	6.73%	15.74	1,305.84
	West Pensacola CDP	Escambia	20,538	21,339	-801	-3.75%	7.18	2,860.45
	Ives Estates CDP	Miami-Dade	20,510	19,525	985	5.04%	2.5	8,204.00
	Lutz CDP	Hillsborough	20,398	19,344	1,054	5.45%	24.65	827.51
114	DeBary	Volusia	20,394	19,320	1,074	5.56%	18.97	1,075.07
	Horizon West CDP	Orange	19,706	14,000	5,706	40.76%	32.94	598.24
	Florida Ridge CDP	Indian River	19,701	18,164	1,537	8.46%	10.77	1,829.25
	Jasmine Estates CDP	Pasco	19,604	18,989	615	3.24%	3.55	5,522.25
115	Bartow	Polk	19,499	17,298	2,201	12.72%	45.87	425.09
	Bayshore Gardens CDP	Manatee	19,446	16,323	3,123	19.13%	3.5	5,556.00
116	Pinecrest village	Miami-Dade	19,444	18,223	1,221	6.70%	7.45	2,609.93
117	Belle Glade	Palm Beach	19,130	17,467	1,663	9.52%	5.62	3,403.91
	Ojus CDP	Miami-Dade	19,030	18,036	994	5.51%	2.65	7,181.13
118	Punta Gorda	Charlotte	18,796	16,641	2,155	12.95%	15.01	1,252.23
	San Carlos Park CDP	Lee	18,443	16,824	1,619	9.62%	4.72	3,907.42
119	Seminole	Pinellas	18,334	17,233	1,101	6.39%	5.1	3,594.90
120	Cocoa	Brevard	18,102	17,140	962	5.61%	13.32	1,359.01
	Gibsonton CDP	Hillsborough	18,070	14,234	3,836	26.95%	12.79	1,412.82
	Glenvar Heights CDP	Miami-Dade	17,881	16,898	983	5.82%	4.12	4,340.05
121	Marco Island	Collier	17,847	16,413	1,434	8.74%	12.14	1,470.10
122	Safety Harbor	Pinellas	17,606	16,884	722	4.28%	4.9	3,593.06
123	Maitland	Orange	17,519	15,751	1,768	11.22%	5.27	3,324.29
	Midway CDP	Santa Rosa	17,434	16,115	1,319	8.18%	12.01	1,451.62
	Pinewood CDP	Miami-Dade	16,992	16,520	472	2.86%	1.76	9,654.55
	Lake Butler CDP	Orange	16,871	15,400	1,471	9.55%	12.22	1,380.61
124	Vero Beach	Indian River	16,751	15,220	1,531	10.06%	11.44	1,464.25
	Three Lakes CDP	Miami-Dade	16,749	15,047	1,702	11.31%	3.2	5,234.06
125	Stuart	Martin	16,623	15,593	1,030	6.61%	6.65	2,499.70
	Country Walk CDP	Miami-Dade	16,485	15,997	488	3.05%	2.58	6,389.53
126	Opa-locka	Miami-Dade	16,457	15,219	1,238	8.13%	4.3	3,827.21
	Brownsville CDP	Miami-Dade	16,410	15,313	1,097	7.16%	2.27	7,229.07
	Apollo Beach CDP	Hillsborough	16,336	14,055	2,281	16.23%	19.84	823.39
	Fish Hawk CDP	Hillsborough	16,297	14,087	2,210	15.69%	16.21	1,005.37
127	Lake Mary	Seminole	16,198	13,822	2,376	17.19%	9.16	1,768.34
	Palmetto Estates CDP	Miami-Dade	16,175	13,535	2,640	19.50%	2.16	7,488.43
128	New Port Richey	Pasco	16,167	14,911	1,256	8.42%	4.53	3,568.87
	Myrtle Grove CDP	Escambia	16,134	15,870	264	1.66%	6.64	2,429.82
	Sunset CDP	Miami-Dade	16,069	16,389	-320	-1.95%	3.48	4,617.53
129	Tavares	Lake	15,922	13,951	1,971	14.13%	9.5	1,676.00
130	Lake Wales	Polk	15,860	14,225	1,635	11.49%	18.69	848.58
	West Lealman CDP	Pinellas	15,838	15,651	187	1.19%	3.13	5,060.06
	Sarasota Springs CDP	Sarasota	15,547	14,395	1,152	8.00%	3.5	4,442.00
131	Auburndale	Polk	15,540	13,507	2,033	15.05%	13.49	1,151.96
132	Callaway	Bay	15,269	14,405	864	6.00%	9.01	1,694.67
	Conway CDP	Orange	15,187	13,467	1,720	12.77%	3.42	4,440.64
133	West Park	Broward	15,112	14,156	956	6.75%	2.19	6,900.46
134	Longwood	Seminole	15,011	13,657	1,354	9.91%	5.45	2,754.31
	Southchase CDP	Orange	14,987	15,921	-934	-5.87%	6.84	2,191.08
136	Niceville	Okaloosa	14,974	12,749	2,225	17.45%	11.42	1,311.21
135	Lady Lake	Lake	14,974	13,926	1,048	7.53%	8.07	1,855.51
	Forest City CDP	Seminole	14,924	13,854	1,070	7.72%	4.26	3,503.29
137	Zephyrhills	Pasco	14,907	13,288	1,619	12.18%	8.88	1,678.72
	South Venice CDP	Sarasota	14,652	13,949	703	5.04%	6.02	2,433.89
	Olympia Heights CDP	Miami-Dade	14,645	13,488	1,157	8.58%	2.65	5,526.42
	Englewood CDP	Sarasota & Charlotte	14,515	14,863	-348	-2.34%	9.79	1,482.64
138	Miami Springs	Miami-Dade	14,431	13,809	622	4.50%	2.88	5,010.76
139	Oldsmar	Pinellas	14,397	13,591	806	5.93%	8.7	1,654.83
	Lockhart CDP	Orange	14,312	13,060	1,252	9.59%	4.42	3,238.01
140	St. Augustine	St. Johns	14,280	12,975	1,305	10.06%	9.43	1,514.32
	Upper Grand Lagoon CDP	Bay	14,216	13,963	253	1.81%	8.09	1,757.23
	Gonzalez CDP	Escambia	14,187	13,273	914	6.89%	15.11	938.91
	Bellair-Meadowbrook Terrace CDP	Clay	13,987	13,343	644	4.83%	4.2	3,330.24
	Elfers CDP	Pasco	13,982	13,986	-4	-0.03%	3.54	3,949.72
	Iona CDP	Lee	13,830	15,369	-1,539	-10.01%	6.6	2,095.45
141	Mount Dora	Lake	13,818	12,370	1,448	11.71%	8.02	1,722.94
	Fruitville CDP	Sarasota	13,725	13,224	501	3.79%	6.8	2,018.38
142	Destin	Okaloosa	13,654	12,305	1,349	10.96%	7.69	1,775.55
	Hobe Sound CDP	Martin	13,545	11,521	2,024	17.57%	5.27	2,570.21
143	Atlantic Beach	Duval	13,452	12,655	797	6.30%	3.49	3,854.44
144	Palmetto	Manatee	13,446	12,606	840	6.66%	5.37	2,503.91
	World Golf Village CDP	St. Johns	13,323	12,310	1,013	8.23%	26.86	496.02
	Thonotosassa CDP	Hillsborough	13,292	13,014	278	2.14%	26.5	501.58
	Azalea Park CDP	Orange	13,287	12,556	731	5.82%	3.18	4,178.30
	Middleburg CDP	Clay	13,062	13,008	54	0.42%	19.56	667.79
	Warrington CDP	Escambia	13,053	14,531	-1,478	-10.17%	6.93	1,883.55
145	Key Biscayne village	Miami-Dade	13,019	12,344	675	5.47%	1.25	10,415.20
	Homosassa Springs CDP	Citrus	13,012	13,791	-779	-5.65%	25.14	517.58
146	North Palm Beach village	Palm Beach	12,993	12,015	978	8.14%	3.6	3,609.17
147	South Daytona	Volusia	12,789	12,252	537	4.38%	3.71	3,447.17
148	Panama City Beach	Bay	12,776	12,018	758	6.31%	18.39	694.73
149	Wilton Manors	Broward	12,682	11,632	1,050	9.03%	1.96	6,470.41
	Goldenrod CDP	Orange & Seminole	12,603	12,039	564	4.68%	2.52	5,001.19
	Gladeview CDP	Miami-Dade	12,525	11,535	990	8.58%	2.56	4,892.58
150	Groveland	Lake	12,493	8,729	3,764	43.12%	14.98	833.98
	East Milton CDP	Santa Rosa	12,490	11,074	1,416	12.79%	28.81	433.53
151	Fernandina Beach	Nassau	12,459	11,487	972	8.46%	11.13	1,119.41
	Westwood Lakes CDP	Miami-Dade	12,449	11,838	611	5.16%	1.64	7,590.85
152	Gulfport	Pinellas	12,407	12,029	378	3.14%	2.76	4,495.29
153	Lake City	Columbia	12,285	12,046	239	1.98%	12.02	1,022.05
	Mango CDP	Hillsborough	12,267	11,313	954	8.43%	4.66	2,632.40
	Jensen Beach CDP	Martin	12,266	11,707	559	4.77%	6.76	1,814.50
154	South Miami	Miami-Dade	12,207	11,657	550	4.72%	2.27	5,377.53
155	Holly Hill	Volusia	12,142	11,659	483	4.14%	3.93	3,089.57
156	Florida City	Miami-Dade	12,078	11,245	833	7.41%	5.95	2,029.92
	Hudson CDP	Pasco	12,033	12,158	-125	-1.03%	6.32	1,903.96
	Cypress Lake CDP	Lee	11,964	11,846	118	1.00%	3.86	3,099.48
157	Cocoa Beach	Brevard	11,761	11,231	530	4.72%	4.66	2,523.82
	Lakeland Highlands CDP	Polk	11,728	11,056	672	6.08%	4.85	2,418.14
	Yulee CDP	Nassau	11,672	11,491	181	1.58%	23.16	503.97
	Jupiter Farms CDP	Palm Beach	11,514	11,994	-480	-4.00%	14.98	768.62
	Lakewood Park CDP	St. Lucie	11,511	11,323	188	1.66%	6.65	1,730.98
	Doctor Phillips CDP	Orange	11,501	10,981	520	4.74%	3.39	3,392.63
158	Orange City	Volusia	11,403	10,599	804	7.59%	7.08	1,610.59
	Port St. John CDP	Brevard	11,335	12,267	-932	-7.60%	3.87	2,928.94
	Viera East CDP	Brevard	11,264	10,757	507	4.71%	5.07	2,221.70
159	Lantana	Palm Beach	11,221	10,423	798	7.66%	2.29	4,900.00
160	Lighthouse Point	Broward	11,143	10,344	799	7.72%	2.31	4,823.81
161	Minneola	Lake	11,078	9,403	1,675	17.81%	10.34	1,071.37
	Goulds CDP	Miami-Dade	10,909	10,103	806	7.98%	2.91	3,748.80
	Cheval CDP	Hillsborough	10,833	10,702	131	1.22%	5.96	1,817.62
162	Satellite Beach	Brevard	10,832	10,109	723	7.15%	2.92	3,709.59
	Shady Hills CDP	Pasco	10,817	11,523	-706	-6.13%	28.57	378.61
	Pine Castle CDP	Orange	10,796	10,805	-9	-0.08%	2.49	4,335.74
163	Miami Shores village	Miami-Dade	10,762	10,493	269	2.56%	2.49	4,322.09
164	Sebring	Highlands	10,638	10,491	147	1.40%	9.98	1,065.93
	Westview CDP	Miami-Dade	10,624	9,650	974	10.09%	3.1	3,427.10
	Fairview Shores CDP	Orange	10,586	10,239	347	3.39%	3.03	3,493.73
	Union Park CDP	Orange	10,498	9,765	733	7.51%	3	3,499.33
	Key Largo CDP	Monroe	10,496	10,433	63	0.60%	12.05	871.04
	Trinity CDP	Pasco	10,459	10,907	-448	-4.11%	4.62	2,263.85
165	Palatka	Putnam	10,452	10,558	-106	-1.00%	8.55	1,222.46
	Pine Ridge CDP	Citrus County	10,402	9,598	804	8.38%	24.85	418.59
	West Perrine CDP	Miami-Dade	10,399	8,600	1,799	20.92%	1.7	6,117.06
	Gulf Gate Estates CDP	Sarasota	10,358	10,911	-553	-5.07%	2.71	3,822.14
166	Cape Canaveral	Brevard	10,352	9,912	440	4.44%	2.33	4,442.92
	Villas CDP	Lee	10,349	11,569	-1,220	-10.55%	4.65	2,225.59
167	Avon Park	Highlands	10,259	8,836	1,423	16.10%	7.15	1,434.83
	Highland City CDP	Polk	10,120	10,834	-714	-6.59%	8.01	1,263.42
	Port Salerno CDP	Martin	9,999	10,091	-92	-0.91%	3.53	2,832.58

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Dates: For the United States, regions, divisions, states, and Puerto Rico Commonwealth, December 2016. For counties, municipios, metropolitan statistical areas, micropolitan statistical areas, metropolitan divisions, and combined statistical areas, March 2017. For cities and towns (incorporated places and minor civil divisions), May 2017

Qualifying for a Home Loan

Conforming Mortgages

The most popular loan type in Florida is the 30-year fixed rate mortgage. This loan allows buyers to lock in a low interest rate on their loans without having to worry about future uncertainty. 15-year fixed rate mortgages allow homeowners to build equity much faster.

The most common adjustable mortgages are one-, three- and five-year adjustable rate mortgages. These loans keep the same rate for a certain time period and then go up or down depending on current market conditions.

Relatively high real estate prices around the Miami metro area make a large portion of loans jumbo mortgages, as they exceed the conforming limit. As of 2024 the conforming loan limit across the United States is set to $766,550, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. The $766,550 limit applies to most of the state outside of Monroe County.

County Name	Metropolitan Designation	1 Unit Limit	2 Unit Limit	3 Unit Limit	4 Unit Limit
Monroe	Key West, Fl	$929,200	$1,189,550	$1,437,900	$1,786,950
All Others	Rest of the State	$766,550	$981,500	$1,186,350	$1,474,400

A home equity line of credit (HELOC) can be perfect for people who need to access the equity they have already built in their home. Often used by small business owners, or people that want immediate access to cash for emergencies like home or vehicle repairs, HELOCs work like a credit card where you only pay the interest for the money you borrow.

Down Payments

The amount a home buyer puts down to buy a Florida home is typically 20 percent, but it can vary according to the type of home (single family or condominium), its location and the loan you are seeking. A second mortgage can be a great alternative to only having one loan with property mortgage insurance (PMI). The second loan can be applied to the home's down payment so PMI is not required. The interest rate will be higher than your first mortgage. The secondary loans have a lower priority than a primary mortgage during the foreclosure process, which means the risk of these loans are higher for lenders.

Government Financial Assistance Programs

Federally insured loans have low interest rates, low down payment requirements & built in mortgage insurance.

• The FHA loan program is popular among first-time homebuyers with poor to fair credit scores and allows for a 3.5% minimum payment for homebuyers with a credit score of at least 580. FHA buyers with a lower credit score need to put down 10%.
• The VA loan program allows 0% downpayment for active duty military members and retired veterans.
• USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan with no required downpayment.

Assistance Programs for Florida Homebuyers

Many Florida state programs as well as federal programs are available to help low-income individuals, veterans, senior citizens, the disabled as well as rural home buyers in Florida. Check online for information on assistance programs within the specific Florida county where you wish to purchase a home.

Here are just a few of the available housing programs:

• The First Time Homebuyer Program offers fixed, low-interest rate mortgage loans to qualified buyers.
• Florida Housing also offers up to $14,999 to assist eligible borrowers with down payment and closing costs.
• The Florida First & Military Heroes Government Loan Program, veterans and active duty military personnel may qualify for a reduced ­mortgage interest rate. Veterans do not have to be ­first-time homebuyers.

Natural Disasters

Flood Insurance

In addition to its warm sunshine, Florida weather can include hurricane winds and flooding of low-lying coastal areas. Even central counties across Florida havea moderate to high risk of flooding. Therefore, many lenders require weather-related insurance. Lenders also are now looking at predicted rises in sea levels due to climate change when they consider insuring oceanfront homes. Here are risk profiles of flooding based on counties across the state.

• very low risk of flooding: Palm Beach, Sarasota
• low risk of flooding: Hernando
• modeate risk of flooding: Alachua, Baker, Brevard, Clay, Columbia, De Soto, Duval, Escambia, Gadsden, Hardee, Highlands, Holmes, Jackson, Jefferson, Lake, Leon, Liberty, Madison, Marion, Okaloosa, Orange, Polk, Saint Lucie, Seminole, Sumter, Union
• high risk of flooding: Bay, Bradford, Citrus, Flagler, Gilchrist, Glades, Hamilton, Indian River, Nassau, Osceola, Putnam, Suwannee, Volusia, Walton, Washington
• very high risk of flooding: Broward, Calhoun, Charlotte, Collier, Dixie, Franklin, Gulf, Hendry, Hillsborough, Lafayette, Lee, Levy, Manatee, Martin, Miami-Dade,Monroe, Okeechobee, Pasco, Pinellas, Santa Rosa, Taylor, Wakulla

Florida is also known for having a high risk of damage from hurricanes.

• very low hurricane storm surge risk: Palm Beach
• low hurricane storm surge risk: Hardee, Sarasota, Saint Lucie
• moderate hurricane storm surge risk: Brevard, De Soto, Glades, Highlands, Holmes, Lake, Liberty, Osceola, Sumter, Washington
• high hurricane storm surge risk: Bay, Calhoun, Duval, Escambia, Gadsden, Hernando, Indian River, Jefferson, Leon, Madison, Marion, Okeechobee, Orange, Polk, Seminole, Volusia, Walton
• very high hurricane storm surge risk: Alachua, Baker, Broward, Charlotte, Citrus, Clay, Collier, Columbia, Dixie, Flagler, Franklin, Gilchrist, Gulf, Hamilton, Hendry, Hillsborough, Lafayette, Lee, Levy, Manatee, Martin, Miami-Dade, Monroe, Okaloosa, Pasco, Pinellas, Putnam, Saint Johns, Santa Rosa, Suwannee, Taylor, Union, Wakulla

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult – or very expensive – to insure.

Low-lying coastal properties may precipitously decline in value if perception of hurricanes or global warming cause people to try to exit before the crash.

“If property values start to fall, Cason said, banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. Those properties make up a quarter of the city’s tax base; if that revenue fell, the city would struggle to provide the services that make it such a desirable place to live, causing more sales and another drop in revenue”

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program.

Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Wildfires

The risk of wildfires is considered moderate to very high across much of the state. Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

Tornadoes

A couple portions of the state are considered to have a moderate tornado risk: the area slightly north of Tampa on the west coast, along with the eastern cost about half way between Miami and Orlando. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common in the northeast corner of the state & near Orlando. Damage from hail is typically covered by home insurance policies.

State Specific Real Estate Laws

Taxes

While the sunny weather and mild climate are big reasons why many people move to Florida, another big draw is that there is no state income tax. What’s more is that the sales tax rates of Florida’s major cities are lower than those of other large cities in the U.S.

However, property taxes are a primary source of revenue for Florida county and state projects, so it is wise to educate yourself on property tax rates before you purchase a home. Each city and county has its own taxation rates.

The average property assessment across the state is 1.05% which costs $2,936 per year. The Naples-Immokalee-Marcos Island area has the highest average property tax expense across the state at $5,035 per year. The national average property tax rate is 1.24% for a cost of $3,313 per year.

Deed restricted communities

There are many properties in Florida that are governed by a homeowners’ associations. In these situations, all homeowners are subject to association rules and regulations and must pay fees for community maintenance.

For example, homeowner’s associations can restrict how many people live in your home, the pets you have and whether or not you can rent the property to others.

Some retirement communities & golf properties charge massive fees which must be paid anytime someone buys into the community. These in turn depress how much the homes can be sold for. In fact, during the recession some sites like Auction.com were selling properties for as little as $1 as owning them cost many thousands in annual fees and a $40,000 fee to join.

Closing Costs

Florida is a “High Closing Cost” state, which means it is more expensive to close in Florida than in many other states. However, Florida offers lower closing costs than its neighboring states of Georgia and Alabama.

The majority of Florida closing costs are paid to the lender. For example, with the purchase of a $200,000 home, there is an average of $1,800 in closing costs with more than $1,000 of the costs going to the lender. Cash buyers often receive a 50 percent or more discount on closing costs in Florida.

Since the pre-recession housing boom, lenders’ origination fees have decreased considerably and currently average under 1 percent of the loan amount. Some Florida lenders include a document preparation fee and a tax services fee, which usually have a combined total of $100 or less.

Non-lender closing costs can vary according to each particular transaction, but here are the most common ones in the state:

• Home appraisal – Many lenders require a home appraisal that may range from $300 to $500.
• Property survey – The cost for a survey that verifies the exact boundaries of the property runs from $350 to $500.
• Settlement fee — The attorney or title company agent who transfers the property’s title from seller to buyer receives a settlement fee of $350 to $500 in Florida.
• Home inspection – Many lenders require a home inspection in Florida, with the cost ranging from $100 to $500.
• Additional closing costs – at about $100 each — may include a courier fee, a credit report fee and a flood certification fee.

Florida law requires that sellers disclose any facts or conditions about their property that may affect its value such as:

• appliances included in sale and their state of repair
• any defects in the electrical, plumbing or other systems
• presence of potentially harmful conditions such as asbestos or termites
• homeowners’ association fees and any deed restrictions

Sellers of houses built before 1978 must comply with federal law regarding lead-based paint.

Working with a Lawyer

Florida does not require that buyers engage a lawyer in a home purchase.

Homestead State

Florida is a Homestead State, which means that if your new home will serve as your primary residence, you can file for an exemption worth up to $50,000.  This exemption lowers the amount of property taxes you are required to pay and limits the amount those taxes will go up each year.

Foreclosures

In Florida, the foreclosure process is a judicial proceeding that can take a year or more to complete.

The lender initiates the foreclosure process by filing a written complaint with the state court that is then served to the borrower together with a summons that specifies that the borrower respond within 20 days. If the borrower does not respond within that period, the lender can get a default judgment from the court.

If the borrower does respond, the lender then will either file a motion of summary judgment or go to trial with the case. The court will grant a summary judgment in favor of the lender when there is no dispute on the important facts of the case.

Additional Resources

Check out the following resources to learn more about the Florida real estate market.

• Florida Housing Finance Corporation
• FloridaHousingSearch.org - a free affordable housing search service
• Affordable Housing Solutions Florida
• Florida Realtors
• Miami Realtors
• Orlando Regional Realtor Association
• Northeast Florida Association of Realtors
• Greater Tampa Realtors
• Jacksonville Board of Realtors
• Realtor Association of Sarasota and Manatee
• The Florida Keys Board of Realtors
• HUD: Florida

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