50 Florida Cities Where Homeowners Have the Worst Financial Stress

August 20, 2024

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The grass isn’t necessarily greener if you own property in Florida. A recent study conducted by GOBankingRates revealed there are at least 50 cities in Florida where homeowners are under a great deal of financial stress — and several cities to rank have some of the hottest housing markets in the United States.

To determine which cities made the list, GOBankingRates sourced the top 100 cities by population and found each city’s total population, population for ages 65 and over, percent population for ages 65 and over, total households and household median income. For the financial stress metrics, GOBankingRates pulled each city’s unemployment rate, poverty rate and percent of households that spend 35% or more of their household income on selected monthly owner costs. Additional factors calculated for each city include the average single family home value, average mortgage cost, average expenditure costs and total cost of living.

Key Findings

Financial stress extends to Florida suburbs, not just cities. Miami Gardens, a suburb in Miami, took first place as the Florida city where homeowners have the greatest financial stress, averaging $2,302 in monthly expenditure costs. Other Miami cities and suburbs found in the top 10 include North Miami (#3) and Miami (#4).
As a separate municipality from Miami, Miami Beach and North Miami Beach landed spots in the top 10 at #6 and #8, respectively.
Several Florida cities that are popular retirement destinations ranked in the top 50. These include Fort Lauderdale (#21), Gainesville (#40), Tampa (#42), North Fort Myers (#43) and Orlando (#45).

Ranked from first to 50th place, the financial stress is greatest for homeowners in the following 50 Florida cities.

1. Miami Gardens

Population total: 111,618
Population 65+ (#): 18,477
Population 65+ (%): 16.6%

Household total: 34,351
Household median income: $56,071
Single family home average value: $477,112

Average monthly mortgage cost: $2,706
Average monthly expenditure cost: $2,302
Total monthly cost-of-living: $5,008
Total annual cost-of-living: $60,096
Livability: 73/100

Unemployment rate: 4.8%
Cost-burdened households (35% or more): 47.1%
Poverty rate: 15.4%

2. Pine Hills

Population total: 83,221
Population 65+ (#): 9,157
Population 65+ (%): 11.0%

Household total: 23,083
Household median income: $49,474
Single family home average value: $290,625

Average monthly mortgage cost: $1,648
Average monthly expenditure cost: $2,177
Total monthly cost-of-living: $3,825
Total annual cost-of-living: $45,900
Livability: 73/100

Unemployment rate: 8.7%
Cost-burdened households (35% or more): 36.2%
Poverty rate: 23.6%

3. North Miami

Population total: 59,854
Population 65+ (#): 8,266
Population 65+ (%): 13.8%

Household total: 20,214
Household median income: $49,069
Single family home average value: $511,767

Average monthly mortgage cost: $2,902
Average monthly expenditure cost: $2,285
Total monthly cost-of-living: $5,187
Total annual cost-of-living: $62,240
Livability: 79/100

Unemployment rate: 3.9%
Cost-burdened households (35% or more): 44.3%
Poverty rate: 18.9%

4. Miami

Population total: 59,854
Population 65+ (#): 8,266
Population 65+ (%): 13.8%

Household total: 20,214
Household median income: $49,069
Single family home average value: $511,767

Average monthly mortgage cost: $2,902
Average monthly expenditure cost: $2,285
Total monthly cost-of-living: $5,187
Total annual cost-of-living: $62,240
Livability: 79/100

Unemployment rate: 3.9%
Cost-burdened households (35% or more): 44.3%
Poverty rate: 18.9%

5. Fort Pierce

Population total: 47,153
Population 65+ (#): 9,787
Population 65+ (%): 20.8%

Household total: 17,971
Household median income: $45,121
Single family home average value: $300,615

Average monthly mortgage cost: $1,705
Average monthly expenditure cost: $1,933
Total monthly cost-of-living: $3,638
Total annual cost-of-living: $43,655
Livability: 75/100

Unemployment rate: 5.6%
Cost-burdened households (35% or more): 37.8%
Poverty rate: 29.0%

6. Miami Beach

Population total: 82,400
Population 65+ (#): 14,986
Population 65+ (%): 18.2%

Household total: 41,711
Household median income: $65,116
Single family home average value: $2,590,906

Average monthly mortgage cost: $14,693
Average monthly expenditure cost: $2,232
Total monthly cost-of-living: $16,925
Total annual cost-of-living: $203,099
Livability: 70/100

Unemployment rate: 2.7%
Cost-burdened households (35% or more): 32.0%
Poverty rate: 13.6%

7. Lauderhill

Population total: 73,987
Population 65+ (#): 11,322
Population 65+ (%): 15.3%

Household total: 26,464
Household median income: $48,523
Single family home average value: $412,386

Average monthly mortgage cost: $2,339
Average monthly expenditure cost: $2,217
Total monthly cost-of-living: $4,555
Total annual cost-of-living: $54,664
Livability: 79/100

Unemployment rate: 5.6%
Cost-burdened households (35% or more): 36.4%
Poverty rate: 18.6%

8. North Miami Beach

Population total: 43,269
Population 65+ (#): 6,249
Population 65+ (%): 14.4%

Household total: 14,899
Household median income: $56,122
Single family home average value: $523,820

Average monthly mortgage cost: $2,971
Average monthly expenditure cost: $2,305
Total monthly cost-of-living: $5,276
Total annual cost-of-living: $63,310
Livability: 84/100

Unemployment rate: 3.6%
Cost-burdened households (35% or more): 41.2%
Poverty rate: 13.5%

9. Hialeah

Population total: 222,996
Population 65+ (#): 44,870
Population 65+ (%): 20.1%

Household total: 76,255
Household median income: $49,531
Single family home average value: $559,484

Average monthly mortgage cost: $3,173
Average monthly expenditure cost: $2,282
Total monthly cost-of-living: $5,454
Total annual cost-of-living: $65,453
Livability: 73/100

Unemployment rate: 2.3%
Cost-burdened households (35% or more): 40.1%
Poverty rate: 17.8%

10. North Lauderdale

Population total: 44,635
Population 65+ (#): 4,845
Population 65+ (%): 10.9%

Household total: 15,394
Household median income: $60,168
Single family home average value: $384,185

Average monthly mortgage cost: $2,179
Average monthly expenditure cost: $2,229
Total monthly cost-of-living: $4,408
Total annual cost-of-living: $52,891
Livability: 75/100

Unemployment rate: 4.6%
Cost-burdened households (35% or more): 37.5%
Poverty rate: 16.9%

11. Homestead

Population total: 79,996
Population 65+ (#): 6,246
Population 65+ (%): 7.8%

Household total: 24,626
Household median income: $57,739
Single family home average value: $467,728

Average monthly mortgage cost: $2,652
Average monthly expenditure cost: $2,349
Total monthly cost-of-living: $5,002
Total annual cost-of-living: $60,020
Livability: 74/100

Unemployment rate: 3.1%
Cost-burdened households (35% or more): 34.0%
Poverty rate: 20.4%

12. Pompano Beach

Population total: 111,790
Population 65+ (#): 20,739
Population 65+ (%): 18.6%

Household total: 46,038
Household median income: $61,155
Single family home average value: $449,082

Average monthly mortgage cost: $2,547
Average monthly expenditure cost: $2,190
Total monthly cost-of-living: $4,736
Total annual cost-of-living: $56,838
Livability: 73/100

Unemployment rate: 5.5%
Cost-burdened households (35% or more): 36.4%
Poverty rate: 15.9%

13. Doral

Population total: 74,891
Population 65+ (#): 6,029
Population 65+ (%): 8.1%

Household total: 24,247
Household median income: $83,823
Single family home average value: $684,781

Average monthly mortgage cost: $3,883
Average monthly expenditure cost: $2,309
Total monthly cost-of-living: $6,192
Total annual cost-of-living: $74,305
Livability: 79/100

Unemployment rate: 2.1%
Cost-burdened households (35% or more): 41.3%
Poverty rate: 10.8%

14. Cutler Bay

Population total: 44,738
Population 65+ (#): 7,181
Population 65+ (%): 16.1%

Household total: 14,366
Household median income: $78,569
Single family home average value: $588,329

Average monthly mortgage cost: $3,336
Average monthly expenditure cost: $2,405
Total monthly cost-of-living: $5,741
Total annual cost-of-living: $68,898
Livability: 79/100

Unemployment rate: 2.9%
Cost-burdened households (35% or more): 36.8%
Poverty rate: 10.4%

15. Kissimmee

Population total: 78,478
Population 65+ (#): 9,935
Population 65+ (%): 12.7%

Household total: 24,291
Household median income: $45,319
Single family home average value: $394,401

Average monthly mortgage cost: $2,237
Average monthly expenditure cost: $2,059
Total monthly cost-of-living: $4,296
Total annual cost-of-living: $51,550
Livability: 78/100

Unemployment rate: 4.2%
Cost-burdened households (35% or more): 32.6%
Poverty rate: 26.0%

16. Tamiami

Population total: 52,851
Population 65+ (#): 11,438
Population 65+ (%): 21.6%

Household total: 17,774
Household median income: $72,645
Single family home average value: $676,084

Average monthly mortgage cost: $3,834
Average monthly expenditure cost: $2,357
Total monthly cost-of-living: $6,191
Total annual cost-of-living: $74,297
Livability: 77/100

Unemployment rate: 2.1%
Cost-burdened households (35% or more): 37.3%
Poverty rate: 12.3%

17. Sunrise

Population total: 96,510
Population 65+ (#): 19,143
Population 65+ (%): 19.8%

Household total: 37,078
Household median income: $66,001
Single family home average value: $486,240

Average monthly mortgage cost: $2,757
Average monthly expenditure cost: $2,213
Total monthly cost-of-living: $4,970
Total annual cost-of-living: $59,642
Livability: 81/100

Unemployment rate: 4.3%
Cost-burdened households (35% or more): 38.2%
Poverty rate: 11.1%

18. Coral Gables

Population total: 49,696
Population 65+ (#): 9,665
Population 65+ (%): 19.4%

Household total: 18,947
Household median income: $118,203
Single family home average value: $1,994,935

Average monthly mortgage cost: $11,313
Average monthly expenditure cost: $2,261
Total monthly cost-of-living: $13,574
Total annual cost-of-living: $162,892
Livability: 84/100

Unemployment rate: 2.7%
Cost-burdened households (35% or more): 30.3%
Poverty rate: 9.5%

19. Tamarac

Population total: 71,578
Population 65+ (#): 18,652
Population 65+ (%): 26.1%

Household total: 30,605
Household median income: $59,140
Single family home average value: $396,685

Average monthly mortgage cost: $2,250
Average monthly expenditure cost: $2,225
Total monthly cost-of-living: $4,475
Total annual cost-of-living: $53,695
Livability: 75/100

Unemployment rate: 3.6%
Cost-burdened households (35% or more): 37.2%
Poverty rate: 12.7%

20. Hollywood, Florida

Population total: 152,764
Population 65+ (#): 25,776
Population 65+ (%): 16.9%

Household total: 60,138
Household median income: $61,958
Single family home average value: $517,090

Average monthly mortgage cost: $2,932
Average monthly expenditure cost: $2,224
Total monthly cost-of-living: $5,156
Total annual cost-of-living: $61,874
Livability: 75/100

Unemployment rate: 4.1%
Cost-burdened households (35% or more): 34.6%
Poverty rate: 12.6%

21. Fort Lauderdale

Population total: 182,673
Population 65+ (#): 35,267
Population 65+ (%): 19.3%

Household total: 80,031
Household median income: $75,376
Single family home average value: $599,017

Average monthly mortgage cost: $3,397
Average monthly expenditure cost: $2,209
Total monthly cost-of-living: $5,606
Total annual cost-of-living: $67,270
Livability: 81/100

Unemployment rate: 3.5%
Cost-burdened households (35% or more): 34.0%
Poverty rate: 14.9%

22. Deerfield Beach

Population total: 86,455
Population 65+ (#): 20,195
Population 65+ (%): 23.4%

Household total: 36,219
Household median income: $53,741
Single family home average value: $443,626

Average monthly mortgage cost: $2,516
Average monthly expenditure cost: $2,170
Total monthly cost-of-living: $4,685
Total annual cost-of-living: $56,226
Livability: 75/100

Unemployment rate: 3.8%
Cost-burdened households (35% or more): 34.8%
Poverty rate: 15.5%

23. Margate

Population total: 58,396
Population 65+ (#): 13,735
Population 65+ (%): 23.5%

Household total: 25,468
Household median income: $56,324
Single family home average value: $454,312

Average monthly mortgage cost: $2,576
Average monthly expenditure cost: $2,212
Total monthly cost-of-living: $4,788
Total annual cost-of-living: $57,457
Livability: 80/100

Unemployment rate: 2.7%
Cost-burdened households (35% or more): 38.1%
Poverty rate: 12.3%

24. Oakland Park

Population total: 44,056
Population 65+ (#): 5,696
Population 65+ (%): 12.9%

Household total: 17,415
Household median income: $64,989
Single family home average value: $474,112

Average monthly mortgage cost: $2,689
Average monthly expenditure cost: $2,199
Total monthly cost-of-living: $4,887
Total annual cost-of-living: $58,647
Livability: 76/100

Unemployment rate: 4.8%
Cost-burdened households (35% or more): 31.9%
Poverty rate: 13.9%

25. West Palm Beach

Population total: 117,588
Population 65+ (#): 23,388
Population 65+ (%): 19.9%

Household total: 49,348
Household median income: $64,044
Single family home average value: $470,797

Average monthly mortgage cost: $2,670
Average monthly expenditure cost: $2,188
Total monthly cost-of-living: $4,858
Total annual cost-of-living: $58,297
Livability: 85/100

Unemployment rate: 3.9%
Cost-burdened households (35% or more): 32.1%
Poverty rate: 16.0%

26. The Hammocks

Population total: 59,843
Population 65+ (#): 9,507
Population 65+ (%): 15.9%

Household total: 19,358
Household median income: $79,139
Single family home average value: $596,467

Average monthly mortgage cost: $3,382
Average monthly expenditure cost: $2,387
Total monthly cost-of-living: $5,769
Total annual cost-of-living: $69,229
Livability: 84/100

Unemployment rate: 2.1%
Cost-burdened households (35% or more): 32.2%
Poverty rate: 12.9%

27. Greenacres

Population total: 43,651
Population 65+ (#): 7,288
Population 65+ (%): 16.7%

Household total: 15,535
Household median income: $58,981
Single family home average value: $384,152

Average monthly mortgage cost: $2,178
Average monthly expenditure cost: $2,223
Total monthly cost-of-living: $4,401
Total annual cost-of-living: $52,818
Livability: 68/100

Unemployment rate: 3.5%
Cost-burdened households (35% or more): 30.9%
Poverty rate: 14.7%

28. Poinciana

Population total: 69,311
Population 65+ (#): 13,557
Population 65+ (%): 19.6%

Household total: 21,284
Household median income: $60,928
Single family home average value: $307,606

Average monthly mortgage cost: $1,744
Average monthly expenditure cost: $2,239
Total monthly cost-of-living: $3,984
Total annual cost-of-living: $47,805
Livability: 54/100

Unemployment rate: 2.6%
Cost-burdened households (35% or more): 34.1%
Poverty rate: 12.5%

29. Boynton Beach

Population total: 80,068
Population 65+ (#): 17,926
Population 65+ (%): 22.4%

Household total: 32,360
Household median income: $68,875
Single family home average value: $498,221

Average monthly mortgage cost: $2,825
Average monthly expenditure cost: $2,197
Total monthly cost-of-living: $5,023
Total annual cost-of-living: $60,274
Livability: 73/100

Unemployment rate: 3.6%
Cost-burdened households (35% or more): 31.2%
Poverty rate: 11.4%

30. Coral Springs

Population total: 133,801
Population 65+ (#): 16,187
Population 65+ (%): 12.1%

Household total: 44,260
Household median income: $87,488
Single family home average value: $659,736

Average monthly mortgage cost: $3,741
Average monthly expenditure cost: $2,235
Total monthly cost-of-living: $5,976
Total annual cost-of-living: $71,716
Livability: 78/100

Unemployment rate: 4.4%
Cost-burdened households (35% or more): 28.4%
Poverty rate: 8.7%

31. Lehigh Acres

Population total: 124,440
Population 65+ (#): 16,236
Population 65+ (%): 13.0%

Household total: 37,538
Household median income: $59,733
Single family home average value: $317,544

Average monthly mortgage cost: $1,801
Average monthly expenditure cost: $2,246
Total monthly cost-of-living: $4,046
Total annual cost-of-living: $48,558
Livability: 58/100

Unemployment rate: 3.5%
Cost-burdened households (35% or more): 26.1%
Poverty rate: 16.9%

32. Coconut Creek

Population total: 57,574
Population 65+ (#): 10,958
Population 65+ (%): 19.0%

Household total: 23,696
Household median income: $72,740
Single family home average value: $539,701

Average monthly mortgage cost: $3,061
Average monthly expenditure cost: $2,209
Total monthly cost-of-living: $5,270
Total annual cost-of-living: $63,239
Livability: 83/100

Unemployment rate: 3.2%
Cost-burdened households (35% or more): 31.6%
Poverty rate: 9.9%

33. Delray Beach

Population total: 66,646
Population 65+ (#): 18,273
Population 65+ (%): 27.4%

Household total: 28,592
Household median income: $76,558
Single family home average value: $595,108

Average monthly mortgage cost: $3,375
Average monthly expenditure cost: $2,181
Total monthly cost-of-living: $5,555
Total annual cost-of-living: $66,665
Livability: 80/100

Unemployment rate: 3.5%
Cost-burdened households (35% or more): 29.1%
Poverty rate: 12.2%

34. Plantation

Population total: 93,130
Population 65+ (#): 15,785
Population 65+ (%): 16.9%

Household total: 36,005
Household median income: $83,074
Single family home average value: $638,602

Average monthly mortgage cost: $3,621
Average monthly expenditure cost: $2,193
Total monthly cost-of-living: $5,814
Total annual cost-of-living: $69,774
Livability: 81/100

Unemployment rate: 3.0%
Cost-burdened households (35% or more): 30.1%
Poverty rate: 10.4%

35. Pembroke Pines

Population total: 170,472
Population 65+ (#): 32,259
Population 65+ (%): 18.9%

Household total: 62,807
Household median income: $77,657
Single family home average value: $602,597

Average monthly mortgage cost: $3,417
Average monthly expenditure cost: $2,252
Total monthly cost-of-living: $5,669
Total annual cost-of-living: $68,027
Livability: 82/100

Unemployment rate: 3.0%
Cost-burdened households (35% or more): 28.0%
Poverty rate: 11.0%

36. Miramar

Population total: 135,158
Population 65+ (#): 15,930
Population 65+ (%): 11.8%

Household total: 43,038
Household median income: $81,812
Single family home average value: $561,149

Average monthly mortgage cost: $3,182
Average monthly expenditure cost: $2,248
Total monthly cost-of-living: $5,430
Total annual cost-of-living: $65,157
Livability: 79/100

Unemployment rate: 3.0%
Cost-burdened households (35% or more): 30.2%
Poverty rate: 8.2%

37. Boca Raton

Population total: 97,980
Population 65+ (#): 25,198
Population 65+ (%): 25.7%

Household total: 41,530
Household median income: $95,570
Single family home average value: $740,798

Average monthly mortgage cost: $4,201
Average monthly expenditure cost: $2,185
Total monthly cost-of-living: $6,386
Total annual cost-of-living: $76,635
Livability: 79/100

Unemployment rate: 3.4%
Cost-burdened households (35% or more): 28.4%
Poverty rate: 9.4%

38. Davie

Population total: 105,821
Population 65+ (#): 12,985
Population 65+ (%): 12.3%

Household total: 37,941
Household median income: $84,346
Single family home average value: $643,668

Average monthly mortgage cost: $3,650
Average monthly expenditure cost: $2,222
Total monthly cost-of-living: $5,872
Total annual cost-of-living: $70,463
Livability: 81/100

Unemployment rate: 3.1%
Cost-burdened households (35% or more): 26.4%
Poverty rate: 11.5%

39. Bradenton

Population total: 55,795
Population 65+ (#): 14,886
Population 65+ (%): 26.7%

Household total: 22,161
Household median income: $55,795
Single family home average value: $439,160

Average monthly mortgage cost: $2,490
Average monthly expenditure cost: $2,005
Total monthly cost-of-living: $4,495
Total annual cost-of-living: $53,940
Livability: 82/100

Unemployment rate: 3.6%
Cost-burdened households (35% or more): 29.7%
Poverty rate: 14.6%

40. Gainesville

Population total: 142,414
Population 65+ (#): 15,807
Population 65+ (%): 11.1%

Household total: 55,193
Household median income: $43,783
Single family home average value: $327,870

Average monthly mortgage cost: $1,859
Average monthly expenditure cost: $1,956
Total monthly cost-of-living: $3,815
Total annual cost-of-living: $45,783
Livability: 84/100

Unemployment rate: 3.2%
Cost-burdened households (35% or more): 20.8%
Poverty rate: 29.0%

41. Cape Coral

Population total: 198,912
Population 65+ (#): 49,214
Population 65+ (%): 24.7%

Household total: 76,882
Household median income: $72,474
Single family home average value: $394,615

Average monthly mortgage cost: $2,238
Average monthly expenditure cost: $2,179
Total monthly cost-of-living: $4,416
Total annual cost-of-living: $52,998
Livability: 76/100

Unemployment rate: 2.5%
Cost-burdened households (35% or more): 30.0%
Poverty rate: 9.8%

42. Tampa

Population total: 388,768
Population 65+ (#): 50,420
Population 65+ (%): 13.0%

Household total: 157,066
Household median income: $66,802
Single family home average value: $400,771

Average monthly mortgage cost: $2,273
Average monthly expenditure cost: $2,091
Total monthly cost-of-living: $4,364
Total annual cost-of-living: $52,367
Livability: 80/100

Unemployment rate: 3.4%
Cost-burdened households (35% or more): 24.6%
Poverty rate: 16.8%

43. North Fort Myers

Population total: 42,492
Population 65+ (#): 20,336
Population 65+ (%): 47.9%

Household total: 21,355
Household median income: $53,705
Single family home average value: $332,706

Average monthly mortgage cost: $1,887
Average monthly expenditure cost: $2,145
Total monthly cost-of-living: $4,031
Total annual cost-of-living: $48,375
Livability: 74/100

Unemployment rate: 2.0%
Cost-burdened households (35% or more): 28.8%
Poverty rate: 14.3%

44. Town ‘n’ Country

Population total: 89,456
Population 65+ (#): 11,466
Population 65+ (%): 12.8%

Household total: 33,379
Household median income: $63,947
Single family home average value: $400,638

Average monthly mortgage cost: $2,272
Average monthly expenditure cost: $2,122
Total monthly cost-of-living: $4,394
Total annual cost-of-living: $52,730
Livability: 76/100

Unemployment rate: 3.8%
Cost-burdened households (35% or more): 24.9%
Poverty rate: 13.1%

45. Orlando

Population total: 307,738
Population 65+ (#): 33,322
Population 65+ (%): 10.8%

Household total: 122,607
Household median income: $66,292
Single family home average value: $418,748

Average monthly mortgage cost: $2,375
Average monthly expenditure cost: $2,098
Total monthly cost-of-living: $4,473
Total annual cost-of-living: $53,674
Livability: 81/100

Unemployment rate: 3.7%
Cost-burdened households (35% or more): 23.4%
Poverty rate: 15.2%

46. Tallahassee

Population total: 198,259
Population 65+ (#): 22,208
Population 65+ (%): 11.2%

Household total: 81,846
Household median income: $52,899
Single family home average value: $303,784

Average monthly mortgage cost: $1,723
Average monthly expenditure cost: $1,971
Total monthly cost-of-living: $3,694
Total annual cost-of-living: $44,326
Livability: 85/100

Unemployment rate: 4.3%
Cost-burdened households (35% or more): 19.3%
Poverty rate: 24.3%

47. Bonita Springs

Population total: 53,945
Population 65+ (#): 22,271
Population 65+ (%): 41.3%

Household total: 23,979
Household median income: $84,668
Single family home average value: $652,064

Average monthly mortgage cost: $3,698
Average monthly expenditure cost: $2,086
Total monthly cost-of-living: $5,784
Total annual cost-of-living: $69,411
Livability: 70/100

Unemployment rate: 1.6%
Cost-burdened households (35% or more): 32.6%
Poverty rate: 7.9%

48. Clearwater

Population total: 116,984
Population 65+ (#): 27,498
Population 65+ (%): 23.5%

Household total: 49,592
Household median income: $59,358
Single family home average value: $414,213

Average monthly mortgage cost: $2,349
Average monthly expenditure cost: $2,065
Total monthly cost-of-living: $4,414
Total annual cost-of-living: $52,972
Livability: 81/100

Unemployment rate: 2.7%
Cost-burdened households (35% or more): 25.5%
Poverty rate: 16.2%

49. Wellington

Population total: 61,373
Population 65+ (#): 10,912
Population 65+ (%): 17.8%

Household total: 21,163
Household median income: $105,848
Single family home average value: $699,482

Average monthly mortgage cost: $3,967
Average monthly expenditure cost: $2,246
Total monthly cost-of-living: $6,213
Total annual cost-of-living: $74,552
Livability: 73/100

Unemployment rate: 2.9%
Cost-burdened households (35% or more): 25.7%
Poverty rate: 6.3%

50. Daytona Beach

Population total: 73,329
Population 65+ (#): 15,772
Population 65+ (%): 21.5%

Household total: 32,216
Household median income: $47,608
Single family home average value: $296,629

Average monthly mortgage cost: $1,682
Average monthly expenditure cost: $1,919
Total monthly cost-of-living: $3,601
Total annual cost-of-living: $43,216
Livability: 80/100

Unemployment rate: 2.6%
Cost-burdened households (35% or more): 27.0%
Poverty rate: 20.3%

Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.

Methodology: For this study, GOBankingRates analyzed cities in Florida to find the places where homeowners have the worst financial stress. First GOBankingRates found the top 100 cities by population according to the U.S. Census American Community Survey. For each city a number of factors were found including; total population, population ages 65 and over, percent population ages 65 and over, total households, household median income, unemployment rate, poverty rate and percent of households that spend 35% or more of household income on selected monthly owner costs all sourced from the U.S. Census American Community Surveys S1901, S0101, S1701, DP03 and DP04. The average single-family home value was found by using Zillow’s Home Value Index and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each city. The cost-of-living indexes are sourced from Sperling’s BestPlaces for each city and by using the national average expenditure costs as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each city can be calculated. Using the average mortgage and expenditure costs, the total cost of living can be calculated. The livability index was sourced from AreaVibes for each city. The poverty rate was scored and weighted at 1.25, the unemployment rate was scored and weighted at 1.25, the percentage of households cost burdened was scored and weighted at 2.00, the average mortgage cost was scored and weighted at 1.00 and the average expenditure cost was scored and weighted at 1.00. All the scores were summed and sorted to show Florida cities where homeowners have the worst financial stress. All data was collected on and is up to date as of Aug. 13, 2024.

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