This Is the Salary You Need To Afford an Average Home in 9 Florida Cities

Given the current housing market landscape, the road to homeownership is arduous for many Americans. Not only are home prices increasing, but the lack of inventory combined with soaring mortgage rates have put a dent in the dreams of many recently. And now, home buyers will need to earn more than they did a year ago to afford a home.

For context, while mortgage rates seemed to cool down lately, on Feb. 14, the 30-year fixed mortgage rate was up to 6.87%, the highest rate since early December 2023 and up from 6.80% the previous week, according to the Mortgage Bankers Association.

In turn, in many cities, the salary you need to afford an average home has also increased- the typical buyer needs to earn 15% more than they did a year ago-and wages are only up 5%, according to Redfin.

Now, a homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic, according to Redfin.

According to Redfin, here is the salary you need to afford an average home in these Florida cities.

• Annual income required to afford a median-priced home: $143,187
• Year-over-year change, the annual income required to afford a median-priced home: +33.4%
• Median monthly mortgage payment: $3,580

• Annual income required to afford a median-priced home: $114,549
• Year-over-year change, the annual income required to afford a median-priced home: +22.2%
• Median monthly mortgage payment: $2,864

• Annual income required to afford a median-priced home: $125,459
• Year-over-year change, the annual income required to afford a median-priced home: +24.4%
• Median monthly mortgage payment: $2,966

• Annual income required to afford a median-priced home: $123,888
• Year-over-year change, the annual income required to afford a median-priced home: +17.4%
• Median monthly mortgage payment: $3,097

• Annual income required to afford a median-priced home: $108,597
• Year-over-year change, the annual income required to afford a median-priced home: +18.5%
• Median monthly mortgage payment: $2,715

• Annual income required to afford a median-priced home: $108,249
• Year-over-year change, the annual income required to afford a median-priced home: +16.9%
• Median monthly mortgage payment: $2,706

• Annual income required to afford a median-priced home: $103,613
• Year-over-year change, the annual income required to afford a median-priced home: +17.3%
• Median monthly mortgage payment: $2,590

• Annual income required to afford a median-priced home: $99,549
• Year-over-year change, the annual income required to afford a median-priced home: +15.2%
• Median monthly mortgage payment: $2,489

• Annual income required to afford a median-priced home: $88,639
• Year-over-year change, the annual income required to afford a median-priced home: +13.4%
• Median monthly mortgage payment: $2,216