The median home price in Florida is $389,325, which has increased by 2.0% since the last year. The Florida housing market has witnessed an 8.1% year-over-year growth in the number of homes listed. With a 5-month supply, you will get your choice of house with the seller being more willing to negotiate.
As per our research, home prices are relatively higher in coastal areas near Miami, FL. On the other hand, as you move towards the inland areas of the Sunshine State, like Tallahassee, you can find cheaper housing options.
4 Reasons to live in Florida 🌊
- Cheaper Houses: The median home sale price in Florida is ~$390K. But you can get houses between $246K and $301K in cities like Deltona, Lake City, and Panama City.
- Tax Benefits: Florida is one of the few states that do not impose a state income tax, providing residents with significant savings on their income.
- Affordable Healthcare: Healthcare in cities that are mentioned in this blog is up to 27% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $200 per month in rent.
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Cheapest Places to Live in Florida in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| 1. Lake City | $65,505 | $246,921 | 12,509 | 5.1% | 18.36% |
| 2. Deltona | $72,044 | $301,672 | 98,528 | 3.9% | 11.07% |
| 3. Pensacola | $84,806 | $258,715 | 52,342 | 5.8% | 15.23% |
| 4. Panama City | $70,585 | $273,386 | 36,775 | 6.7% | 17.83% |
| 5. Lakeland | $74,477 | $292,405 | 121,380 | 6% | 15.08% |
| 6. Gainesville | $61,568 | $290,584 | 141,341 | 4.8% | 28.54% |
| 7. Jacksonville | $79,817 | $295,018 | 962,970 | 5.3% | 14.87% |
7 Cheapest Places to Live in FL
The annual population growth of 18% since 2010 is reflective of people’s intention to move to Florida. While Florida is home to some of the most expensive cities in the US, here are some cities that offer affordable living options:
1. Lake City
| 🟢 Cost of Living Compared to National Average | 16%⬇️ |
| 🏡 Median Home Price | $246,921 |
| 💲 Rental Price Range | $650 – $3,295 |
| 🌅 Known For | Falling Creek Falls |
Lake City’s median house rent is $1,400 and the median home value is $246,921. The overall cost of living here is 16% cheaper than the national average, making Lake City the cheapest place to live in Florida.
Lake City is famous as “The Gateway to Florida” because it sits along Interstate 75, making it an important location. The city has many different types of jobs in areas like tourism, mining for phosphate, making things from trees, and building things. These jobs help people find work and make the city’s economy grow.
» Homes for Sale in Lake City, FL: Find your dream home in this city.
2. Deltona
| 🟢 Cost of Living Compared to National Average | 16%⬇️ |
| 🏡 Median Home Price | $301,672 |
| 💲 Rental Price Range | $1,249 – $3,800 |
| 🏞️ Known For | Green Springs Park |
Deltona has the lowest cost of living in Florida which is 16% lower than the national average. The city’s crime rate which is 60% lower compared to other Florida neighborhoods also makes Deltona the safest place to live in the Sunshine State.
Situated in Central Florida, Deltona enjoys a convenient location with easy access to major cities such as Orange City, Lake Monroe, and Sanford. The city also has attractions like Green Springs Park and Deltona Lake, making it an ideal living destination for its inhabitants.
» Homes for Sale in Deltona, FL: Browse thousands of property listings in Florida’s Bright Spot.
3. Pensacola
| 🟢 Cost of Living Compared to National Average | 13%⬇️ |
| 🏡 Median Home Price | $258,715 |
| 💲 Rental Price Range | $695 – $7,500 |
| 🏖️ Known For | Pensacola Beach |
Pensacola attracts homebuyers and renters alike given its affordable real estate. The median house rent price is about $1,795 and the median home price is $258,715, making it one of the cheapest cities to live in Florida.
Situated in Florida’s panhandle, Pensacola boasts over 50 miles of coastline along the emerald-green Gulf of Mexico waters, providing residents with stunning beaches and scenic views. Moreover, residents also enjoy a wide range of outdoor activities, including water sports, fishing, and hiking.
» Homes for Sale in Pensacola, FL: View all the properties for sale in this city.
4. Panama City
| 🟢 Cost of Living Compared to National Average | 11%⬇️ |
| 🏡 Median Home Price | $273,386 |
| 💲 Rental Price Range | $850 – $3,200 |
| 🏖️ Known For | Panama City Beach |
The overall cost of living in Panama City is 11% lower than the national average. Panama City is majorly praised for its affordable and high-quality health care. Even without health insurance, the cost of a routine visit to the doctor is just $2.
Panama City has a rich history, with significant landmarks such as Panama Viejo and Casco Antiguo. These sites show the colonial past and architectural heritage of the city.
» Homes for Sale in Panama City, FL: Browse through thousands of affordable properties.
5. Lakeland
| 🟢 Cost of Living Compared to National Average | 9% ⬇️ |
| 🏡 Median Home Price | $292,405 |
| 💲 Rental Price Range | $500 – $5,780 |
| 🎨 Known For | Polk Museum of Art |
The cost of living in Lakeland is 9% lower compared to the national average. It’s the least expensive and well-connected place to live in Florida.
Lakeland’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in Lakeland, FL: Browse through thousands of properties in Swan City.
6. Gainesville
| 🟢 Cost of Living Compared to National Average | 8%⬇️ |
| 🏡 Median Home Price | $290,584 |
| 💲 Rental Price Range | $475 – $6,000 |
| 🏫 Known For | University of Florida’s Main Campus |
In Gainesville, people can find the cheapest real estate in Florida. The median house rent is about $1,600, and the median home price is $290,584.
Gainesville is called a college town because of the University of Florida. With an average household income of $61,568, residents can comfortably live in this college town.
» Homes for Sale in Gainesville, FL: Find a home in one of the cheapest places to live in Florida.
7. Jacksonville
| 🟢 Cost of Living Compared to National Average | 4%⬇️ |
| 🏡 Median Home Price | $295,018 |
| 💲 Rental Price Range | $595 – $9,500 |
| 🖼️ Known For | Cummer Museum of Art |
Jacksonville is Florida’s fastest-growing city. Residents of Jacksonville benefit from a low cost of living, which is 4% less than the national average.
Enjoying a subtropical climate, Jacksonville boasts mild winters and warm summers, making outdoor activities accessible year-round. The city also offers relatively affordable housing, which is 21.5% lower than the national average.
» Homes for Sale in Jacksonville, FL: Get yourself a home in this vibrant city.
- 🏡 Do You Need Professional Assistance While Buying a Home?
Look no further! You can access a network of top real estate professionals through Houzeo Pros. They will cater to all your needs and requirements.
The Bottom Line
The cost of living in Florida is 1% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Florida, you can find affordable housing in cities like Lake City, Deltona, and Pensacola.
Cities like Gainesville and Jacksonville have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in FL Under Your Specific Budget
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Florida, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in Florida?
The cheapest place to live in Florida is Lake City. It offers affordable transportation, which is 26.6% lower than the national average.
» 7 Cheapest Places to Live in Florida: Find out the other cheapest places to live in Florida!
Where is the best place to live in Florida?
The best place to live in Florida is Jacksonville, followed by Pensacola, Tallahassee, Tampa, Melbourne, Naples and Miami.
Is Florida the cheapest place to live in?
No, it is not. The median home value is $389,325. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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