The Sunshine State has a robust, tourism-based economy. Its $1 trillion gross domestic product is the fourth-largest of any state in the U.S. It's no wonder that nearly 21.5 million people call this 53,000 square mile parcel of land home-the weather is warm, people from every segment of society live there, and business is booming. Read on to find out why a rent-to-own home in Florida is a great idea.
The overall average cost of living in Florida is 2.8 percent higher than the rest of the country. Some parts of the state are much more expensive. For example, in Miami Beach, the overall cost is 26 percent higher, housing is 60 percent higher, and transportation is 32 percent more costly than the national average. Dade City is much more affordable, with an overall cost of living that's 13.3 percent below average.
Average Home Prices in Florida
The median home cost in Florida is $237,100, which is only slightly higher than the national average of $231,200. Tallahassee, the state's capital, has a median price tag of $184,500, which is slightly more than 20 percent below average, while centrally located Aventura has a median cost of $316,500. In those highly competitive markets, rent-to-own homes in Florida are an excellent option.
If you're interested in Florida rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Florida statistics compared to the U.S. national average.
| ||Florida Averages ||National Averages |
|One-Way Commute ||27.0 minutes ||26.4 minutes |
|Violent Crime ||23.4 ||22.7 |
|Property Crime ||37.3 ||35.4 |
|Unemployment Rate ||3.6% ||3.6% |
|Income Tax Rate ||0% ||4.6% |
|Air Quality ||62 ||58 |
|Water Quality ||64 ||55 |
|Median Household Income ||$47,212 ||$53,482 |
|Median Property Taxes ||$1,770 ||$2,200 |
|Utilities ||$150/month ||$112/month |
|Monthly Rent ||$1,100 ||$1,470 |
|Median Home Cost ||$237,100 ||$231,200 |
|Median Home Age ||28 years ||40 years |
Popular Florida Cities
Miami Beach - Located between the Atlantic Ocean and Biscayne Bay, this resort town is a great destination for people who need to get away from everyday life while still living in a fully functioning city. Enjoy the beachfront hotels along Collins Avenue, or walk through the residential neighborhoods with orange Spanish-roofed homes and light-colored stucco siding. For nightlife, you can check out spots like the Fontainebleau Hotel, where there's always a party going on; visit South Beach and its many artsy shops, restaurants, and bars; or take a leisurely stroll down the boardwalk until you're ready to call it a night. It sounds more like a vacation spot than a place to call home, but that's the reality for people who live in Miami Beach.
Orlando - More than 285,000 residents call this city home. Although it's located a little more inland than the coastal towns of Florida, world-famous attractions such as Walt Disney World, Seaworld, Legoland, and Universal Studios attract more than 75 million visitors every year. Tourists keep the local economy alive by spending money at theme parks, local shops and restaurants, and hotels, as well as transportation, which stimulates the rest of the economy. The unemployment rate as of December 2019 was a low 2.5 percent, compared to the national average of 3.4 percent.
Jacksonville - Jacksonville is the most populous city in Florida, with more than 900,000 year-round residents. Residents of many ethnicities and nationalities occupy the city, which has urban, suburban, and beach-town living accommodations. The city also has an international airport for people who need to travel long distances, and it has a monorail, trolley, bus system, taxis, water taxis, and a skyway to help residents beat traffic around town.
Popular Attractions in Florida
- If you want to bring out the child in you, visit one of Orlando's iconic theme parks. While you're there, check out Icon Park's new 450-foot-high StarFlyer, which moves up and down while spinning at speeds of up to 60 miles per hour. When you're done, there's no shortage of trails, sights, and restaurants to enjoy as you unwind from an exhilarating day.
- For an amazing wildlife adventure, visit the Everglades National Park. The country's most extensive subtropical preserve serves as a natural habitat for endangered species such as the Florida panther, the manatee, and the American crocodile. Take guided walking or boat tours to view the many types of amphibians, reptiles, and mammals that live in this 1.5-million-acre area of wetlands.
- Finally, if you like being near the water, the Florida Keys is the perfect place for you. Any of the main islands of this famous archipelago will have plenty for you to do. From snorkeling to scuba diving, water sports, boating, and underwater tours, by the time you're done, you'll feel like a full-fledged Aquarian, ready for days on end of sand in your toes and fun adventures in the sun-something the state of Florida has in spades!