Florida is known as the Sunshine State for an excellent reason. With over 663 miles of beaches and home to major attractions like Disney World and Universal Studios, Florida's economy and things bring smiles to many faces! With over $1 trillion in the gross domestic product, about 21.5 million people call Florida home.
With a booming tourist economy and plenty of large businesses with open opportunities, Florida might be just the perfect place to boost your career, find your next home, and get the perfect tan.
Florida is a great place for affordable rent-to-own homes! With a median household income of over $57,703 and a median rent of $1,218, the Florida rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Florida. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
The average home rent in Florida is $1,021 for a 2-bedroom home.
Currently, the most affordable cities in which to rent are Jacksonville, Saint Petersburg, Cape Coral, Palm Bay, Palm Coast, Homosassa Springs, New Port Richey, Dade City, Bartow and Kissimmee.
Typically, landlords look for a credit score of 600 or higher, but at 600 an elevated deposit is likely to still be required. However, a rent-to-own home may be a good option if a credit score is below 600 as the contract details are between the homeowner and the renter and can be adjusted if agreeable to both parties. When you rent-to-own a home it gives time for the renter to improve their credit score to enable them to purchase the home at the end of the lease agreement.
As of late summer 2021, the median home price increased by ~32%. This is the largest price jump since the beginning of the COVID-19 outbreak in spring of 2020.
Florida has a walk score of
Florida has a bike score of
The state tax rate is 0% on top of the federal tax rate of 10 to 37%.