Florida Mortgaged Homeowners Expenses are Higher than the National Value
By: Kevin Pryor May. 17, 2018
A recent study by gavop shows that homeowners with a mortgage in Florida paid 33.3 percent of their income towards housing costs, which is higher than the national average of 30.9 percent. Additionally, homeowners in Florida with a mortgage had a median yearly housing costs of $16,920 in 2016, which is just $912 below the national value of $17,832.
The following table shows Florida’s mortgage cost figures to national values. Overall, Florida is ranked as the 6th highest state in the country for largest median percentage of income spent on housing costs for homeowners with a mortgage. Housing costs include the sum of mortgage payments, real estate taxes, insurance, and utilities.
| Location | Housing Cost for Homeowners with a Mortgage as a % of Income | Annual Housing Costs for Homeowners with a Mortgage | Median Income | Median Home Value |
|---|---|---|---|---|
| Florida | 33.3% | $16,920 | $50,860 | $197,700 |
| United States | 30.9% | $17,832 | $57,617 | $205,000 |
Gavop used data from the U.S. Census Bureau to analyze housing costs as a percentage of income for homeowners with a mortgage across the state. In this study, all counties in Florida were ranked from highest to lowest values.
Looking at figures on the county level, residents in Monroe County had the highest median cost in the state where homeowners allocated 44.1 percent of their income towards housing costs. Miami-Dade County had the second highest proportion of income spent on housing costs at 43.4 percent followed by Broward County at 37.7 percent, Alachua County at 36.7 percent, and Palm Beach County at 35.3 percent.
The 5 Counties with the Highest Housing Costs as a Percentage of Income
| Rank by Homeowners Cost as a % of Income (Highest to Lowest) | County | Housing Costs for Homeowners with a Mortgage as a % of Income | Annual Housing Costs for Homeowners with a Mortgage | Median Income | Median Home Value | Number of Housing Units |
|---|---|---|---|---|---|---|
| 1 | Monroe | 44.1% | $28,956 | $65,717 | $464,700 | 53,129 |
| 2 | Miami-Dade | 43.4% | $19,944 | $45,935 | $265,200 | 1,021,650 |
| 3 | Broward | 37.7% | $20,424 | $54,212 | $246,100 | 822,980 |
| 4 | Alachua | 36.7% | $16,644 | $45,304 | $177,100 | 115,533 |
| 5 | Palm Beach | 35.3% | $20,304 | $57,580 | $269,600 | 683,543 |
In contrast to counties with the highest rates, Nassau County had the lowest median housing costs as a proportion of income at 23.6 percent. The next lowest area was Putnam County at 23.8 percent followed by Santa Rosa County at 23.9 percent, then Hernando County at 26.0 percent, and, lastly, Sumter County at 26.5 percent.
The 5 Counties with the Lowest Housing Costs as a Percentage of Income
| Rank by Homeowners as a % of Income (Lowest to Highest) | County | Housing Costs for Homeowners with a Mortgage as a % of Income | Annual Housing Costs for Homeowners with a Mortgage | Median Income | Median Home Value | Number of Housing Units |
|---|---|---|---|---|---|---|
| 1 | Nassau | 23.6% | $16,860 | $71,515 | $223,100 | 37,463 |
| 2 | Putnam | 23.8% | $9,108 | $38,239 | $83,700 | 36,392 |
| 3 | Santa Rosa | 23.9% | $15,228 | $63,619 | $189,100 | 69,670 |
| 4 | Hernando | 26.0% | $12,264 | $47,253 | $126,800 | 85,066 |
| 5 | Sumter | 26.5% | $14,460 | $54,562 | $249,500 | 68,201 |
All Counties in Florida from Highest to Lowest Housing Costs as a Percentage of Income
| Location Name | Median Homeowners Costs as a% of Income for People with a Mortgage | Annual Median Homeowner Costs with a Mortgage | Median Income | l'uledian Home Value | Total Homes |
|---|---|---|---|---|---|
| Monroe County, Florida | 44.1% | $028,956 | $65,717 | $464,700 | 53,129 |
| Miami-Dade County, Florida | 43.4% | $19,944 | $45,935 | $265,200 | 1,021,650 |
| Broward County, Florida | 37.7% | $20,424 | $54,212 | $246,100 | 822,980 |
| Alachua County, Florida | 36.7% | $16,644 | $45,304 | $177,100 | 115,533 |
| Palm Beach County. Florida | 35.3% | $20,304 | $57,580 | $269,600 | 683,543 |
| Collier County Florida | 34.5% | $21,144 | $61,228 | $357,300 | 210,147 |
| Martin County, Florida | 33.9% | $18,540 | $54,620 | $257,300 | 79,520 |
| Orange County, Florida | 33.9% | $17,388 | $51,335 | $214,000 | 525,260 |
| Pinellas County. Florida | 33.7% | $16,848 | $50,036 | $186,500 | 507,472 |
| St Lucie Count,.. Florida | 33.6% | $15,060 | $44,804 | $166,500 | 139,046 |
| Manatee County, Florida | 33.4% | $17,268 | $51,748 | $215,700 | 185,263 |
| Osceola County, Florida | 33.2% | $17,100 | $51,436 | $184,900 | 143,516 |
| Pasco County, Florida | 32.6% | $15,096 | $46,264 | $145,000 | 236,491 |
| Leon County Florida | 32.4% | $16,560 | $51,107 | $197,600 | 128,084 |
| Volusia County Florida | 31.9% | $14,484 | $45,366 | $162,700 | 257,939 |
| Charlotte Col_int,..- Florida | 31.8% | $14,076 | $44,200 | $180,600 | 102,717 |
| Marion County Florida | 31.7% | $12,468 | $39,383 | $127,000 | 164,414 |
| Bay County, Florida | 31.6% | $15,552 | 49,157 | $177,700 | 101,368 |
| Columbia County. Florida | 31.4% | $13,212 | $42,019 | $111,700 | 28,251 |
| Hillsborough County. Florida | 31.4% | $17,136 | 54,588 | $195,800 | 568,828 |
| Lee County, Florida | 31.3% | $16,560 | $52,909 | $210,900 | 385,106 |
| Brevand County, Florida | 30.8% | $15,780 | $51,184 | $175,600 | 274,559 |
| Flagler County, Florida | 30.8% | $15,228 | $49,395 | $207,900 | 50,574 |
| Highlands County Florida | 30.4% | $11,076 | $36,490 | $92,100 | 54,842 |
| Polk County, Florida | 30.2% | $13,980 | $46,355 | $135,300 | 286,488 |
| Duval County, Florida | 30.2% | $15,672 | $51,980 | $164,300 | 402,358 |
| Escambia County, Florida | 29.7% | $13,320 | $44,788 | $131,000 | 140,176 |
| Seminole County, Florida | 29.5% | $18,072 | $61,311 | $229,900 | 187,736 |
| Walton County, Florida | 29.1% | $16,356 | $56,246 | $224,000 | 49,956 |
| Sarasota County, Florida | 28.9% | $15,912 | $54,989 | $235,600 | 235,707 |
| Lake County, Florida | 28.8% | $14,472 | $50,226 | $163,600 | 151,045 |
| Indian River County. Florida | 28.7% | $14,076 | $49,072 | $183,600 | 78,629 |
| Okaloosa County, Florida | 28.4% | $17,052 | $60,026 | $209,400 | 96,052 |
| Clay County, Florida | 28.1% | $15,840 | $56,315 | $170,300 | 78,994 |
| St Johns County, Florida | 27.2% | $21,408 | $78,581 | $296,100 | 102,292 |
| Citrus County Florida | 27.2% | $10,668 | $39,206 | $121,900 | 77,904 |
| Sumter County Florida | 26.5% | $14,460 | $54,562 | $249,500 | 68,201 |
| Hernando County Florida | 26.0% | $12,264 | $47,253 | $126,800 | 85,066 |
| Santa Rosa County, Florida | 23.9% | $15,228 | $63,619 | $189,100 | 69,670 |
| Putnam County, Florida | 23.8% | $9,108 | $38,239 | $83,700 | 36,392 |
| Nassau County, Florida | 23.6% | $16,860 | $71,515 | $223,100 | 37,463 |
ABOUT THE AUTHOR
Kevin Pryor
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.
