If you make the median income in Florida’s top four cities, you are going to need a raise of at least $19,000 — and over $50,000 if you live in Miami — in order to afford a down payment for a home.
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A recent Zillow study determined the raise needed to afford a mortgage in the nation’s most popular metropolitan areas. That included Florida’s top four: Miami, Tampa, Orlando and Jacksonville.
Take a look at the raise needed to afford a home in Florida’s most popular metros.
Miami
- Raise needed to afford a typical mortgage payment (20% down): $59,379
- Typical home value: $482,204
- Typical mortgage payment: $2,519
- Median income: $81,901
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Tampa
- Raise needed to afford a typical mortgage payment (20% down): $27,198
- Typical home value: $368,374
- Typical mortgage payment: $1,924
- Median income: $77,567
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Orlando
- Raise needed to afford a typical mortgage payment (20% down): $26,497
- Typical home value: $393,884
- Typical mortgage payment: $2,058
- Median income: $83,211
Jacksonville
- Raise needed to afford a typical mortgage payment (20% down): $19,202
- Typical home value: $357,233
- Typical mortgage payment: $1,866
- Median income: $80,999
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This article originally appeared on GOBankingRates.com: The Raise Needed To Afford a Home in Florida’s Most Popular Metros
