Housing Market 2024: Avoid Buying a Home in These 10 Florida Cities

  • December 2022 average home value: $150,853
  • December 2023 average home value: $144,233
  • Year-over-year change (2022 to 2023): -$6,620
  • Average income: $25,383
  • Livability index: 54

Methodology: For this study, GOBankingRates analyzed all the cities in Florida to find the housing markets you should avoid. GOBankingRates started by gathering the [1] average single family home value during December 2022, the [2] average single family home value during December 2023, both sourced from the Zillow Home Value Index, the [3] average income as sourced from the U.S. Census American Community Survey, the cost of living across a variety of factors including: [4] Grocery cost of living index, [5] Healthcare cost of living index, [6] Utilities cost of living index, [7] Transportation cost of living index, [8] Miscellaneous cost of living index, all sourced from Sperling’s BestPlaces and multiplied by the [9] average expenditure costs for all consumers, as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey, to find the annual average expenditure cost for each city in Florida. The [10] livability index was sourced from AreaVibes to help determine the quality of life across nine categories. To qualify for this study, the housing markets had to have a value below the national average, and the livability index must be below 75. This showcases the cities with bad housing markets and poor quality of life. The December 2023 average single family home value was scored, the year-over-year change in home value was scored, the annual cost of expenditures was scored, the average city income was scored, and the livability index was scored, with all the scores being summed and sorted to show the housing markets in Florida you should avoid. All data was collected and is up to date as of Feb. 9, 2024.

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.

 

Source…