Housing Market 2024: Avoid Buying a Home in These 10 Florida Cities
Many people interested in buying real estate head to Florida in search of inexpensive homes. What they don’t often know, however, is that certain Florida housing markets may not offer them the best quality of life.
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To find out which Florida housing markets buyers should avoid, GOBankingRates compared analyzed the average single family home value during December 2022 and December 2023, sourced from the Zillow Home Value Index. The average income was also sourced from the U.S. Census American Community Survey, and the liability index was sourced from AreaVibes.
To focus on Florida cities with bad housing markets, qualifying cities had to have an average house value below the national average, and the livability index had to be below 75.
In ascending order, buyers should avoid shopping for homes in these 10 Florida cities.
Madison, Florida
December 2022 average home value: $178,443
December 2023 average home value: $176,639
Year-over-year change (2022 to 2023): -$1,804
Average income: $21,111
Livability index: 65
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Micco, Florida
December 2022 average home value: $259,122
December 2023 average home value: $243,192
Year-over-year change (2022 to 2023): -$15,931
Average income: $34,982
Livability index: 65
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Laurel Hill, Florida
December 2022 average home value: $179,366
December 2023 average home value: $177,566
Year-over-year change (2022 to 2023): -$1,800
Average income: $28,747
Livability index: 60
Palatka, Florida
December 2022 average home value: $191,025
December 2023 average home value: $190,559
Year-over-year change (2022 to 2023): -$466
Average income: $19,694
Livability index: 55
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Coleman, Florida
December 2022 average home value: $180,642
December 2023 average home value: $175,221
Year-over-year change (2022 to 2023): -$5,421
Average income: $20,653
Livability index: 61
Westville, Florida
December 2022 average home value: $187,528
December 2023 average home value: $185,859
Year-over-year change (2022 to 2023): -$1,669
Average income: $30,200
Livability index: 51
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Homeland, Florida
December 2022 average home value: $219,884
December 2023 average home value: $210,353
Year-over-year change (2022 to 2023): -$9,531
Average income: $31,005
Livability index: 58
Poinciana, Florida
December 2022 average home value: $310,752
December 2023 average home value: $303,975
Year-over-year change (2022 to 2023): -$6,778
Average income: $28,091
Livability index: 54
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Campbellton, Florida
December 2022 average home value: $128,770
December 2023 average home value: $124,798
Year-over-year change (2022 to 2023): -$3,972
Average income: $19,960
Livability index: 54
Paxton, Florida
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.
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This article originally appeared on GOBankingRates.com: Housing Market 2024: Avoid Buying a Home in These 10 Florida Cities
