10 Most Affordable Housing Markets in Florida

Deciding between buying and renting in Florida just got easier. The state’s most affordable cities for homebuyers may make you rethink your lease-signing plans.

Some cities offer home prices so low that the monthly payment matches or undercuts rents in larger nearby cities.

If you’re ready to become a homeowner but have been intimidated by Florida’s rising prices, it’s worth looking into these 10 towns.

1. Quincy
2. Palatka
3. Avon Park
4. Defuniak Springs
5. Live Oak
6. Holiday
7. Port Richey
8. Sebring
9. Lake City
10. Inverness

1. Quincy

*Payments mentioned do not include taxes, insurance, or HOA dues. Example purposes only. Not a commitment to lend. See methodology for payment details.

The typical house in Quincy didn’t break $100,000 until August 2020, according to Zillow, but have risen more than 50% since then. Despite the high percentage increase, homes here are still incredibly affordable. Just 30 minutes from Tallahassee, this town could be an affordable alternative to the bigger city where home prices top $280,000.

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2. Palatka

Home prices in Palatka have risen just 1.9% in the past year, presenting an opportunity for buyers. Because prices appear to have flattened out here, you have time to save up a 5% down payment without worrying too much about prices climbing out of reach.

3. Avon Park

This small town of around 10,000 residents offers golf, museums, and parks. And with home prices just over $200,000, residents will have money left over each month to enjoy local attractions.

4. Defuniak Springs

A small community, there were only 14 new listings in February 2024 according to Zillow. On the panhandle of Florida bordering Alabama, the town is within two hours of Pensacola, Tallahassee, and Mobile, Alabama.

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5. Live Oak

About an hour north of Gainesville, Live Oak offers home prices about $75,000 lower than the larger metro, according to Zillow data. Visit Florida says the town is shaded by ancient oaks and boasts wilderness activities like canoeing and hiking.

6. Holiday

On the Gulf of Mexico northwest of Tampa, Holiday lives up to its name. Surprisingly affordable for a beach town, Holiday could be the perfect landing spot for budget-conscious homeowners who love water sports, beach combing, and boating.

7. Port Richey

Another Tampa suburb, Port Richey offers home prices at a deep discount to Tampa’s single-family home of $389,600.

8. Sebring

The main attraction in this town is the Sebring Raceway, where 175 race-related events are held each year. What’s even more exciting, though, is that the entire town is eligible for the zero-down USDA home loan, thanks to its small population of just 11,000. With a USDA mortgage, buyers who are within income limits can finance 100% of their home purchase.

Get pre-approved for your Florida USDA loan. Start here.

9. Lake City

While Florida is one of the most popular states for homebuyers of late, those in Lake City may have an easier time landing their dream property. Homes sit on the market a median of 50 days according to Zillow, giving buyers leverage to request closing cost assistance and lower prices from sellers.

See how much you can afford in Florida.

10. Inverness

Visit the longest paved recreation trail in Florida, the Withlacoochee State Trail, at 46 miles long. But more than just bicycle enthusiasts will enjoy this small town of around 7,000: it also offers parks, live theatre, museums, and more.

Get Pre-approved for Your Florida Home

Many towns and cities across Florida are affordable for just about any budget. See what home price you qualify for by requesting your pre-approval from a reputable lender.

Get pre-approved for your Florida home now.

Methodology

To find the 10 most affordable housing markets in Florida, we started with typical home prices as reported on the Zillow Home Value Index (ZHVI) Single-Family Home Time Series for February 2024. We assumed a 5% down payment, the typical requirement for first-time buyers. We then calculated the monthly payment on a 30-year fixed mortgage at 6.946%, the average rate published on Optimal Blue Mortgage Market Indices for a buyer with less than 20% down and a 700 FICO score. We added PMI costs per mortgage insurance provider MGIC. The stated mortgage payment does not include homeowner’s insurance, property taxes, or HOA dues. To increase relevancy, we limited eligible cities to the top 3,000 largest by population nationwide per Zillow’s report.