10 Florida Cities Where It’s Still Possible to Buy an Affordable Home
Parts of Florida have become pricey playgrounds for luxury seekers, driving up home prices for locals. As frustrating as this is for Floridians, it’s still possible to purchase a home at an affordable price if you’re willing to commute.
Mortgage Research ran the numbers to determine the top 10 most affordable cities in Florida for homebuyers. Ready to call Florida home without breaking the bank?
Ironing Out the Details
Mortgage Research’s study is based on February 2024 home prices using the Zillow Home Value Index. They assumed homebuyers would put down a 5% down payment and sign up for a 30-year fixed mortgage at 6.946%.
Before you get too excited about the affordable average home prices you’re about to see, keep this in mind: The prices don’t factor in homeowner’s insurance, property taxes, or homeowners association (HOA) fees.
With this caveat cleared up, these are some of the most affordable cities in Florida, starting with the area where you can snag the lowest home prices.
1. Quincy
- Home price: $154,472
- Mortgage: $146,748
- Estimated payment: $1,066
Quincy is a charming small city where Southern hospitality meets affordable living. Nestled in the heart of Gadsden County, which pertains to the Tallahassee metropolitan area, Quincy offers a welcoming community with friendly neighbors and a relaxed pace of life.
The city boasts beautiful parks, historic sites, and vibrant local festivals that bring the community together. Whether you’re enjoying a leisurely stroll through downtown or exploring nearby natural attractions, Quincy is a great place to plant your roots.
2. Palatka
- Home price: $191,980
- Mortgage: $182,381
- Estimated payment: $1,325
Situated along the St. Johns River, Palatka offers picturesque waterfront views and a vibrant downtown area filled with charming shops and cozy cafes. Homebuyers will find a variety of reasonably priced homes, from quaint historic houses to modern residences, making it an excellent choice for those seeking budget-friendly options.
The city is renowned for its lively festivals, such as the Blue Crab Festival, and its lush parks and gardens provide endless opportunities for outdoor fun. Plus, its location between St. Augustine and Gainesville means you’ll have larger cities to visit at your fingertips.
3. Avon Park
- Home price: $208,279
- Mortgage: $197,865
- Estimated payment: $1,438
Known as the “City of Charm,” Avon Park boasts beautiful lakes, lush parks, and a friendly, close-knit community that welcomes newcomers with open arms. Homebuyers will find a variety of budget-friendly housing options, from cozy single-family homes to spacious ranch-style residences.
The city’s vibrant downtown area includes a mile-long mall on Main Street. With its serene natural surroundings, good schools, and low cost of living, Avon Park offers a peaceful yet engaging lifestyle, making it an ideal spot to enjoy Florida’s sunny days.
4. Defuniak Springs
- Home price: $232,564
- Mortgage: $220,936
- Estimated payment: $1,605
Seated in the Florida Panhandle along the shores of Lake DeFuniak, which is one of only two spring-fed lakes across the globe that has a perfectly round shape, Defuniak Springs offers stunning natural scenery. It’s is known for its beautiful tree-lined streets, vibrant downtown area with unique shops and eateries, and numerous outdoor activities like boating and fishing.
With its rich history, friendly neighbors, and low cost of living, Defuniak Springs provides a serene yet lively environment that’s ideal for anyone looking to be close to beaches like Destin.
5. Live Oak
- Home price: $240,669
- Mortgage: $228,636
- Estimated payment: $1,661
Located in the heart of Suwannee County in northern Florida, Live Oak has a small-town feel. The city is rich in history, featuring beautiful historic buildings and landmarks that add to its unique character.
Outdoor enthusiasts will love the nearby natural attractions, including parks, lakes, and hiking trails, perfect for enjoying Florida’s sunny weather. It’s a quick drive to hop over to the Georgia border, and Gainesville, Jacksonville, and Tallahassee are all relatively close.
6. Holiday
- Home price: $241,833
- Mortgage: $229,741
- Estimated payment: $1,669
Enjoying an ideal location between Tampa and St. Petersburg, Holiday offers residents the best of both worlds: the tranquility of suburban living with easy access to bustling urban centers. Homebuyers will find a variety of budget-friendly housing options, including charming single-family homes, modern townhouses, and spacious condominiums.
With a strong sense of community, friendly neighbors, and a low cost of living, Holiday provides a welcoming and comfortable environment for anyone looking to settle down without stretching their budget. And let’s face it—who wouldn’t love telling their family and friends they’re moving to a place named “Holiday?”
7. Port Richey
- Home price: $243,675
- Mortgage: $231,492
- Estimated payment: $1,682
Not to be confused with New Port Richey, which is a newer city beside Port Richey, Port Richey offers affordable living along the beautiful Gulf Coast. It sits in Pasco County, meaning Tampa, St. Petersburg, and Clearwater are all nearby.
Nature lovers will appreciate Port Richey’s abundant outdoor activities, including boating, fishing, and exploring nearby parks like Port MacDonnell Park. Whether you’re strolling along the waterfront or participating in community gatherings, Port Richey offers a warm and inviting environment that’s ideal for calling it your new home.
8. Sebring
- Home price: $243,962
- Mortgage: $231,763
- Estimated payment: $1,684
Known as the “City on the Circle” because of its unique circular layout in downtown, Sebring offers residents stunning waterfront views of Lake Jackson and a variety of recreational activities. It’s an ideal spot for first-time buyers, retirees, or anyone looking to enjoy the Florida sunshine without breaking the bank.
The community spirit in Sebring is strong, with numerous local events and festivals that bring neighbors together. Among the many outdoor activities the city offers, golf lovers will especially appreciate the city’s many golf courses.
9. Lake City
- Home price: $244,264
- Mortgage: $232,051
- Estimated payment: $1,686
We’re heading back to northern Florida again, where Lake City combines affordability with a rich blend of history and natural beauty. Located in Columbia County, the city is much better thought of as a down—Lake City’s population hovers around 12,300.
Sparkling lakes, ample recreational spaces, and many parks make Lake City ideal for the outdoorsy type. No, it’s not among the cheapest options on this list, but we’re willing to bet the city’s stunning scenery will charm you into wanting to call it home.
10. Inverness
- Home price: $246,968
- Mortgage: $234,619
- Estimated payment: $1,705
Inverness is a city wedged between the Ellie Schiller Homosassa Springs Wildlife Park and The Villages, a famous 55+ community in Florida. Home to the stunning Withlacoochee State Trail, which is one of Florida’s longest paved rail-trails, residents have plenty of opportunity to get in their 10,000 daily steps.
Beyond its natural beauty, Inverness is a town where community spirit thrives. Residents come together for annual events like the Great American Cooter Festival and other lively gatherings that celebrate the town’s culture and heritage.
For Context
The median sale price for homes in Florida is $410,800 as of December 2024. That represents a 1.6% increase from the year prior.
So, under these circumstances, even though houses in Inverness are nearly $100,000 more expensive on average than those in Quincy, Inverness is still a steal for the Florida housing market.
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