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There are many reasons why people want to buy a home in Florida. Some of these include relocating to be closer to their families, investing in a beach house, being near Disney World, or paying less in property taxes. This list is for people who are planning on buying a home or renting one in Florida.

Spring Hill

Based on our analysis, Spring Hill is the best place in Florida to buy a home. The average home value in this area is $243,145. It is 22.9% lower than the average home prices in the other cities in the study. Over the last five years, the value of homes in this area has appreciated 85.4%, which is higher than the average of 52.4%.

 

Those who are looking to rent will not have a hard time finding a home in Spring Hill. The rental vacancy rate in this area is 3.1%, which is lower than the average in the other cities. The rent as a percentage of income, which is an indication of how much people can afford to pay, is at 30.5%. The rent as a percentage of the home value is also above average at 5.3%. In addition, the average property tax rate is lower at 0.8%.

 

Lehigh Acres

One of the best places to buy real estate in Florida is Lehigh Acres, which is located in Lee County. The typical home price in this area is around $236,569. Its home value has appreciated 65.7%, and the rental vacancy rate is at 3.5%. Its income ratio is also below average, at 38.6%. The effective property tax rate is 0.8%. 

 

Palm Bay

The typical home value in Palm Bay, which is located in central Florida, is $242,535. It is 23.1% lower than the average home prices in the other cities in the study. Over the last five years, the value of homes in this area has appreciated 64.9%. The rental vacancy rate in this area is 4%, and the income ratio is 33%. This means that finding a home that can accommodate a household’s needs can be easier.

 

Pine Hills

The average home value in Orange County’s Pine Hills is currently at $222,782, which is 29.3% below the state’s average. It is a good place to buy real estate because of its residential real estate market, which has appreciated 97.2% over the last five years. The rental vacancy rate is also below average at 4.1%. Another indication of how quickly people can pay off their mortgage is the above-average 5.6% rent-to-home value ratio.

 

Jacksonville

The typical home value in Northeast Florida’s Jacksonville, which is the largest city in the state, is currently at $249,048, which is 21% below the average for the other cities in our study. Its home value appreciation rate is 60.9%. The rental market is also good, with a vacancy rate of 7.5% and a rent-to-income ratio of 3.8%.