Buying a home in Florida can be both exciting and challenging due to the state's unique real estate landscape. In October 2024, Florida saw a significant increase in home listings, with 144,730 properties available, up nearly 45% from the previous year. The median home price has dropped slightly to $434,995, though it remains about 10% higher than the national average. Prospective buyers should be aware of the high homeowners insurance costs, averaging $5,527 annually, which is more than double the national average. Additionally, property taxes in Florida can vary widely, with an average rate of 0.91%. First-time buyers may face higher taxes compared to previous owners due to the state’s Save Our Homes exemption. Fortunately, there are various mortgage options and assistance programs available, including low down payment loans and specific programs for veterans and frontline workers. Understanding these factors is crucial for making informed decisions in the Florida housing market.
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