* **Median Florida home price:** Fluctuates, but recent trends show prices remain elevated compared to pre-pandemic levels.
* **Interest rates:** Higher rates impact affordability; potential buyers should factor in increased monthly payments.
* **Down payment:** Typically ranges from 3% to 20% depending on the loan type (FHA, conventional, VA, etc.).
* **Closing costs:** Account for 2% to 5% of the home’s purchase price, covering expenses like title insurance, appraisals, and taxes.
* **Property taxes:** Vary by county and assessed value, averaging around 0.98% statewide, but can be higher in specific areas.
* **Insurance:** Homeowners insurance is crucial due to hurricane risks and can be significantly higher than in other states. Flood insurance may also be required.
* **Credit score:** A higher credit score (620 or above for many loans) translates to better interest rates and loan terms.
* **Debt-to-income ratio (DTI):** Lenders prefer a DTI below 43%, indicating manageable debt compared to income.
* **Common issues:** Florida homes often face challenges like hurricane damage, sinkholes, and pests (termites), requiring thorough inspections.
* **Market conditions:** Florida’s housing market can be competitive, especially in popular areas; buyers need to be prepared for bidding wars.
