Florida homeownership requires careful planning. The median home price in Florida was around $400,000 in late 2023. A down payment of at least 3-5% is often needed, with 20% preferred to avoid Private Mortgage Insurance (PMI). Credit score is crucial, ideally above 740 to secure the best mortgage rates. Closing costs typically range from 2-5% of the loan amount. Factor in ongoing expenses like property taxes, homeowner’s insurance (average $6,000 annually), and potential HOA fees. Florida experiences higher-than-average risk of hurricanes, impacting insurance costs and requiring wind mitigation measures.