Florida has long been a haven for homebuyers seeking sunshine, beautiful beaches, and the promise of a laid-back lifestyle. Yet, not all that glitters is gold in the Sunshine State’s housing market. With 2024 in full swing, it’s crucial for prospective homeowners to look beyond the allure of palm trees and consider the economic and livability factors that make a city truly worth investing in.
If you’re eyeing a move to Florida, check out this list of 10 cities to steer clear of, helping you nail a smarter home-buying choice.
Homeland
- December 2022 Average Home Value: $219,884
- December 2023 Average Home Value: $210,353
- Year-over-Year Change: -$9,531
- Average Income: $31,005
- Livability Index: 58
Homeland’s noticeable decrease in home values, paired with its average income and livability score, signals potential challenges in both the real estate market and living conditions.
Madison
- December 2022 Average Home Value: $178,443
- December 2023 Average Home Value: $176,639
- Year-over-Year Change: -$1,804
- Average Income: $21,111
- Livability Index: 65
Madison’s real estate scenario presents a slight decline in property values, coupled with lower-than-average income levels and a modest livability score.
Palatka
- December 2022 Average Home Value: $191,025
- December 2023 Average Home Value: $190,559
- Year-over-Year Change: -$466
- Average Income: $19,694
- Livability Index: 55
Palatka, with its nominal decrease in property values and challenging income levels, underscores the importance of assessing financial and lifestyle factors.
Laurel Hill
- December 2022 Average Home Value: $179,366
- December 2023 Average Home Value: $177,566
- Year-over-Year Change: -$1,800
- Average Income: $28,747
- Livability Index: 60
Laurel Hill’s slight decrease in home values and average livability index highlights the need for buyers to dig deeper into the city’s offerings.
Campbellton
- December 2022 Average Home Value: $128,770
- December 2023 Average Home Value: $124,798
- Year-over-Year Change: -$3,972
- Average Income: $19,960
- Livability Index: 54
Campbellton presents the most affordable entry point in terms of home values on the list but accompanies this with a notable drop in property value and a low livability score.
Coleman
- December 2022 Average Home Value: $180,642
- December 2023 Average Home Value: $175,221
- Year-over-Year Change: -$5,421
- Average Income: $20,653
- Livability Index: 61
The declining home values in Coleman, alongside modest income and livability scores, suggest a cautious approach for prospective buyers.
Westville
- December 2022 Average Home Value: $187,528
- December 2023 Average Home Value: $185,859
- Year-over-Year Change: -$1,669
- Average Income: $30,200
- Livability Index: 51
Westville’s minimal change in home values does not overshadow its low livability score, prompting a deeper look into what it offers residents.
Poinciana
- December 2022 Average Home Value: $310,752
- December 2023 Average Home Value: $303,975
- Year-over-Year Change: -$6,778
- Average Income: $28,091
- Livability Index: 54
As one of the cities with higher initial home values, Poinciana’s market dynamics, including a significant year-over-year decrease and an average livability score, reflect its complex standing within Florida’s real estate landscape.
Micco
- December 2022 Average Home Value: $259,122
- December 2023 Average Home Value: $243,192
- Year-over-Year Change: -$15,931
- Average Income: $34,982
- Livability Index: 65
Micco showcases a significant dip in home values, posing questions about its market’s vitality and the broader economic stability.
Paxton
- December 2022 Average Home Value: $150,853
- December 2023 Average Home Value: $144,233
- Year-over-Year Change: -$6,620
- Average Income: $25,383
- Livability Index: 54
Paxton rounds out the list with its own unique challenges, including a decrease in home values and moderate income levels against a backdrop of average living conditions.
Understanding the Study
Centered on a comprehensive analysis by GOBankingRates, this study sifts through single-family home values and incomes across Florida, pulling data from December 2022 and December 2023 via the Zillow Home Value Index and average income figures from the U.S. Census American Community Survey.
Additionally, insights from the AreaVibes livability index provide a glimpse into the quality of life in these areas.
