You must make this salary to afford to buy a Florida home, study shows

Patchogue, N.Y.: A home for sale on Oak Street in Patchogue, New York on May 17, 2022. (Steve Pfost/Newsday RM via Getty Images)

Depending on where you live in the United States, if you make less than $76,000 a year and with the median price for a home nationwide being close to $370,000, odds are you won't be able to afford to buy that American dream home. That's according to data Visual Capitalist uncovered during quarter 1 of 2022, where it analyzed the salary needed to buy a home in 50 U.S. metro cities.

In Florida, data suggests residents would need to make the following a year to afford a home in these cities:

  • Orlando: $79.6K
  • Tampa: $75.4K
  • Jacksonville: $73.4K
  • Miami: $103.7K

The most expensive area to purchase a home appears to be in California, specifically San Jose, where the median home price is $1,875,000 – meaning a person would need to make more than $330,000 annually to pay off the mortgage at a monthly rate of $7,718.

In areas such as Pittsburgh, Pennsylvania, however, you could buy a home worth nearly $186,000 while making just over $42,000 annually.

The U.S. median household income right now sits at $67,500, meaning a family could only afford to buy a home in about 15 of the 50 metro areas studied in Quarter 1 of the year. 

With the income gap widening across the country, it appears renting versus buying a home is the more affordable option.

For a closer look at the numbers by metro city nationwide, click here