Top Florida Cities for Affordable Waterfront Homes
On average, Americans spend 74.9% more ($624,051) for waterfront properties. However, Naples and St. Augustine stand out for their affordability, according to a recent study.
TALLAHASSEE - Virtual Staging AI, an AI tool for virtual home staging, identified two Florida cities among the best for affordable waterfront homes.
Naples and St. Augustine ranked second and tenth, respectively, in terms of affordability based on housing price-to-income ratios. This ratio compares median home prices to median household incomes, with lower ratios indicating greater affordability.
Naples boasts a housing price-to-income ratio of 5.85, while St. Augustine’s ratio stands at 6.88. In stark contrast, Newport Beach, CA, is the least affordable town in the U.S. for waterfront homes, with a ratio of 57.54.
“With a median home price of $793,000 and a median annual household income of $135,657-57% higher than the national average-Naples offers an excellent blend of luxury and affordability. Residents can enjoy numerous activities, from boating and fishing in the Gulf of Mexico to exploring the famous Naples Botanical Garden,” the company stated.
Naples also featured in U.S. News and World Report’s list of the best cities to live in Florida. However, affordability varies within the city, with coastal properties being more expensive than those inland.
According to Zillow, the median home price in Naples is approximately $602,301, while the median monthly rent is $5,700. In St. Augustine, the average home value is about $456,198, with the average monthly rent around $2,263.
8 сен 2024
