PHOTOS FROM 123RF
Homeownership in Florida: How does it compare with other states? By Adriana Montes
M
illions of Americans aspire to own homes. More than nine in every ten American investors consider owning a home to be either an essential or important component of the American dream. Homeownership can also be one of the best and most practical ways to build wealth both through appreciation of equity and tax deductions. According to the latest census report in the U.S., Florida has the 23rd lowest homeownership rate among all the states. In Florida, the typical
home is worth an estimated $245,100 in line with the national median of $240,500.Homeowners in the state are less likely than average to be paying down a mortgage. An estimated 56.3% of owner-occupied housing units in the state have a standing mortgage, compared to 61.7% nationwide. In addition to that, homeownership rates in the state stand at 66.2% higher than the national average. But, it is worth noting that there are so many factors that affect the homeownership JUNE 2022 | 31
