Orlando is considerably less affordable for homebuyers than it was a year ago (and the rest of the state of Florida is even worse).
That news comes from a new report from real estate website Redfin
. They found that an average Orlando homebuyer needs to make $104,943 per year, compared to just $67,088 a year ago.
The jump in requirements is caused by two factors: the rapid increase in home prices in the area and a significant hike on interest rates ballooning monthly payments. Orlando actually saw the smallest relative leap in income requirements (56.4%) among all Florida cities. And the required income for a home purchase is lower than the current national average of $107,281.
Tampa saw a massive jump in the required income for a home between 2021 an 2022, jumping from $62,615 to $101,682 for an increase of more than 62%. The worst increase in Florida occurred in North Port, where calculated requirements rose from $75,659 to $131,535 (73.9%). Eight of the top 15 markets for highest relative cost increase in the nation were in Florida.