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TAMPA, Fla. (WFLA) — If you are looking for a starter home, you may be in luck. A new study found that the Tampa Bay area is among the “best” metros to find an entry-level home.
Construction Coverage determined the rankings by analyzing data from the U.S. Census Bureau’s 2022 American Community Survey, Zillow’s Housing Data, Redfin’s Data Center, and Freddie Mac’s Primary Mortgage Market Survey. It then scored each area by five factors, including the homeownership rate for under 35 householders and the percentage of owner-occupied homes with three or fewer bedrooms.
According to the study, Florida is the 13th-best state to find a starter home, with a score of 62.1.
The Tampa Bay area was the best large metro area to find a starter home in the Sunshine State. Construction Coverage ranked the metro at No. 6. The study showed that the average sale price of a starter-size home was $327,827.
Here’s a look at how all areas in Florida ranked:
Rank | Best large metros in Florida | Composite score | Percentage of starter-size homes | Starter-size mortgage payment as a share of renter income | Median sale price of starter-size homes | Months supply | Homeownership rate for under-35 householders |
6. | Tampa-St. Petersburg-Clearwater | 55.0 | 73.7% | 40.1% | $327,827 | 3.3 | 36.8% |
9. | Miami-Fort Lauderdale-Pompano Beach | 52.2 | 75.4% | 51.6% | $432,434 | 6.7 | 30.4% |
18. | Jacksonville | 42.8 | 64.3% | 36.2% | $300,146 | 1.6 | 42.0% |
37. | Orlando-Kissimmee-Sanford | 28.5 | 60.7% | 39.6% | $332,214 | 3.1 | 28.6% |
Rank | Best mid-size metros in Florida | Composite score | Percentage of starter-size homes | Starter-size mortgage payment as a share of renter income | Median sale price of starter-size homes | Months supply | Homeownership rate for under-35 householders |
5. | Ocala | 77.4 | 83.6% | 39.0% | $253,403 | 4.1 | 48.3% |
11. | Deltona-Daytona Beach-Ormond Beach | 71.3 | 76.0% | 39.0% | $318,422 | 5.0 | 43.2% |
12. | Cape Coral-Fort Myers | 70.4 | 84.7% | 42.2% | $371,663 | 6.7 | 41.5% |
17. | North Port-Sarasota-Brandeton | 66.4 | 83.6% | 47.1% | $414,219 | 5.6 | 41.4% |
20. | Port St. Lucie | 65.0 | 77.5% | 53.9% | $359,208 | 5.7 | 60.2% |
21. | Lakeland-Winter Haven | 64.6 | 77.5% | 53.9% | $263,603 | 5.7 | 60.2% |
26. | Naples-Marco Island | 61.8 | 80.2% | 71.9% | $600,752 | 7.5 | 47.7% |
27. | Palm Bay-Melbourne-Titusville | 61.6 | 72.7% | 35.8% | $314,461 | 4.4 | 46.0% |
38. | Gainesville | 51.9 | 72.6% | 45.3% | $271,384 | 3.9 | 24.7% |
44. | Pensacola-Ferry Pass-Brent | 50.2 | 67.6% | 39.4% | $270,069 | 4.6 | 41.1% |
49. | Tallahassee | 48.0 | 70.4% | 41.7% | $252,295 | 3.9 | 21.7% |
The top five states for buying a starter home are West Virginia, Oklahoma, Mississippi, Louisana and Arkansas. The worst state to buy a starter home is California.