Cape Coral is among the most affordable cities for property, a new report shows.
The Waterfront Wonderland is among the most affordable for both buyers and renters in Florida. That is according to a new report from financial consumer website, ValuePenguin.
Cape Coral was named the most affordable city in Florida for renters. It has 31.04% of income spent on housing costs.
It is also better for buyers, with monthly homeowner costs at $1,040. That is $55 less than rental costs at $1,095.
“The affordability of housing costs in Florida varies significantly depending on the city you live in, as well as whether you rent or own your home,” the website says.
ValuePenguin analyzed housing costs across major Florida cities. It found that costs for homeowners varied by 161%.
In fact, all cities in the state are affordable for homeowners. That is because housing costs don’t exceed 30% of the median income, a standard metric of affordability.
The website analyzed population and housing cost data from the Census Bureau’s American FactFinder database. The 30 major Florida cities included in its analysis have a population of more than 75,000, according to the 2010 Census.
Discover why Cape Coral is affordable and a growth destination