A big part of the American Dream is home ownership and, statistically, most Americans do own their homes (roughly two-thirds of the households in the U.S. are owned versus rented).
But with housing prices skyrocketing during the pandemic, especially in Florida, is that dream fading away?
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According to data from Zillow.com, in July of 2021 the typical home in Florida sold for about $305,000. Not too bad until you consider the price of that same home in previous years (see data below).
And renters aren’t fairing much better.
According to RentCafe.com, the average price of a rental apartment in Orlando is $1,541 (that gets you about 963 square feet).
The 28% rule says that your housing (mortgage or rent) should be no more than 28% of your income.
Apply the 28% rule and you need an income of $66,000 a year to have a well-balanced budget.