As the third largest state in the United States in terms of area, and the third most populated, Florida is renowned for its vibrant tourism sector, diverse economy, and unique geographical location. This comprehensive analysis dives deep into the key factors that have influenced the cost of living in Florida from 1940 to 2023. By examining historical trends in household income, rent prices, home values, and mortgage payments, we strive to paint a broad picture of the state’s economic evolution. This report offers a valuable opportunity to comprehend the economic intricacies of Florida, providing insights useful for residents, policy-makers, and anyone with an interest in economics.
Historical Median Household Income in Florida
Florida Historical Income Taxes
Historical Rent in Florida
Historical Home Price in Florida
Florida Historical Monthly Mortgage Payments
References
Bureau, U. C. (2022, August 18). Historical income tables: Households. Census.gov. https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-income-households.html
iPropertyManagement. (2021, October 26). Average Rent by Year [1940-2021]: Historical Rental Rates. IPropertyManagement.com. https://ipropertymanagement.com/research/average-rent-by-year
(2020). Census.gov. https://www2.census.gov/programs-surveys/decennial/tables/time-series/coh-values/values-unadj.txt
Home Value and Homeownership Rates: Recession and Post-Recession Comparisons. (2007). https://www2.census.gov/library/publications/2013/acs/acsbr12-20.pdf
Median Home Prices By State For 2022. (n.d.). Www.rockethomes.com. https://www.rockethomes.com/blog/housing-market/median-home-price-by-state
Historical 30 Year Fixed Mortgage Rates From the 1970s to 2020. (n.d.). Www.rocketmortgage.com. https://www.rocketmortgage.com/learn/historical-mortgage-rates-30-year-fixed
State. (2000). https://www.pacificresearch.org/wp-content/uploads/2017/06/4house10.pdf
The Average Cost of Rent in Every State. (2021, April 14). GOBankingRates. https://www.gobankingrates.com/investing/real-estate/average-cost-rent-every-state/
Rent price inflation, 2010→2023. (n.d.). Www.in2013dollars.com. https://www.officialdata.org/Rent-of-primary-residence/price-inflation/2010-to-2023
Housing price history from 1967 through 2020. (n.d.). Www.in2013dollars.com. https://www.in2013dollars.com/Housing/price-inflation
Methodology
For this in-depth research, we painstakingly compiled and analyzed data from numerous reputable and authoritative sources. Central to our study is the detailed household income data from the US Census Bureau’s “Historical Income Tables: Households”. Complementing our understanding of historical rental price trajectories in Florida, we referred to iPropertyManagement’s “Average Rent by Year [1940-2023]: Historical Rental Rates”.
To grasp the nuances of housing affordability, we leaned on reports from Census.gov and information about the state’s income tax from local Florida economic data sources. Census.gov provided a comprehensive dataset on housing values, which proved essential.
The Census Bureau’s report on “Home Value and Homeownership Rates: Recession and Post-Recession Comparisons” added crucial insights into the fluctuating housing landscape over time. Detailed mortgage rate data from RocketMortgage’s “Historical 30 Year Fixed Mortgage Rates From the 1970s to 2023” shaped our understanding of historical mortgage trends.
We referred to data from GOBankingRates and OfficialData.org to gain insights into rental costs and inflation rates in Florida. This data-intensive study offers a nuanced exploration of the cost of living in Florida over time, providing an invaluable backdrop for economic decisions and policies.
