The value of a top-tier home in Florida in early Summer was $697K. With rising housing prices, many people question the worth of buying a luxury home.

Fixed-rate mortgages offer stability with unchanging monthly payments throughout the term. Variable-rate mortgages have payments that change with interest rate fluctuations, posing potential risks.

Conventional loans typically require a minimum credit score of 620. FHA loans are for borrowers with lower credit scores, as low as 500 with a 10% down payment or 580 with 3.5% down.

Your credit score significantly impacts your mortgage interest rate. A higher credit score can lead to significant savings over the life of a mortgage, both monthly and overall.

The median U.S. home-sale price reached an all-time high of $397,482 in Early-Q3 2024. This 4.7% yearly increase is the most significant growth in over four months.

Shop around: Compare offers from multiple lenders to find the best rate. Increase your down payment: A larger down payment often leads to a lower interest rate.

FICO Score Range: 760 to 850 – Potential APR: 6.5% – Monthly Payment: $2,085 – Total Interest Cost: $420KFICO Score Range: 700 to 759 – Potential APR: 6.7% – Monthly Payment: $2,128 – Total Interest Cost: $436K

Florida's My Safe Florida Home program offers up to $10K for storm mitigation improvements. The state allocated $200M for the program, and the funds have been available from July 1.

Florida's rent prices are declining as the pandemic-induced in-migration slows. Construction surged during the pandemic, increasing apartment supply and lowering rents.

Low inventory levels have helped maintain high home prices. Final sale prices reflect deals made a month or two earlier, maintaining current high prices.