According to, Florida home values have jumped by 10.5% in the past year. Zillow also predict they will rise a further 2.4% in the next year. This brings the median home value in Florida to $204,500 and the median price of homes currently listed in Florida to $272,900.

That’s How Much It Costs to Buy a Home, But How Much Does It Cost to Keep One?

It is estimated that the average American family spends about 30% of their income on housing, and it doesn’t seem to matter too much whether they rent or own. In the big cities, especially New York, this figure can be as high as 40%. Everyone knows that small costs add up, but seriously, where does it all go?

Monthly Expenses

Here’s a short summary of average expenses for a $300,000 place in Florida. Just to see what’s costing us so much.

Homeowners Insurance: $166

You may not see this figure because it’s hidden among other home payments, but it’s there, and it’s not small. informs us that the average Florida home costs about $166 per month to insure. Most states don’t pay as much for their insurance, but they don’t have our weather either. By the way, homeowner insurance has risen by about 50% in the last decade and will probably continue to rise as we fill our homes with more and more stuff.

One way to keep this expense down is to shop around every year. If you spend half an hour shopping and knock $100 off your premium, you just earned $200 per hour –which is okay. Another way is to bundle your insurances together. You can also check out our post on Home Improvements That Can Reduce Your Premiums

Private Mortgage Insurance: $250

If you can’t put at least 20% down on the price of your home, the bank will protect themselves with Private Mortgage Insurance. recommend that you avoid PMI if you can; they calculate that PMI on a $300,000 loan could cost as much as $250 per month.

Yard Maintenance: $80

This varies from area to area. A lot of guys out there will do this kind of work for nix. You can pay as little as $20 to have your grass cut, or you can pay ten times that amount for a thorough job by a fully insured contractor. The choice is yours. If you’re thinking of selling, it’s worth doing a bit extra.

Property Taxes: $148

Unavoidable as they are, Florida property taxes aren’t that high, compared to the national average. puts the state’s median property tax at $148.

Water, Sewage and Electricity: $170

Whether you own or rent, this one is hard to avoid. You can always make changes to your home to save electricity, but some improvements won’t pay off for a very long time. For many of us, the best and cheapest way to cut down our electricity bill is to change our habits.

Electricity, according to costs about $130 per month in Florida. Sewage and water comes to about $40.

Homeowners Association Fees: $300

This figure can vary greatly, so can the benefits. gives a figure around $300. If there’s an association, there’s no way to avoid the fees.

General Upkeep: $250

Finally, we have the everyday repairs and maintenance. The consensus among experts is that you will pay about one percent of your home’s value each year on this. For a $300,000 home, that’s $250 per month. That’s not to say that every month you will spend $250, but year after year, on average, that’s what it will cost.

So that’s where the money goes.

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