News & Media
TALLAHASSEE – Virtual Staging AI, an artificial intelligence tool for virtual home staging, named two Florida locales among the best for affordable waterfront homes.
Naples and St. Augustine were listed as numbers 2 and 10, respectively, for affordability based on housing price-to-income ratios – a comparison of median home prices to median household incomes. Lower ratios indicate greater affordability.
Naples had a housing price-to-income ratio of 5.85. St. Augustine’s housing price-to-income ratio was 6.88. By comparison, Newport Beach, CA., was ranked as the least affordable town in the U.S. to buy a waterfront home with a housing price-to-income ratio of 57.54.
“With a median home price of $793,000 and a median annual household income of $135,657 — 57% higher than the national average—Naples offers an exceptional balance of luxury and affordability. Residents enjoy a wealth of activities, from boating and fishing in the Gulf of Mexico to exploring the renowned Naples Botanical Garden,” the company said.
Naples also made U.S. News and World Report’s ranking of the Florida’s best cities to live in, but affordability will depend on where you live within the city. Housing along the coast costs more than prices further inland.
Zillow’s data shows the current median home price in Naples is around $602,301, and the median monthly rent is $5,700. In St. Augustine, the average value of a home is currently around $456,198, and the average price to rent each month is around $2,263.
Source: Naples Daily News (07/02/24) Norman, Lianna
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