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Lehigh Acres ranked among most affordable homes in Florida

By Staff | Feb 13, 2019

According to HomeArea.com, Lehigh Acres is among the top ranked cities with the most affordable homes in Florida.

The top five cities in Florida with the most affordable homes also include Deltona, Largo, Riverview, Spring Hill and Alafaya.

HomeArea.com spokesperson Rick Neil said to determine housing affordability, they compare local home prices with local incomes.

“The medium multiple answers the question, ‘how many years would it take for the median income to pay off the median home price,'” he said. “Lower values indicate that incomes in the area are high enough to make it easier to pay off a home. Anything under three is considered affordable.”

Lehigh Acres has a 2.0 housing affordability median multiple.

In other words, it would take 2.0 years for the median income to meet the median home price in Lehigh Acres.

According to HomeArea.com the median home value for Lehigh Acres is $82,400 with a median month owner cost of $1,116 with a mortgage. The median monthly rent is $893, which includes utilities. The website also states that the median household income is $41,000.

The median year housing in Lehigh Acres was built in 2001, according to HomeArea.com.

The Florida median multiple is 4.1, which is higher than the 3.6 national median multiple.

He said the current data shows house prices are up, new and active listings are up, days on market are down and new construction is up when compared to the same month a year ago.

“The only negative indicator that we are seeing is an increase in mortgage rates,” Neil said.

He said timing of the market is extremely difficult, or impossible.

“Focus on whether a move is right for you and your family and if it is, look for the home that best suits your needs. Everyone’s situation is different,” Neil said.