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FLORIDA - Despite soaring home prices in recent years, Florida isn't among the top 10 states where residents spend the highest percentage of their income on housing.
According to a new WalletHub study that analyzed mortgage payments, rent, and home energy costs to determine which states are the most financially burdensome for housing.
Hawaii ranked first, with homeowners allocating over 53% of their income to housing.
Despite having one of the highest median household incomes in the nation, Hawaii’s extreme housing and energy costs push it to the top.
California, Oregon, Nevada, and Washington followed, all with housing expenses consuming over 34% of income.
Florida placed 13th, with housing costs making up just over 30% of the median monthly income for homeowners.
While that may seem high, it’s well behind other states with similar population booms and real estate demand.
However, the picture shifts dramatically for renters.
WalletHub’s separate analysis for rental costs placed Florida fourth, with renters spending 42.64% of their income on housing, higher than in most other states.
Only New York, Hawaii, and Massachusetts ranked worse.
The data suggests that while homeownership may be slightly more manageable in Florida compared to coastal peers, renters are facing disproportionately high housing burdens.
WalletHub used data from sources like the U.S. Census Bureau and Energy Information Administration to calculate costs as a share of median income.
As housing affordability remains a national concern, Florida's split ranking highlights the ongoing challenge for renters in a high-demand market.