Florida has become the biggest U.S. state for the construction of new homes, but it’s also becoming the most expensive place to buy a home.
A new report released Thursday by Fannie Mae and Freddie Mac found that if you bought a home in Florida in 2017, you could expect to pay an average of $8,099 a month for the next 20 years.
The median price of a Florida home in 2020 was $2,091, which is nearly $1,200 higher than the median price in 2017.
That means Florida residents could pay an additional $9,868 a year for a median-priced home.
Read moreFlorida has become one of the biggest places in the country to buy homes, according to Fannie and Freddie, with more than 2.6 million new home sales, up more than 50% from 2017.
The state saw more than 7.7 million transactions in 2018, up from 4.6 in 2017 and 4.2 in 2016.
The number of homes sold in Florida was up nearly 7% from the previous year, while the number of units sold increased about 15%.
Read More A typical new home sold in the state in 2017 was worth $6,738, a 20% increase from the year before.
In 2020, it was worth about $2.3 million, up about 18% from 20 years earlier.
Fannie Mae says a single-family home in the Orlando area that sold for $2 million in 2017 is now worth $1.5 million.
A two-family house in Orlando that sold in 2020 is now valued at $2-3 million.