WEST PALM BEACH, Fla. — Three South Florida counties ranked in the top 10 in the state where financing a home is the most expensive, according to a study by SmartAsset.
The study used median home values and estimated interest rates for a 30-year fixed-rate mortgage to calculate the total cost of financing a home.
Miami-Dade was ranked seventh with Martin County eighth and Palm Beach County 10th behind No. 1 Monroe County, which includes Florida's Keys, including a median home price of $957,819. Among the 67 counties in the state, Broward was 13th, St. Lucie 14th, Indian River 19th and Okeechobee 52nd.
| Rank | County, State | Median Home Value | Interest Rate Estimates | Total Interest | Total Cost | Most Expensive Index |
|---|---|---|---|---|---|---|
| 1 | Monroe County, FL | $957,819 | 6.64% | $1,002,777 | $1,960,596 | 37.68 |
| 2 | Walton County, FL | $681,162 | 7.05% | $766,357 | $1,447,519 | 27.56 |
| 3 | Collier County, FL | $594,299 | 6.59% | $617,111 | $1,211,409 | 22.91 |
| 4 | Saint Johns County, FL | $515,056 | 7.04% | $579,043 | $1,094,099 | 20.59 |
| 5 | Nassau County, FL | $463,650 | 6.92% | $510,422 | $974,072 | 18.23 |
| 6 | Manatee County, FL | $458,069 | 7.01% | $512,386 | $970,455 | 18.16 |
| 7 | Miami-Dade County, FL | $479,969 | 6.22% | $464,330 | $944,299 | 17.64 |
| 8 | Martin County, FL | $460,905 | 6.49% | $469,124 | $930,029 | 17.36 |
| 9 | Sarasota County, FL | $460,560 | 6.27% | $449,591 | $910,151 | 16.97 |
| 10 | Palm Beach County, FL | $458,834 | 6.24% | $445,550 | $904,385 | 16.85 |
| FL | $326,286 | 7.36% | $342,646 | $668,932 |
The study adjusted the Freddie Mac national average interest rate by county using average credit score and debt-to-income ratio.
The overall loan payments were a 30-year fixed-rate mortgage at a 20% down payment. Loans were around 7%.
"For most buyers, the cost of purchasing a home goes beyond the price one pays at closing -- interest rates will have a significant impact on the final cost of the purchase," SmartAsset wrote in a news release.