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Martin, Palm Beach counties in state's top 10 for most expensive home financing

SmartAsset examined median home price, interest rate estimates, total interest rates
Posted at 2:03 PM, Aug 20, 2023
and last updated 2023-08-21 11:26:24-04

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.

RankCounty, StateMedian Home ValueInterest Rate EstimatesTotal InterestTotal CostMost Expensive Index
1Monroe County, FL$957,8196.64%$1,002,777$1,960,59637.68
2Walton County, FL$681,1627.05%$766,357$1,447,51927.56
3Collier County, FL$594,2996.59%$617,111$1,211,40922.91
4Saint Johns County, FL$515,0567.04%$579,043$1,094,09920.59
5Nassau County, FL$463,6506.92%$510,422$974,07218.23
6Manatee County, FL$458,0697.01%$512,386$970,45518.16
7Miami-Dade County, FL$479,9696.22%$464,330$944,29917.64
8Martin County, FL$460,9056.49%$469,124$930,02917.36
9Sarasota County, FL$460,5606.27%$449,591$910,15116.97
10Palm Beach County, FL$458,8346.24%$445,550$904,38516.85

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.