Study: Florida among most expensive states to buy property

The average cost for an acre in Florida is nearly $700,000, making it one of the most expensive state’s in the country to purchase property in.

That’s according to study commissioned by Cinch Home Services. The home warranty company looked at state, ZIP code and Core Based Statistical data from the Federal Housing Finance Agency to come up with its findings.

What if found is Florida ranked No. 10 in the country when it comes to the cost of land with the price of one acre averaging $696,700.

Within the state, the study found Miami Beach was the most expensive at $8.51 million per acre. Dunnellon, in Marion County, was the cheapest at $44,075 per acre.

So, what does that mean for the average person?

The study’s authors also looked at how long it would take a resident earning the state’s average wage to save up for an acre, assuming they were saving 30% of their salary.

In Florida, the study found, it would take 41.95 years.

Despite Florida’s high cost for an acre and falling into the top 10, the state trails far behind the priciest states to buy land.

Leading the list is Hawaii, where the average price for an acre is $3.49 million. Coming in at No. 2 is California at $3.31 million per acre with New York at No. 3 at $2.98 million per acre.

As for the least expensive, an acre of land costs on average $67,300 in Mississippi.