When comparing home prices in Jacksonville to other cities in Florida, it still feels somewhat manageable.

After looking at home prices in Miami, Tampa, and Orlando, seeing listings in Jacksonville makes you think, "This might be something we can actually buy!"

Home prices vary slightly depending on the source. Zillow's average home value is about $296,000, Redfin's median sale price is around $300,000, and local real estate association statistics show figures exceeding $360,000. The differences arise from the types of homes and the methods of aggregation, but if we consider a typical residential property, let's use $310,000 as a baseline for calculations.

If you buy a $310,000 home and put down 20%, you'll need an initial amount of $62,000. The remaining $248,000 will be financed through a mortgage.

With a fixed interest rate of 6.75% over 30 years, the principal and interest will be about $1,609 per month. If you stop here and think, "That's not much different from rent," you're mistaken. Owning a home comes with property taxes and homeowners insurance.

If we assume property taxes are $388 per month and insurance is about $150 per month, the total monthly housing cost will be approximately $2,147. If the home has an HOA, there will be additional fees, and you'll also need to budget for home repairs. Especially in Florida, where insurance premiums can vary significantly by home, the $150 estimate is just a rough assumption. Actual insurance costs could be much higher depending on the age of the roof or whether the home is in a flood-prone area.

So, what annual income would be necessary?

One common guideline banks use when assessing housing costs is to allocate about 28% of your gross monthly income to housing expenses. If we set the monthly housing cost at $2,147, that means a monthly income of about $7,670 is needed, translating to an annual income of around $92,000.

This means that, excluding other debts like car loans or credit card bills, a household with an annual income in the low $90,000 range could consider a $310,000 home without stretching their finances too thin.

Considering the median household income in Florida is about $77,000, a $310,000 home is not an easy price point for the average family. However, compared to Orlando or Tampa, Jacksonville has the advantage of a lower entry barrier. With the same budget, there are relatively more options for single-family homes.

However, if you move down to St. Johns County for better schools, the situation may change. Areas known for good school districts or new homes often have prices higher than the overall median in Jacksonville, so budgeting based on the average of $310,000 could lead to surprises when viewing actual listings.

I would recommend not just looking at home prices but first calculating how much is actually going out of your bank account each month. You need to factor in the mortgage principal and interest, property taxes, insurance, and HOA fees, and also set aside some funds for home maintenance like air conditioning or roofing.

Still, for those looking to buy a home in a major Florida city, Jacksonville remains a market worth considering. Especially if you have stable employment and plan to stay for over five years, it's worth gradually comparing listings around the $300,000 mark. The key question is not whether you can buy a $310,000 home, but whether you can comfortably afford to pay over $2,000 a month in housing costs while maintaining a good quality of life. I believe starting with that calculation before choosing a home is the most realistic approach.