Daytona Beach Named 8th Most Affordable Beach Town In America By SmartAsset

By on January 23, 2018 in WNDB News

Daytona Beach, FL – According to a recent study conducted by SmartAsset, a company dedicated to giving advice on personal finance decisions, the City of Daytona Beach has been found to be one of the Top 10 Most Affordable Beach Towns in America.

SmartAsset’s third-annual study reveals that Daytona Beach is the 8th cheapest beach town in the nation. The list was compiled based on home value, the number of rooms, property taxes, and monthly housing costs. According to the study, the average home in Daytona Beach is worth $117,000. While this number still ranks in the Top 10 Most Affordable, the average home is worth $5,000 more than last year.

Regardless, mortgages in the area are low due to the affordability of the homes. The median monthly housing cost is $757, the fourth lowest out of the Top 10. The median number of rooms per household is 5.6 and the median annual property taxes were calculated to be $1,080. The rest of the Top 10 and the Top 25 with each metric’s scores are listed below.

(Charts courtesy of SmartAsset)

SmartAsset recommends that renters or buyers should keep housing costs to below 30% of their income. That 30% should include mortgage payments, property taxes, and costs associated with upkeep. This allows individuals to still be able to save for retirement and have disposable income.

When purchasing a home, it is ideal to have the highest credit score possible. A high credit score will translate into a low mortgage rate.

For more on this story, head to SmartAsset.com.

Photo courtesy of Sean Pavone and Shutterstock.com.

Copyright Southern Stone Communications 2018.

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