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These days, finding an affordable place to live in the Florence area can be challenging. Home prices in Florence are now at a median cost of $231,239, lower than the Missouri average of $246,641.
The average cost of rent is $1,280/mo in Florence, primarily driven by the current value of real estate in the Florence area. In Florence, 25.45% of households rent, and 46.01% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Florence is $3,569 per month. Households that rent pay about 35.86% of their income on rent here. Florence’s most expensive areas are in the central regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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