Florida’s real estate market has long been a topic of fascination, speculation and sometimes absolute confusion. As the Sunshine State continues to attract newcomers and investors, it’s important to separate fact from fiction.

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GOBankingRates spoke with top real estate experts to debunk some of the most persistent myths about Florida’s housing market. Here are the facts about the myths — straight from the realtors’ mouths.

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Myth 1: Florida’s Housing Market Is a Bubble About To Burst

The myth that Florida’s housing market is about to collapse is unequivocally false, according to our experts. This fear appears to come from the 2008 financial crisis, which hit Florida particularly hard. However, today’s market stands on much firmer ground.

“Today’s market is built on much stronger foundations. Stringent lending practices, a robust economy and steady population growth have made the market more resilient. Experts agree that while fluctuations can happen, a sudden and severe downturn is unlikely,” said Alex Mendel, real estate advisor at Keller Williams Realty Boca Raton.

Craig Studnicky, founder and CEO of ISG World, added even more nuance, especially about the condo market.

“Despite the national headlines about Florida’s condo market crisis, not all condos are losing value,” he said. “According to ISG World’s latest Miami Report, while older condos over 30 years old have depreciated by an average of nearly 20% this year, newer units are thriving. Condos less than 30 years old have appreciated by an average of 9% in just the first six months of this year.”

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Myth 2: The Market Is Only for Wealthy Buyers

A lot of people think you need to be rolling in cash to be able to afford Florida real estate, especially with high-profile luxury property sales making headlines. But this, too, is a myth!

“The market offers something for everyone,” Mendel said. “There are numerous affordable neighborhoods throughout the state, particularly in inland areas or smaller towns. Furthermore, Florida’s lack of state income tax and relatively low property taxes compared to other states can make homeownership more accessible for middle-class buyers.”

Dottie Herman, vice chair and former CEO of Douglas Elliman Real Estate, backed this up — adding that Florida real estate is diverse and inclusive.

“You can’t look at Florida as one market,” she said. “It depends on what part of the state you’re in and even within a particular area, there is a wide range of affordability.”

Myth 3: Property Taxes Are Unbearably High

The misconception that Florida’s property taxes are wildly high is another common myth that our experts addressed.

“While it’s true that property taxes can be significant, especially in certain high-demand areas, they are generally in line with or even lower than the national average,” Mendel said. “Florida’s homestead exemption also provides relief to homeowners, reducing the taxable value of your primary residence.”

However, Herman warned newcomers that there might be some other surprise expenses.

“Most buyers moving to Florida from out-of-state don’t realize how expensive home insurance has become in recent years,” she said. “Older housing stock, particularly in Miami-Dade and Broward County, have to adhere to rules to properly maintain the structures and to protect them from natural disasters. Skyrocketing insurance policies have made these areas cost-prohibitive for many buyers.”

Myth 4: There’s No Demand for Rental Properties

Some people think that rental properties in Florida are hard to rent out or not in demand. The experts we talked to said this couldn’t be further from the truth.

“Florida has a thriving rental market, driven by its growing population, tourism and the influx of seasonal residents,” Mendel said. “Cities like Miami, Orlando and Tampa have particularly strong rental markets. Whether you’re looking at short-term vacation rentals or long-term leases, investing in rental properties can be quite profitable.”

Myth 5: Real Estate Agents Aren’t Necessary in the Digital Age

With so much online information, some buyers and sellers think they can navigate the market without professional help. Experts disagree.

“The expertise of a local real estate agent can be invaluable, particularly in a diverse and rapidly changing market like Florida’s,” Mendel said. “Agents provide insights into neighborhood trends, help with negotiations and navigate the legal complexities of real estate transactions.”

Myth 6: Florida’s Housing Market Is Only for Retirees

Everyone knows Florida is a favorite of retirees — but it’s not just a retirement state.

“The state’s economic growth, job opportunities and lifestyle options have attracted a younger demographic, including families and professionals,” Mendel said. “Cities like Miami, Tampa and Jacksonville are vibrant hubs with thriving job markets and cultural scenes, making them attractive to people of all ages.”

Myth 7: All Florida Condos Are Losing Value

This myth has gained traction due to recent headlines, but the reality is more nuanced.

Studnicky provided data to counter this misconception: “Condos less than 30 years old have appreciated by an average of 9% in just the first six months of this year–an impressive increase even on an annual scale. The problem is, newer condos are getting harder to come by; according to our analysis, there are only about 2,500 available under 30 years old when we’d normally expect around 20,000.”

Myth 8: The Market Is Oversaturated

Many people think the Florida real estate market is at risk of a downturn because of oversaturation.

“This myth likely stems from a misunderstanding of Miami’s unique economic and demographic factors, combined with occasional media headlines that emphasize national trends rather than local realities,” said Michael Martirena and Ivan Chorney of the Ivan & Mike Team at Compass.

The truth is, Florida’s markets are diverse and while some might be oversaturated, that’s far from the truth for all.

Myth 9: You Need a 20% Down Payment To Buy a Home in Florida

Lindsay Fanali, strategic real estate advisor at Real Estate Bees, said it’s absolutely not true that you need 20% down to even enter the market in Florida.

“One myth I hear a lot is that you need a 20% down payment to buy a home here. This is not true,” she said. “There are programs available that range from 20% down all the way to 0% down depending on the lender, type of home, location and other factors.”

Myth 10: Hurricanes and Extreme Weather Make Florida a Risky Investment

Dutch Mendenhall, author and founder of RADD Companies, addressed that hurricanes and extreme weather make Florida a risky investment.

“Building codes and flood management advancements have made properties more resilient, and the demand continues to outpace these concerns,” he shared.