You may be one of the many interested in purchasing Florida real estate. If you considering how you are going to finance that home, you may have found yourself wondering if it was too late to escape to another, cheaper state.
But, like most, once you find yourself without a coat in January, you’re sold on southern living. (Not to mention the day you realize it is snowing in other states; just not yours.) It may surprise you to learn that living in the south usually comes at a lower cost, and then Florida real estate starts looking especially good.
We’re # 2!
When comparing the cost of living in the south, Florida ranks number two, only behind Tennessee, as the southern-state with the lowest cost of living. While Florida’s property tax is higher than Georgia, North Carolina, South Carolina and Tennessee, it is not the highest in sales tax, and has zero, yep you heard it: zero personal income tax. What’s that? The Sunshine State is calling you?
The many faces of Florida
Things get a bit tricky once you begin comparing real estate inside the state of Florida. There are many locations to choose from and the price ranges vary even more. In a report that broke the state into 127 different real estate markets, those markets were ranked on the cost of a four-bedroom, three-bathroom home in each. The top ten most expensive Florida markets were: Doral (the most expensive at a cost of $552,390), Palmetto Bay, Parkland, Fort Lauderdale, Delray Beach, Weston, Boca Raton, Ponte Verde, Cooper City and Naples (at $393,303).
The most of the least
The same report then ranked the least expensive markets in Florida. Fort Pierce, selling the sample home for $154,418 was at the top of the list. Following Fort Pierce, was Seffner, Lake City, Leesburg, Lehigh Acres, Poinciana, Citrus Spring and Palatka. Hastings, at $96,000, was the least expensive market to purchase a four-bedroom, three-bath home.
From here to there
Considering the geographical locations of the cities on the list, it would appear that the majority of the more expensive homes are positioned along Florida’s east coast, while the less-costly homes appear to be in the central part of the Sunshine State.
As with any state, there are great and not-so-great deals to be found in the Florida real estate market. That four-bedroom, two-bathroom home priced at $200,000 in Boca Raton would be considered a steal. If you bought the same home for $250,000 in Palatka, you may feel as if you’re the one who’s been robbed.
Keeping the secret
It’s easy to guess that if you are fortunate enough to already be living in paradise, you’ve got an endless list of reasons to purchase a home here. Maria Daly of Southern Breeze Realty Group is an expert in the real estate industry, with 20 years of experience. Looking to move in fast? She’s got you. Whether you are looking to buy, sell, rent, or rent out, Southern Breeze has your back. Find out more at southernbreezerealtygroup.com or give us a call!