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Affordable housing in South Florida? where?

 
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amother




OP
 

Post Thu, Apr 15 2021, 8:30 pm
Which community in South Florida has affordable housing? How much does it cost to buy a 2 or 3 bedroom condo and in which area? How much does it cost to buy a 3 bedroom house? Interested in Boca, Hollywood, and others
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amother




OP
 

Post Sun, Apr 18 2021, 9:31 pm
bump
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amother




Linen
 

Post Mon, Apr 19 2021, 12:27 am
Honestly, it depends on your definition, but I would say no there’s no affordable place.

The cheapest neighborhood is north Miami Beach. A nicely redone, but not luxurious , 4 bedroom home is going for 720k right now.
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amother




Apricot
 

Post Mon, Apr 19 2021, 12:36 am
amother [ Linen ] wrote:
Honestly, it depends on your definition, but I would say no there’s no affordable place.

The cheapest neighborhood is north Miami Beach. A nicely redone, but not luxurious , 4 bedroom home is going for 720k right now.


That is absolutely not going rate. I live in NMB and I know which house you are talking about. They are listing their home way above market value!
Most houses in NMB are 550-600k range, though it is hard to find a house available.
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amother




Linen
 

Post Mon, Apr 19 2021, 1:03 am
amother [ Apricot ] wrote:
That is absolutely not going rate. I live in NMB and I know which house you are talking about. They are listing their home way above market value!
Most houses in NMB are 550-600k range, though it is hard to find a house available.


Yes, I was wondering if it’s because it has a pool....
From what I saw there is very little availability but typical is 600k for a 4 bedroom not very updated or a 3 bedroom more updated , no pool . Is that accurate?

Anyway, op is mentioning boca and Hollywood which are way more expensive
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amother




Silver
 

Post Mon, Apr 19 2021, 1:17 am
Wow! Florida isn’t cheap. I also heard tuition is very expensive, in comparison to the tri-state area, in the Northeast. What do people do for parnassa there? How do ppl make ends meet, with families ?
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amother




Magenta
 

Post Mon, Apr 19 2021, 1:26 am
There is not state income tax. There are a lot of doctors, lawyers, amazon sellers, real estate investors, small business owners- a mix of everything you have anywhere else in the world. Recently the numbers have gone way up. In Hollywood the houses that were going for 4 or 5 are now going for 7- and they aren't big mansions at ALL.
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amother




Blue
 

Post Mon, Apr 19 2021, 1:45 am
My sister is moving from Monsey to Boca , it's much more affordable. They are getting a bigger house for less money, lower property taxes, no Income tax.
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amother




Emerald
 

Post Mon, Apr 19 2021, 3:58 am
Are you eligible to live in 55+ housing? Century Village Boca very affordable
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amother




Linen
 

Post Mon, Apr 19 2021, 9:09 am
amother [ Magenta ] wrote:
There is not state income tax. There are a lot of doctors, lawyers, amazon sellers, real estate investors, small business owners- a mix of everything you have anywhere else in the world. Recently the numbers have gone way up. In Hollywood the houses that were going for 4 or 5 are now going for 7- and they aren't big mansions at ALL.


That’s the issue we saw. It depends on your standards and needs and whatever. But there are houses in Miami for 550 that are 3-4 bedroom 2 bathroom, unlandscaped yard and kitchen bathrooms not super updated but fine. It seems like for most houses it’s open concept so you have one big room for living dining kitchen then a separate room. For the same price in lakewood you’d get W five bedroom 3.5 bathroom with study playroom separate dining room etc, and tuition is around 8k more per kid. It’s a great community but there are gashmius trade off
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amother




Silver
 

Post Mon, Apr 19 2021, 9:20 am
This is what we're seeing every time we look into moving to South Florida. In NJ, we have a 6 bedroom house, 4 bathrooms, playroom, separate living room dining room, big kitchen, full basement with a legal apartment for a Tenant, that generates income, tuition per child is less expensive, kosher food is less expensive. In the flip side- property tax is high, income tax is high. And we're living in the cold most of the year.
I grew up in Florida, and from what I've seen, jobs don't pay more there, then they do in other places. Every time hubby and I talk about it, we see there is a trade off. I guess it's just seeing what works best for each family.
But if we sell our home here, we won't be able to get a house of equal size and quality in South FL. But the warm weather does add to quality of life!
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amother




Apricot
 

Post Mon, Apr 19 2021, 3:16 pm
amother [ Linen ] wrote:
Yes, I was wondering if it’s because it has a pool....
From what I saw there is very little availability but typical is 600k for a 4 bedroom not very updated or a 3 bedroom more updated , no pool . Is that accurate?

Anyway, op is mentioning boca and Hollywood which are way more expensive


Homes are listed at that price, but I don’t think they are usually sold as high. I’d say the ones with a pool are closer to 600k, and without closer to 550k.
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amother




Apricot
 

Post Mon, Apr 19 2021, 3:18 pm
amother [ Silver ] wrote:
Wow! Florida isn’t cheap. I also heard tuition is very expensive, in comparison to the tri-state area, in the Northeast. What do people do for parnassa there? How do ppl make ends meet, with families ?


Nope not cheap at all!
Basically everyone here has two incomes, and lifestyle isn’t as expensive (less clothing pressure and no changing seasons, less keeping up with the Joneses, no need to pay for heat, etc)
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amother




Magenta
 

Post Mon, Apr 19 2021, 3:22 pm
amother [ Apricot ] wrote:
Nope not cheap at all!
Basically everyone here has two incomes, and lifestyle isn’t as expensive (less clothing pressure and no changing seasons, less keeping up with the Joneses, no need to pay for heat, etc)

But there is the need for AC most of the year, every family simcha is a plane ticket or multiple plane tickets, also please look into the schools very well to make sure they are the right fit for your family. They are wonderful but there aren't a million to choose from- it's important to recognize that.
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amother




Natural
 

Post Mon, May 03 2021, 12:05 pm
I can't speak for Boca, but I live in Hollywood, along 40th ave. Because places right next to young israel are really expensive, people are moving to places like the streets between 441 and 40th and there is a young israel off shoot, or by Taft Street around 46, 48, 50 etc. Along 40th the houses are 3 bedrooms with an in law apartment which you rent out and they are in the $300ks. Duplexes are in the $400Ks. It's a very nice area. Along Taft the houses are in the $400Ks, but are bigger.

Here is the new eruv map. https://eruvhollywood.com/

When you buy a house in Florida the purchase price is less relevant. What is relevant is 1. What your homeowners insurance will cost (NMB has cheaper prices in some areas, but higher homeowners because it's east of 95) and 2. What the taxes are. This varies a lot neighborhood by neighborhood. The bank gives you a PITI you are approved for. If you find a house owned by someone with a low tax rate (usually someone older) you get approved for a higher mortgage. Your tax rate will then change in a year or so to be your personal tax rate.

Because of this, although at the time I bought I earned $49K, because I bought a house owned by the same owner for a long time, who had a $200/month tax rate, and the house had hurricane straps and is on high ground, so $300/month in insurance, I got a mortgage on a $450K house for $1575/month.

After a year the tax rate readjusted to almost $600/month but I am in already and then I covered it renting out part of the house.

You can look up the tax rate of any house for sale on the county website, you make a list, and tell your realtor these are the ones you want to see.

A lot of investors come from out of state and don't understand this. So they buy houses from elderly people and try to flip them after fixing. And then can't figure out why they can't sell. Because a house with an investor tax rate gets approved for a much smaller mortgage than a house with a homestead exemption for 50 years.

It is true that housing may be a bigger percentage of your cost of living in Florida. I essentially live on $36,000/year plus my housing and I have a few kids. In NY I had fewer kids but lived on more. Also, when you apply for food stamps in Florida they allocate 50% of your income for housing and utilities, and the rest of your housing and utilities they subtract from your income. I think this is different than other states because housing is very expensive.
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