Cost of Moving To Florida

#mirealtorsabe #aliberlopez #memudeaflorida

Seller Book Guide: https://www.simplifyingthemarket.com/...

IG:   / aliberlopezreal  

LinkedIn: inkedin.com/in/aliber-lopez-01398b20/

Email: [email protected]

Contact Number: 787-531-6359 or 407-496-9766

What is the Cost of Living in Florida?
The cost of living in Florida is far higher now when compared to other states than it was when our parents and grandparents retired there years ago.

It wasn’t that long ago that you could move to Florida and buy a nice home for far less than you could in most other states.

You could sell in the state you had been living in, buy a similar home in Florida for a lot less, and then bank the difference.

For instance, when I moved to Florida in 1995, you could buy a brand new 3 bedroom, 2 bath, 2 car garage CBS (concrete block with stucco) home for $69,900. Yes, you read that right, $69,900.

That home came with a master bedroom suite, split floor plan (master on one side, spare bedrooms, and bath on the other side of the main living areas), ceramic tile throughout, a roofed lanai (covered patio), cathedral ceilings, central air, separate laundry room, finished painted drywall in the garage and more.

Homes like this were available in multiple locations in Florida, built by different builders.

Anyway, people could sell for say $169,900 where they were moving/retiring from, buy a home like this and have $100,000 minus expenses to the bank or invest.

The cost of living in Florida overall was so low back then, that you could live off of a social security retirement check(s) (that’s how you actually got paid in “ancient” times, by check) and supplement your income when needed from what you netted on your home sale.

It’s no wonder then, that is exactly what many people did. They sold and retired to Florida.

The super-low cost of living in Florida has gone the same way as being paid or paying with, a check. It’s gone and we’re unlikely to ever see it again.

Well, except for a couple of years after economic downturns when Florida’s home prices crash and before the bubble starts to reinflate again (see the Florida Move Guide).

Not only is the cost of living in Florida higher now, but it can also increase shockingly quick.

I’ll give you just one example using home prices because if you’ve been looking, you know how quickly and how far they’ve risen. As home prices increase, so too can your real estate tax bill, which may rise annually right along with your home value.

As your Florida home value and real estate taxes increase, you may have to purchase additional insurance to cover the increased value and or cost of replacement.

Before relocating, it would be a good idea to consider how likely it is that the cost of living in Florida may grow faster than your income.

I have had to sell too many homes over the years in Florida for people whose expenses grew faster than their ability to pay them.

This happened despite being financially comfortable when they first moved to the state.

Others went back to work (at 75?) to try to make ends meet. Not exactly how they pictured retirement.

It’s Now More Expensive to Live in Florida Than Most Other States.
It might be a good idea to learn if the overall cost of living in the state you now reside in is lower or higher than in Florida.

I’d be cautious about moving to Florida if it was more expensive than where you are now, especially if you’re secure financially.

I’d be particularly concerned if Florida’s cost of living is higher and…

You are retired, disabled, or otherwise live on a fixed income.
You will have to find and keep a job in Florida to pay your living expenses.
You are moving to Florida with school-age children that will depend on you to keep a roof over their heads.