[jac702]

We are retiring next year and relocating to Gulf Breeze area, our daughter and family are there.
We will be buying a house for cash about $225,000.
living on a limited income of approx $2000 a month.
We are concerned about property taxes, insurance and home owner association dues.
Your input would be appreciated. Thank you

[RetGI]

Originally Posted by jac702

We are retiring next year and relocating to Gulf Breeze area, our daughter and family are there.
We will be buying a house for cash about $225,000.
living on a limited income of approx $2000 a month.
We are concerned about property taxes, insurance and home owner association dues.
Your input would be appreciated. Thank you

Don't mean to sound rude but why are you researching this information after the fact rather than before you purchased the house?

[macguy]

Originally Posted by jac702

We are retiring next year and relocating to Gulf Breeze area, our daughter and family are there.
We will be buying a house for cash about $225,000.
living on a limited income of approx $2000 a month.
We are concerned about property taxes, insurance and home owner association dues.
Your input would be appreciated. Thank you

Your property tax should be from $2800 to $3500 and you Insurance in that area could be off the charts. I would guess at least $5000.00. You may be looking at around $8000.00 a year just for tax and insurance, a pretty good chunk of your $2000.00 a month.

Don't forget, your insurance could be that much by it's self. I pay $7200.00 in Fort Lauderdale.

[jac702]

Thanks for your replies, we have not purchased a house yet but are looking in the $225,000 price range.
The insurance is very scary. How are lower income families coping with this?

[macguy]

Originally Posted by jac702

Thanks for your replies, we have not purchased a house yet but are looking in the $225,000 price range.
The insurance is very scary. How are lower income families coping with this?

Here is where you can check taxes

Gregory S. Brown, CFA SANTA Rosa County Property Appraiser

Depending your tolerance for risk, you can just purchase a fire and liability policy. They are supposed to begin selling alacarte. I plan on dropping my windstorm and my insurance will drop to around $1700.00, you have to own free and clear though. As far as how people are coping, they are not, they are selling their homes. As long as they haven't bought in the last few years they are fine, big profits will still be made, but it is a shame to have to sell a house you love because you can no longer afford it.

[jac702]

macguy,
Thank you very much for the info.

[almighty]

There aren't any lower income families the the area where the $225,000 houses are located, which is considered "Gulf Breeze Proper". I used to live in "Miday". Mid-way between Gulf Breeze and Navarre, FL, which is where the lower-income families live.

[deckardc]

The numbers Macguy gave you are pretty accurate. The hurricane risk on the panhandle along the coastal areas is pretty high - almost as high as Miami's. The Gulf Breeze area was severely damaged in 2004 by hurricane Ivan. Many people in neighborhoods south of Hwy 98 wound up with 10-12 feet of water in their houses even though they were not on the waterfront or officially in a flood zone. The storm surge with that hurricane took everyone by surprise. I would strongly suggest buying a house north of Hwy 98. Many companies won't even give you a quote if you are south of the highway. The proximity of your house to tidal water makes a big difference in the insurance rates.

The worst part of the insurance issue is that it can go up exponentially from year to year or it may possibly be canceled and you will be forced to pay high rates with Citizens, the state's insurance company. When you purchase your house, your insurance could be $3000. The next year, when you are renewed, it could be $5000. This is happening all over FL. It is probably the biggest thing driving people out of the state. Not only are lower income families struggling to cope with it, but the other classes are being affected as well.

As another poster said, low income people do not live in Gulf Breeze. It is a predominantly middle to upper-middle class area as is the nearby town of Navarre.

As for HOA fees, it depends on the development so I would check into it before you actually buy a house. It could be anywhere from $300 a year to $300 a month.

Are you buying the house outright or will you have a mortgage? If you have a mortgage, will your loan, tax, and insurance payments come out of that $2000 in addition to utilities and groceries? If so, you may find it very difficult to live in this area in a $250k house for $2000.

[jac702]

we would be buying outright, will check out houses north of hwy 98
thank you

[TNNative]

Whew...when I look at the tax and insurance on our old home in Sandpiper Village, I am speechless. We were the first owners there, bought the house for $63,000 (1200sft, 3BR/2Bath with a garage, within walking distance to Escambia Bay, nice neighborhood with underground utilites and sidewalks throughout. As I look back now, I thought our interest rate at 8.5% could never be found again... But I'm so glad we "got while the getting was good"....lived there 7 years, took $10K profit on the sale. Back THEN the taxes were about $700 max and the insurance was about $500 a year through State Farm. NOW...the insurance alone is more than we pay on taxes AND insurance and we moved to a new 4BR/3BA with garage and bonus room.

And whoever said "Florida's a nice place to visit, but you wouldn't wanna live there"???