Does my plan make sense? (Jacksonville, Miami: rent, homeowners insurance, condo)

[INeedAChange]

hello everyone,

I live in New York City (not from here originally though). I've come into some money recently since my parents both died in the last couple of years. It's not an incredible fortune, and I will still have to work, but it would enable me to buy a condo outright if I wanted, but in the New York metro area I wouldn't get much for my money. Also after many years of living here the charm of the city is wearing off--I no longer care that much about going out to bars, museums and new restaurants, which is basically what people do here, so I wonder I'm overpaying to live here for things I really don't care about anymore. The main things I enjoy now are scuba, swimming, reading/writing at home, and the natural environment, and a slower pace of life. I work in the IT field (database), but I am not incredibly skilled, although I do have a long work history in it.

Anyway, I was thinking of moving to Northern or central Florida--either the Orlando area or Jacksonville. Do people think I will be able to find some kind of IT job down there? Would you suggest one city over the other? (I am willing to live in the suburbs in either case--I don't have to be right in the action) Would taking a chance and moving there before getting a job be too risky (that's what I did in New York and it worked out, but I'm older now and more cautious). I don't need a ton of money, but at least $30K/year I would say. Thanks!!!

[riveree]

INeedAChange: Your story sounds like mine! I left NYC for North Florida/First Coast and haven't looked back. I miss the excitement and the culture of NYC, but the good far outweighs the bad in Florida, so I'm staying.

It is a BIG change from NYC and you have to really be willing to walk away from NYC's bar/restaurant/nightlife/museum culture...NYC is one of a kind.

I've lived in St. Augustine (nice, but sleepy...not great for single life) and Jax. Orlando never appealed to me because it is inland (no ocean or ocean breezes) and while I love Disney, I don't want to live near it.

Is Miami out because of the cost? If so, then consider Jax. Great ocean, great river, still has a "small town feel", but it is a 2nd tier city, so there is some feel of "urban" when you are near or in downtown.

Consider renting first. Also consider, when you do decide to buy, to take out a mortgage and safely invest your inheritance - rates are still so low that a mortgage makes sense and your nest egg can make you more money in the long run if it is invested in a (low risk!) mutual fund, etc.

Sorry to hear about your current loss and best of luck in your new adventure.

[INeedAChange]

yes, that is what I was thinking of doing--renting for a year while I decide where I want to end up permanently in Florida. I was thinking No. Florida/inland might be better because it's marginally safer from the hurricanes, and I've heard lots of bad things about Miami (I've been to south beach, the Keys, and WPB, but not really to Miami proper, so I don't really have experience). I would certainly miss NYC but this place is changing so much and getting so expensive I can't see living here long term. I'm unemployed right now and the few potential offers I've been getting have not been spectacular, so I figure I can't do much worse in Florida than I'm doing here.

If you don't mind my asking, how are your property taxes/homeowner's insurance?

[Karla with a K]

INeedAChange
I am sorry for your loss, losing your parents is hard(been there)
I moved to Jax 15 years ago from NJ. I love it,
I dive and can be at a dive site in about 45 mins, there is also some good diving in St Aug.
My husband is in the IT field and he put his resume on monster and I answered 14 calls in 2 days.
I have heard Bank of America and Fidelity do a lot of IT hiring.
You can also check the local paper "Florida Times Union" Sunday is the big ad day.
Insurance is a lot cheaper up here than farther south. We pay around $932 a year taxes wil depend on the house. we pay $3k.
Any way you can plan a trip down to check the area out. Spend a few days driving around.

The only thing I miss is the diners and as everyone knows bagels

Karla

[traysea]

if you are looking at Orlando.. there are many as/400 accounts so db/2.
also alot of oracle installed (if memory serves me).

If your skills are DB/2 (IBM) then I can help with sharing some of the IBM accounts, from when I lived in Fl in 2002.
Tracey

[INeedAChange]

Karla:

Thanks for the kind words and encouragement! If I do decide to move it's great to know that there will be other NY/NJers in the area.

Tracey:

thanks--I do Access/VBA, I've done a lot of Oracle SQL queries (but not PL/SQL), and Excel macros/formulas/some VBA. Unfortunately no DB2 stuff.

[riveree]

As for your property tax & homeowners insurance, of course there are so many variables, but I'll try to give a hypothetical:

A $250,000 house/condo, after your $25,000 homestead exemption, would leave $225,000 taxable @ 18.18 millage = $4090/year property taxes

Now, there are many factors that could cause your taxable value to be higher or lower, but the property appraiser uses the price you paid as a starting point.

People who have been in their houses for a few years are paying much less because the increases are capped at 3% per year once you homestead.

Jax includes school tax, garbage pickup, etc. all in one tax bill.

Homeowner's insurance is not so easy to give an example of - many more variables: age of home, type of roof, whether in flood zone or not, interior finishes, etc., etc. $800, $900, $1000 - these are typical rates for many homes in Jax.

Flood insurance, if you need it or want it is expensive comparably - it can easily run $300 and up per year.

[INeedAChange]

Riveree, you have provided a lot of great info...I'm sending my resume to some agencies down there to see if there's any interest in my skillset...by the way, what do you think of Miami? I'd kind of ruled it out because it's directly in the hurricane path and I've heard many negative things about it, but I'm wondering if I should consider it if it widens the potential of finding a job.

[INeedAChange]

Does anyone have an opinion about Miami? I was thinking that northern/central Fla. would be best in terms of livability/cost, but does it make sense to move to Miami for a year or two and rent if it turns out I can't find a job elsewhere and then move? Or will I end up like those others on this board who complain about Miami constantly, LOL.

[riveree]

Oh, you're welcome INeedAChange!

I've never lived in Miami, only visited. I just wish I had considered it when I was moving from NYC.

I was familiar enough with Orlando to know that it wasn't for me, but I was most familiar with St. Augustine.

I hadn't even considered Jax because I wasn't familiar with it at all except to drive through it on the way to somewhere else. I ended up here because the jobs are here and now I'm glad I did.

If I was doing it all again, I would only consider the big Florida cities. It would be different if I was retired, but as a single working person, I think it's best to stick with the big cities for the salaries and for social reasons.

That's why I mentioned Miami - I was wondering if you had ruled it out. I know it's gotten very, very expensive and that can be reason enough to cross it off the list (you already know what it's like to live in an expensive city). And, yeah, there is the increased risk of hurricanes - that can be very stressful. I just think there's probably more "going on" in Miami than in Jax. There is plenty to do in Jax, but there's just a certain vibrancy missing. I have hope though - as Jax grows and becomes more dense I think it will become more cultured.

Jax is definitely less expensive that Miami...Jax is less expensive than many places across the US. Money magazine just ranked Jacksonville, FL as number 3 for the most tax-friendly states in the US (#1 Anchorage, Alasksa, #2 Cheyenne, Wyoming).

If you're looking for a salary in the $30k range, I don't think you'll have any problem finding that in Jax.