Is Tampa Area Affordable??? (St. Petersburg, Orlando: real estate, foreclosures, homeowners insurance)

[rainydays]

My family and I have an opportunity to relocate to the Tampa area. (Husband has job offer in St. Petersburg) We would love to live in Florida but people (who have relatives in the Tampa area) are saying the cost of living is outrageous and not affordable unless you have a job that pays $100k+. What is the real story? We don't want a beachfront condo or anything...just a nice 3 br house...nothing elaborate...we have looked at houses in Brandon, Fl. They don't seem out-of-line with house prices here (Western Kentucky).

[leesa7]

That's my question! I did a cost of living evaluation - we do well in NY and would be taking a cut in pay to live in Tampa because as we were told by my husband's prospective employer "the cost of living is so much lower" It said we would have to make 9% more to live in Tampa! The house insurance is astronomical if you can get it, wages are low, groceries are the same as here, utilities are the same so where is this big savings? Taxes? Even those are not that much less. Why are there so many empty homes which I assume are foreclosures? Who can afford a $250,000 - $300,000 house on the supposed average yearly income of between $45,000 & $50,000? Can someone please clarify all of this?

[gypsychic]

Well, no state income tax for one thing. Also, it remains to be seen how this shakes out, but they are working on lowering property taxes.

Florida is a big state, and costs vary WIDELY in different areas. You will have to do your research. There are a lot of bargains here, you just have to seek them out.

[Lior Arel]

Tampa is a strange city economically at the moment. Ten years ago (even just five years ago) the cost of living here was very low. It happened all at once that business started really moving in and people and gentrification. ALOT of retirement money has also moved in. Since alot of the people and businesses moving in are high end (i.e. Retired and idle rich, niche high end business to cater to said retired and idel rich) you don't have a middle class hold. It's turning into a S. America type place with two extremes -- the rich in their million dollar homes and the poor in favelas who wipe the rich peoples...

Don't come here...it's not worth it and I, like many people who are younger and not wealthy (or criminals) am looking to get out!

[nervousnellie]

Be sure to factor in taxes and insurance! Most average 3br homes around me (Pinellas county) pay close to 5000/yr in taxes (after they're sold) and 3000/yr for homeowners insurance which can be difficult to find. HOI varies a lot, but many people I know are paying around that. I do know a few that are in the 2000s. That adds several hundreds of dollars to your monthly payments. This is for what I consider an average, 3br home, thats not in a undesirable area, in the 250K range. We do have no state income tax and other things I think are normal. I have heard our car ins. is high, but I've never insured anywhere else so I don't know. My husband and I pay 130/mo for two hondas one newer and one that is over 10 years old and we both have clean driving records and excellent credit.

[fl1025]

I am moving from Minnesota and found housing really a good buy outside of Tampa. We looked between Tampa and Sarasota. You can even negotiate with new home builders! that is usually unheard of. You can buy a nice 2 story home for $235,000 complete!

Let me know what else you find out! I think Floridains just got used to a lower standard of living and then "whoosh" it went up to the levels of other US cities.

We lived in Orlando for 3 years, moved back to Minnesota, and are now ready to move back to the Tampa area.

[Lior Arel]

If you live outside the met areas it's not expensive at all.

[mike28]

Congratulations I am new to the Tampa area as well Bought a house in Valrico here is my opinion I am selling my house in New Jersey asking 389k and is nothing to the one in Valrico which I bought for 263k back in May, I notice that the area is growing for the better and there are plenty of jobs on different fields it all depends on the person if you set your mind to it you will be fine trust me so what I will be paying like 500 dollars more a year on insurance and almost the same in taxes in Florida I chose Florida because is better in a lot of ways than NJ so enjoy it.

[Talos]

They're probably being a little dramatic, but they do have a point. Housing costs have started coming down, though sellers are still reluctant to budge off of their initial asking prices. They will come down as they homes stay on the stagnent market.

We just closed on a 3/3 house in Riverview. Couldn't get a national carrier to underwrite our HOI, so we had to go with a state one (not Citizens, thankfully) for around $1600. We were fortunate to get it.

Taxes are another matter entirely. Real estate agents will only quote you what the previous owner was paying, NOT what you would expect to pay. There is a LARGE difference because of the Homestead laws. For a good estimate, go to this website: Hillsborough County Property Appraiser - ONLINE TAX ESTIMATOR (http://www.hcpafl.org/www/search/tax_estimator.shtml# - broken link)

Cost of living WAS lower, but you need to be very careful about what your total costs will be when you factor in HOI and taxes.

[LHBR702]

What is the typical commute time from Riverview to Downtown Tampa in best and worst cases (i.e. rush hour AND non-rush hour?) It is realistic that someone would purchase a home in Riverview and commute to Downtown daily?