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Old 03-12-2007, 12:56 PM
 
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Will the taxes on homes ever drop or has Florida become land of the rich, like California? Can a family with 2 minimum wage workers make a living in a suburb like Northport, FL around good schools with a house for 200k or is it impossible?
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Old 03-12-2007, 01:06 PM
 
Location: Port St. Lucie and Okeechobee, FL
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Minimum wage earners? Probably not. I can't think of very many places where one can afford to live on minimum wage, even with two earners.

My daughter is a teacher and her husband is a fireman/paramedic, and they do very nicely on their combined income, somewhere in the range of $80K. Any less and they have to start giving things up. But, that is hardly California living.
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Old 03-12-2007, 01:16 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
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Quote:
Originally Posted by JunoAqua View Post
Will the taxes on homes ever drop or has Florida become land of the rich, like California? Can a family with 2 minimum wage workers make a living in a suburb like Northport, FL around good schools with a house for 200k or is it impossible?

Absolutely not. Wont even be enough for a mobile home. Youd need like $70k to $100k combined wage
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Old 03-12-2007, 01:47 PM
 
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Quote:
Originally Posted by pslOldTimer View Post
Minimum wage earners? Probably not. I can't think of very many places where one can afford to live on minimum wage, even with two earners.

My daughter is a teacher and her husband is a fireman/paramedic, and they do very nicely on their combined income, somewhere in the range of $80K. Any less and they have to start giving things up. But, that is hardly California living.
I have to agree with plsOldTimer, I dont think it would be worth the chance. Its a big risk and Florida is very unstable as far as fundamentals right now. The pay is still low and the homes are still high. Just hold off you never know what will happen.
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Old 03-12-2007, 04:04 PM
 
17,291 posts, read 29,402,468 times
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Minimum wage earners? I think the money any lifelong minimum wage earner would invest in a property would come out better if they invested in their continued or further education rather than real estate.

Quote:
Originally Posted by Need_affordable_home
Youd need like $70k to $100k combined wage
But no, you do not need to make 70-100k to buy a 200k house. Otherwise, nobody in America would own their homes!
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Old 03-12-2007, 05:28 PM
 
Location: somewhere in the south
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The govern of Florida is going to propose a bill to drop property taxes.
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Old 03-12-2007, 08:02 PM
 
Location: IE CA.
642 posts, read 2,552,587 times
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I actually think it is possible in Florida but dont know about the particular area. You just have to look around very well and not be coming into everything with rose colored glasses. Not everyone can live close to the beach but to be able to drive to one is great. Otherwise how would my siblings and friends have been able to move out and make it? How would they have had a family and made it on their own at all? You have to remember, the majority of Floridians are struggling just like the rest of the country to pay bills and live life. They are making it though and as long as no one moves there with expectations of the fast life for nothing you will too.
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Old 03-12-2007, 08:40 PM
 
Location: arrlando, flarida
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small towns in central fla or northern fla maybe --- but how much money (combined income) are we talking here?

"backtofla"
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Old 03-13-2007, 06:32 AM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,085,833 times
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Quote:
Originally Posted by TriMT7 View Post
Minimum wage earners? I think the money any lifelong minimum wage earner would invest in a property would come out better if they invested in their continued or further education rather than real estate.

But no, you do not need to make 70-100k to buy a 200k house. Otherwise, nobody in America would own their homes!

If someone is only making min wage, either go back to school, find a better job or be self employed. You do need around $100k if you have children. If you are alone with no one else to pay expenses on then yea you can do it on less, like $65k to $80k. Remember the 3x rule, do not spend more than 3x what you make? Being house poor is not wise.
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Old 03-13-2007, 06:57 AM
 
Location: Heartland Florida
9,324 posts, read 26,749,371 times
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Follow the 3x rule and you will not be hurt by the bursting RE bubble. Yet who actually does this anymore, they just get a 60 year mortgage. Oh I forgot about the 12,000 a year property tax.....oh well.
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