Expert Opinions Needed - To move or not to move? (Weston: loan, house)

[jhlcomp]

My suggestion based on your salary, requirements, two children - do not move to South Florida. Even with the drop of housing prices, cost of living is going up. You will need at a minimum twice the salary that they as offering you.

[chisoxfan]

Originally Posted by Mason19

So for those of you still living there, what motivates you all to stay there if it’s so bad? I imagine some of you are quite comfortable because you make a good living but for those of you struggling through like I more than likely will be (by the sounds of it), what keeps you there? There’s gotta be something that keeps you there.

1. I've been with the same company 21 years, they've treated me as well as could be expected, and, until recently, the company was stable and even prosperous (although there's uncertainty now for reasons that would take a lot of bandwidth to explain).

2. From the Timing is Everything Dept.: We bought our home 11 years ago, before real estate skyrocketed, so our mortgage and taxes are reasonable (although windstorm insurance has gone way up). Had we bought from approximately 2001-05, we'd be upside-down.

3. No kids. Otherwise, I'd have qualms about the schools here.

4. My spouse is a native with an established small business, and she still has family ties here (she is increasingly becoming a caregiver for her mom). Easily the No. 1 factor now.

[Mason19]

Originally Posted by crisp444

For what reason do you wish to move to South Florida? I would honestly say that if you are doing fine where you are to stay put. I will normally give positive feedback about South Florida, but I think that it would be very hard to live on $38,000 with kids. If you were single, I would definitely be telling you do "come on down." I would say that for you to live a middle class lifestyle with kids in Broward County, you will need to make $20,000 more than your salary will be.

In the early 1990's my mom got sick and was told not to work for a few years, and during that time my family of 4 lived on my dad's income of $35,000. I don't know how they did it! We really had to cut corners and had to be very frugal... and that was $35,000 in the early/mid 90's! The funny thing is that my parents make more than triple that now and still complain about things like hurricane insurance and gas prices. It's an expensive area, but if you are frugal it can be done. However, my main point is that you don't want to sacrifice a comfortable middle class lifestyle in Canada just to come struggle in sunny Florida.

I was moving to Florida for the nice weather and outdoor activities. I have a great appreciation for warm climates since I grew up in one before moving to Canada but I also understand the importance of being able to maintain a comfortable life style. By the sounds of it, that will be difficult on $38,000.

[Dementia]

I agree with almost everyone. Getting by on $38k with 2 kids is going to be a financial burden. I was single, making about $33k (two jobs) and was doing OK with a $1,200 mortgage. Personally, I don't think you'll find a decent 2bedroom place for much less than $1,100. I don't have kids, so I'm really not sure how expensive they are . Also, I think gas is more expensive and you're going to be driving everywhere.

[AJ1972]

I reitorate......my husband makes more than 75k and paying $10k a year in home ins. and taxes on a $300k house, plus the mortgage, and paying monthly school loans, with having 2 kids.....is not doable here for US. I want to enjoy my home, have a decent mortgage, low taxes and home ins., and be able to do extra-curricular stuff and go on vacations. Can't do that if I live here!
Dont attempt it on your salary, with your kids, you will have the outdoors to enjoy but won't be able to afford any real activities.

[Wild Style]

Originally Posted by Mason19

Hello,

I am looking for some insight on the cost/standard of living in Fort Lauderdale or any surrounding communities. I’m from Ontario, Canada and I am competing for a job at the Fort Lauderdale/Hollywood Airport which pays $38,000/yr.

My question is would I be able to rent a 2 bedroom apartment plus live comfortably on 38K. It is difficult to compare both economies but I presently make 46K and live pretty comfortably here. I’m trying to figure out if 38K is doable. I have twin toddlers to look after and school loans as well, and I’m a bit worried about being able to afford to move to Florida at that salary.

I’ve read so many different views on life in Broward County that I decided to ask for opinions on some of the things I’m looking for specifically in a move to Florida:

1. Nice weather all year round Depends on your definition of nice. I personally don't find it nice but you might.
2. Work at an airport that is in constant growth mode, therefore
ensuring job security Ft. Lauderdale airport is definitely expanding and they will be building a mass transit train system to tie the downtown area, port everglades and airport to each other which will help it grow even more. As for job security, I don't know. Broward economy is heavily based on tourism and if the economy keeps going down we could be in some serious trouble here, only time will tell.
3. Many outdoor activities for my kids and I because I’m big on
exercise, fishing, bike riding, soccer, swimming, camping etc. You can get all of those with the exception of camping I would say.
4. Being able to afford renting in a safe neighborhood while making
$38,000/yr The formula for figuring out rent is, 40 times the amount of monthly rent should = your annual income. This is saying you spend 25% of annual income on rent and no more than that. So you can afford 950 dollars a month in rent on a two bedroom, given a 38,000 salary. Is that possible in South Florida? Ummm it will be tough but you MIGHT be able to find something if you search carefully. But you just have to hope that increases in rent are matched by your annual increase in pay.
5. The ability to purchase a house in a reasonably safe neighborhood
for about $250,000-$300,000 while making $38,000 The formula for figuring out how much you can afford on a 30 yr fixed mortgage is 3 to 3.5 times annual income and on 38,000 a year you can afford 114,000 to 133,000. There is no way you will qualify for a traditional mortgage on 250,000 and up on 38,000, unless you save up 117,000 and finance the rest. You could have done it when those exotic loans were all the rage but then you would have been faced with extremely high repayment schedule when the loan reset.
6. Good public schools ummmm there is a thread on here some where that has all the grades for the schools locally, maybe check browardschools.com. I would go by that. People who are not teachers or do not have kids in schools and are telling you how good these schools are or are not should not be listened to. Deal with facts not assumptions, your kids are to precious to go on what someone "thinks".

Can anyone comment on if I’d be able to achieve these things on 38K? see above

Where would be the safest and closest place to the Airport to rent once I move? plantation, dania, davie, fort lauderdale.

What’s crime like in Broward County compared to West Palm Beach County for example? don't know, maybe someone can provide you with actual statistics on this one.

What are some of the communities I want to stay away from when I move (crime, poverty etc.) not sure

Can anyone list the best things about Broward County and some of the least desirable things? Best things? Ummm beaches, close to Miami, lots of fishing, deep sea fishing. Close to the Caribbean if you like to travel. Least desirable? That is highly subjective, can't really say.

Thanks for the input; it really helps to here from the people that life there.

check the red comments.

Originally Posted by Dementia

I agree with almost everyone. Getting by on $38k with 2 kids is going to be a financial burden. I was single, making about $33k (two jobs) and was doing OK with a $1,200 mortgage. Personally, I don't think you'll find a decent 2bedroom place for much less than $1,100. I don't have kids, so I'm really not sure how expensive they are . Also, I think gas is more expensive and you're going to be driving everywhere.

had to quote this for truth!

[Wild Style]

Originally Posted by AJ1972

I reitorate......my husband makes more than 75k and paying $10k a year in home ins. and taxes on a $300k house, plus the mortgage, and paying monthly school loans, with having 2 kids.....is not doable here for US. I want to enjoy my home, have a decent mortgage, low taxes and home ins., and be able to do extra-curricular stuff and go on vacations. Can't do that if I live here!
Dont attempt it on your salary, with your kids, you will have the outdoors to enjoy but won't be able to afford any real activities.

why not down size your house and live with in your means? That could possibly help. This person can live here and be ok IF they live with in their means, thats the key. But this is true of every city in America. If you live with in your means and stay within those limitations you can make a go of it.

[Mason19]

Thanks for all the feedback, I absolutely agree with the point that living within one's means is one of the keys to success. I asked about being able to afford a home in that range because the banks over here would approve loans for homes in that range if you have some savings and great credit. I was looking for feedback on whether I would find the same in Florida but I’m realizing I won’t. Its beginning to look like a move over there is probably not a good idea unless I make more money.

[Mason19]

Originally Posted by Wild Style

check the red comments.

had to quote this for truth!

Thanks for that great response

[Wild Style]

Originally Posted by Mason19

Thanks for all the feedback, I absolutely agree with the point that living within one's means is one of the keys to success. I asked about being able to afford a home in that range because the banks over here would approve loans for homes in that range if you have some savings and great credit. I was looking for feedback on whether I would find the same in Florida but I’m realizing I won’t. Its beginning to look like a move over there is probably not a good idea unless I make more money.

do you have a spouse and will they be working also? If so then you will be ok if you both make 35,000 plus dollars. I wish I could find the article from the sun sentinel that was talking about rent. Basically it was saying the average rent in Broward warrants 45,000 dollar a year income. So you can either A. have a spouse that works to make up the difference or B. Aim for more money.