Where to live on a budget?

[housingcrashsurvivor]

http://www.realtor.com/realestateand...65-23141?row=1

http://www.realtor.com/realestateand...52-80638?row=1


http://www.realtor.com/realestateand...21-14317?row=1


http://www.realtor.com/realestateand...14-62928?row=1

etc
etc
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[The Villages Guy]

You can easily find areas to live that are very inexpensive. They are inexpensive for a reason and in many, if not most, cases you would probably not want to live there.

You may need to start out with a villa and not in your favored areas and go from there, as the years pass.

[The Villages Guy]

Originally Posted by PDF

If only Tampa/Florida really was that cheap.

There are certainly areas that are cheap, but would you want to live there?

I do not believe that anyone is claiming the entire area is cheap. Prices are actually vastly different from location to location. Upper $300's is pretty much bottom entry level where we live, yet our son and his wife just purchased a wonderful 2/2 villa for under 100k, just 20 minutes to our north in a nice area. Regular sale from original owners.

[wsamon]

I would be VERY careful about getting a $200k house on a $40k income unless you have a large down payment saved up (bare minimum 20%) , especially around here. Compared to most northern cities you will likely pay higher home insurance rates, higher car insurance rates, more on electricity, and possibly higher property taxes. All of that combines very quickly to reduce your finances. Additionally, the homes will be older and require more $ on maintenance.

I make ~$100k / year and recently bought a $280k home in a non-flood zone of Largo and money is a little tight (though it's getting better as we pay off certain bills). Admittedly, I only put 5% down, so I pay a couple hundred in PMI, but when it's all said and done, I'm paying about $2000 / month between the mortgage, PMI, taxes, and basic home insurance. That alone would be most of your take home income. Following the rule of thumb that every $10k is about $50 / month and adjusting for some lower costs, that means that you would be paying around $1400 - $1500 / month directly to your house. Our water / sewer / trash bill is $60 / month, and electric is over $400 during the summer. Admittedly, you're probably not getting a 2500 sq ft place, but to think you'll keep your electric below $250 / month in an old SFH with a family in the summer is probably wishful thinking. Also, you can expect to pay about double for car insurance compared to the north. I used to live in the DC area and paid about $900 per year to insure my 2 late model cars. They now cost nearly that every 6 months for far worse coverage (it's hard to get the proper figure because I pay my spouse's car insurance too).

So figure $1500 (house) + $60 (utility) + $250 (electric) + $100 (car insurance) and you're already at about $1900 / month without factoring in a car payment (hopefully you don't have one), gas, cell phone bills ($150 for a family?), food (do you like Ramen?), internet (90 mbps down costs me $100 / month, even weak speeds will cost you $50), tv (DirecTV on 3 TVs is $90 / month, though personally I'd be fine with just Hulu & Amazon Prime), house and yard repairs / maintenance (we needed a flat roof replaced - $5000), purchase of furniture, tools, and other household items, etc.. And then you still haven't factored in any kind of entertainment outside the house, or medical expenses.

All I'm saying is be very careful and work out your budget first. This whole thing about moving here and buying a home in a decent area may just be a pipe-dream for you currently. In fact, I would figure out what you can afford to pay per month on your house while still leaving a couple hundred dollars of breathing room, and then see what that translates into in regards to how much home you can purchase after factoring in your down payment (leaving enough room for closing costs, moving, and any unexpected repairs that come up in the first year).

[wsamon]

Also, where exactly is your job? I don't know Tampa very well, but there are some ok areas in Pinellas that have smaller 2/2 houses going for the low $100s. Will it be in the nicest, prestigious, historical areas? no. Will it be big, in great shape, or upgraded? no. Will it work for your family and budget until you can afford better? probably