The 'Money Talk' Favors Florida Housing By Vic Lederman, analyst, True Wealth
I know most people would say it's bad manners to talk about what you can afford. But today, I'm making an exception. You see, yesterday I explained why I moved across the country to start working with Steve Sjuggerud. I'd like to get into the details a bit more today. That's because making the move was an easier decision than you might imagine. If you've never lived in California, you might not understand why... But it has a lot to do with income. So today, we've got to be crass and talk about money. Let me explain...
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My wife and I both worked in tech. We made good money compared with the national averages. But in California, we were still years off from buying a house. It was a surreal experience. Our rent in Mountain View, home of Google and Facebook, was nearly $4,000 a month. Yet the house we were renting was a crappy starter home from the early 1950s. It was in serious need of a remodel... inside and out. By most folks' standards, it had less than zero curb appeal. That house, with negative curb appeal, is a $3,000,000 home today. I just checked. And that's not a typo... It's supposedly worth $3 million. Now, you can tell me about the benefits of California till you're blue in the face. I've lived them firsthand. There's a lot to like about the Bay Area. But I'm telling you... the quality-of-life to cost-of-living curve is broken over there. It just costs too much for what you get. Florida is the opposite. And Steve wanted to make that as clear as possible to my wife and me. We're living that reality now. Our home is less than an hour from multiple sandy beaches. (We prioritized city life over beach access. Steve prefers to be right on the beach.) We live in the "hip" part of town. We walk or ride bikes to the local shops. There's a big farmer's market every weekend. The neighborhood we live in is lush with trees. Its yards are well kept. And it's in one of the largest historic preserves in the nation. Our house is one of the biggest on our block. And sure, it could use a little work. But by California standards, it's a palace. Here's the real kicker... Our mortgage is roughly a third of what our rent was in California. The simple fact is that Steve was right. Florida, specifically North Florida, offers some of the best quality of life to cost of living that the U.S. has on tap. As I shared yesterday, we're not the only ones who have discovered that. It's part of a long-term trend. Thousands of folks from high-tax states in the north are moving to Florida every year... mostly from Illinois and New York. Those folks get the savings of Florida's zero income tax. Plus, they get better weather, lower home prices, and plenty of culture. It's obvious once you put it down on paper. Now, I'm not trying to convince you to move. I don't want this to sound like a "visit Florida" ad campaign. But when I discover something good, I like to share it. I also think that few realize how good a deal it actually is in this part of the country. Home prices are up in recent years, but they're still dirt-cheap compared with the West Coast. Even if you aren't interested in moving, real estate opportunities tend to make a lot more sense here than other places. So if you were thinking about moving, or putting money to work in real estate, you haven't missed the opportunity. I'm living proof of it. And now is the time to put your head down and do the work to see if it makes sense. Good investing, Vic Lederman | Further Reading "You and I make choices with our money every day, based on relative value," Steve explains. This dynamic is key. It means that housing is still affordable today, even after years of rising prices... Get the full story here. "As millennials age, they're having children... building careers... and buying their own houses," Dr. David Eifrig writes. In other words, this generation isn't putting off home-buying any longer. And that's contributing to the boom in real estate... Learn more here. |
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