[Rich F]

I have an offer in Sarasota for a job that pays $45K per year, which is about half of what I currently make in Washington DC. The DC area is really expensive across the board - so much so that I commute over an hour each way just to be able to afford a decent house here - and it's barely just decent... What would $45K get me within an hour of Sarasota? Thanks!

[sunrico90]

Originally Posted by Rich F

I have an offer in Sarasota for a job that pays $45K per year, which is about half of what I currently make in Washington DC. The DC area is really expensive across the board - so much so that I commute over an hour each way just to be able to afford a decent house here - and it's barely just decent... What would $45K get me within an hour of Sarasota? Thanks!

What is your trait? I don't live in the area, but the housing and insurance cost is very expensive (was noted by fellow forum members).

Listed below is some data (dated 2000), housing cost/market increased by up to 60% after the 2004/05 hirricane season.

Population (year 2000): 52,715. Estimated population in July 2005: 53,711 (+1.9% change)
Males: 25,627 (48.6%), Females: 27,088 (51.4%)
Median resident age: 41.1 years
Median household income: $34,077 (year 2000)
Median house value: $96,000 (year 2000)

[bale002]

Get a map of southwestern Florida, draw a radius around an area within, say, 50 miles of Sarasota, and look at realtor.com for MLS, inputting the towns you see on the map. This you will give you asking prices at least.

Keep in mind that property taxes are around 2% of the buy price and insurance is very roughly 2% of the replacement value (but actual insurance rates can vary widely). So generally speaking, these expenses can amount to as much 50%-100% of the average mortgage payment.

You are probably very much better off renting, at least for the first year or two. Why a rush to buy?

In any case, I don't know about 50 or so miles from Sarasota, but in southeast Florida at $45,000 you can barely survive renting (owning is out of the question at that rate, unless you have a mountain of cash to buy outright), and maybe not even that if your job doesn't provide health insurance and you happen to need health care.

Also one needs to know how to shop, because otherwise even food can be very expensive. Look for local produce stands; yes, there is still local agriculture in Florida, support it!.

[SunnyDog]

[
but in southeast Florida at $45,000 you can barely survive renting




You're kidding, right?

I make just a bit more than that in Miami and I rent a large oceanfront condo, while saving nearly 20% of my net. Not quite "barely surviving".



You'll do fine in Sarasota renting on $45K/yr, but buying will be difficult unless you're bring down lots of cash. There is currently a huge disparity between renting costs and buying costs throughout much of Florida.

[dlh891]

I have to agree that $45,000 won't get you too far in Florida.

[bale002]

Originally Posted by SunnyDog

[
but in southeast Florida at $45,000 you can barely survive renting




You're kidding, right?

I make just a bit more than that in Miami and I rent a large oceanfront condo, while saving nearly 20% of my net. Not quite "barely surviving".

Not kidding, maybe exaggerating.

Consider $45,000 before taxes and you have to pay for your own health insurance. On frugal living, you still might manage to save $4,000 a year which, yes, is better than nothing.

At any rate, good for you SunnyDog, both for renting and saving. It can be done! I do it too. It beats being house poor.

In any case, it appears we all agree that the gentleman from DC will do fine renting in the Sarasota area with $45,000 per year income (I assume before taxes and no paid health insurance), while waiting to buy, perhaps, in one-three years.

What are average rents there compared to southeast Florida?

[s01]

If you have no debt and you don't buy you might be okay. Stay as debt free as possible and you'll be okay- I'm presuming this figure is before taxes...
Ouch...
not sure the cost of living in sarasota- but I understand it's at least equal to Tampa....lots of folks retiring there or HAVE retired there.
I wouldn't suggest buying until the market drops some more...and if it doesn't you haven't lost anything.

[irish2]

I read your post and did a search for apartments in the area that you were asking about. I found many, many listings of apartments for rent from $600-$1,000 and they were 1-3 bedrooms with 1-2 bathrooms....some were really nice.

$45,000 a year is plenty to live on in Florida. I know many families, with children, that live comfortably on that. If you are single, there should be no problem. D.C. is much more expensive to live than Florida.

If you are working for a company that includes health and other benefits, you are even better off.

Right now, with all the turmoil in the housing market in Florida, with the home owners insurance and property taxes, etc...it might be a great idea to rent for now until things settle down. None of this will last forever...it can't possibly. The market will turn around. The housing market will have to stabalize. In the meantime, you can save money, have time to get to know the area and have a better idea of what you may want to purchase down the road. Also, if you rent, and decide you absolutely do not like the area, and want to transfer or change jobs, you'll be able to without being stuck trying to sell a house in the current market.

[bale002]

Originally Posted by irish2

I read your post and did a search for apartments in the area that you were asking about. I found many, many listings of apartments for rent from $600-$1,000 and they were 1-3 bedrooms with 1-2 bathrooms....some were really nice.

If you are working for a company that includes health and other benefits, you are even better off.

Those sound like reasonable rental rates, also in comparison to southeastern Florida. If you have paid health insurance to boot, it might be well worth it if you feel you will enjoy a better lifestyle in the Sarasota area than in DC (which is probably the case).

Good luck!

[Need_affordable_home]

Why not stay near the DC area? Florida arent cheap either and that is a terrible offer! Half the salary? LOL please. If you already own a nice house, why relocate? If commute is a problem, can you buy a smaller place closer to DC? $45k salary wont get you anything more than a 1 bedroom condo and that is a big, big step down from the nice house you own!