What Will $375K Get You in South Florida?

Not as much as it used to.

Okay, so you knew that. But you might be surprised at what’s out there. New buyers can still make inroads in the South Florida housing market these days, as rising inventory and tepid demand quell home prices somewhat. The Miami Herald’s latest feature showcasing what you get for the money profiles homes in the $375,000 range.

While you can buy a single-family home in many neighborhoods in Miami-Dade and Broward counties for that price, heading further west (as you might expect) will get you a lot more land, a lot more square footage, and a longer commute. So it’s all a matter of preference. Either way, you are looking at a monthly payment of $1,946 on your Florida home loan, assuming a 30-year, fixed-rate mortgage and a 20 percent down payment (in this case, $75,000).

That payment may end up being substantially higher each month, however, as it does not include taxes or property insurance. As you well know, insurance premiums are going through the roof, and local property tax rates can vary greatly from place to place.

For the Herald’s full breakdown of the $375,000 price range, click out the full slideshow. Previously, the paper broke down what you can expect to find in South Florida for $650,000, which is also eye-opening. Take a look!