What Can $180,000 Buy in South Florida?

So, you’re on a budget and can’t spend more than $200,000 on a home. Good luck, right? Well, you might have more options than you think, even in the high-priced South Florida housing market. You just have to look a little deeper.

Hey, a year ago you’d probably have to settle for Orlando. Nowadays, not only can you find a condo in South Florida, but you might even be able to find something on the beach, surrounded by a golf course and in a decent school district to boot. You might, however, have to forego some space. But what are you gonna do.

For reference, the monthly Florida home loan payments on $180,000 come to $934 for a 30-year, fixed-rate mortgage at 6.75 percent with a 20 percent down payment ($36,000). Estimated annual taxes are based on sale prices and include a $25,000 homestead exemption. Broward County taxes are calculated using the county’s average mill rate.

Featured in the Miami Herald are a number of available properties in nice condo complexes, one in Pembroke Pines (right) for $188,700, and another similar unit in Miami Beach for $184,900.

Both offer around 700 square feet, one bedroom, one bathroom, parking and their own washer / dryer. The former is 19 miles to Fort Lauderdale and 23 miles to Miami, the latter 23 and 12.

Sure you don’t get what you might at $375,000 or $650,000. But you have to start somewhere if you’re on a budget, and remember — these moderately priced options are going to be in high demand, and less likely to fall in price over the next few years. These are still pretty sweet deals for the Florida home mortgage hunter, so don’t delay.