What Can $370,000 Buy in South Florida?

Five years ago, $370,000 would have gotten you a lot more in the South Florida housing market than it will today. There’s no denying it.

Historically low Florida mortgage rates helped propel an epic real estate boom that sent prices soaring more than 100 percent in many areas over the past five years. Now, you might need $370,000 to buy a small single-family home in many neighborhoods.

In past months, the Miami Herald has taken a look at what you can get for your money in the $180,000 and $650,000 price ranges. Today, they examine what’s available for somewhere in between.

Monthly Florida mortgage payments (not including taxes or insurance) on a $378,000 loan in Miami-Dade County come to approximately $1,911, assuming you qualify for a standard 30-year, fixed-rate mortgage at 6.5 percent with a 20 percent down payment.

If you can lower the price down to $362,000 through negotiation, however, your monthly payments drop a bit to $1,830. That makes a big difference over 30 years’ worth of Florida home loan payments, and in this buyer’s market, getting the price down might be more likely than you think.

FOLLOW THE LINK BELOW to see a snapshot of what’s on the market at $370,000 in a variety of South Florida towns…