What Florida Market Should We Move to / Invest in?

Question

It is time for a change and after making some money on our current home in Colorado, we are ready to get out of the mortgage while we are ahead. We are also anxious to stop paying our current $1350 monthly mortgage. We will have at least 60k that we can apply to investing. We also have a savings set aside so that we can take 6 months off and essentially do absolutely nothing but soul searching.

When we begin to work again full time, we will be making between 90k and 110k in our respective fields combined annually, based on researching areas such as Orlando, Tampa, Miami, Ft. Lauderdale, Jacksonville and more.

We both want proximity to clear beach waters, a safe neighborhood, an active area with both day and night activities, and a market that we could eventually have a cash flowing rental in.

Where would you all suggest and why?

Kristin Kiddy · Answer

We spent 10 years in Centennial, Co, but we've been living in Ormond Beach for the past  5 years and love it.  My husband is in tech/computers and works from home for a Jacksonville company.  He only goes into the office twice a month.  If you can swing a work at home scenario, then your location options really expand.  Ormond is also a huge medical office area.  So don't rule out smaller bedroom communities like it.  And, don't rule out the east coast. I prefer it to the gulf.

Mitchell Jaworski · Answer

@Trace Garretson to add to the locations that @Bob Razler mentioned.  Port Saint Lucie is worth a look as well, though you may have a commute depending on what industry you are in.  Best of luck!

Charles Soper · Answer

I hear the Clearwater / St. Pete area is nice if you're looking for beaches AND decent neighborhoods in a large metro area.  That said go 50 miles south and look at Bradenton / Sarasota, "God's waiting room" from about November till April every year so good for the medical profession, and not as crowded as the Tampa area....oh, and Siesta Key (but we like Lido Key / beach more).

Sara K. · Answer

Unless the $1350 doesn't include taxes and insurance, you're not going to see much (if any) of a change, at least not in the Orlando area, for a decent neighborhood.

Mike Arlington · Answer

I'll +1 the Clearwater/St. Pete area. I live in Orlando, but Clearwater is one of my favorite beach areas that I've been to here in FL.

I'll also chime in with one additional area to look at in Orlando: The Lake Nona Medical City is a rather recent (last couple years) development and it has a bunch of plans to continue growing. There is currently a children's hospital, a VA medical center, several medicine-related colleges, a research center, and will have a teaching hospital eventually.

It's just South East of the Orlando International Airport. I imagine the area is due to appreciate because of the medical city's growth plans. Might be worth a look.

Bob Razler · Answer

Hello @Trace Garretson .

Well, I am biased, but I love the Jupiter/Juno Beach/Palm Beach Gardens area.  Great beaches and a great lifestyle.

Bob

Chris C. · Answer

I guess the first question that comes to mind is: What is your industry? Orlando is dominated by the entertainment and healthcare industries. You may also not command as high a salary in FL as you would in Denver, NYC, LA, etc. If you like the water, Tampa may be better suited for you.

You may even want to consider renting until you get a steady stream of income, as banks will not be as ready to give you a mortgage without a solid job. My advice would be to come, get set up, then consider buying property. Or get jobs before you arrive.

Account Closed · Answer

I big question for FL is how far are you willing to commute? While there is healthcare work nearly everywhere the pay is closely linked to cost of living as best I know. I know people who drive 45 min to an hour each way to bring in more money. Your list of qualifications do not take out many locations. Beaches yeah we got plenty.  Rentals for cash flow also does not take much off the list as well. As for night life there are many south Florida people that feel board anywhere north of palm beach county even if things exist there.

Phil Weiler · Answer

My two cents is Tampa, Orlando and possibly Fort Lauderdale. But I'm biased towards Tampa for a vacation home. Lot's of great small towns on the coast and a few really nice beaches.

I'd second @Waverly Rennie Dunedin, St. Pete, Clearwater Beach, Madeira Beach, Indian Rocks.

What Florida Market Should We Move to / Invest in?

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