Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner
You Can Buy Affordable Luxury Homes In Brevard Without The Luxury Price Tag
Looking for an affordable luxury home in a nice community? Look no further than Brevard County. Luxury homes in Brevard County tend to sell for less than homes in nearby counties such as Miami-Dade, Palm Beach and Broward. Despite lower housing prices, Brevard offers top-notch schools, safe community-oriented neighborhoods and plenty of things to do.
Brevard is the 10th most populous county in Florida with 568,088 residents, and 559 people per square mile. As people anticipate rising inflation along with local real estate prices, property in Brevard is selling quickly. There is still plenty of opportunity to get a great deal on a home, but you want to move quickly. Growth in Florida is outpacing New York, plus Florida has one of the best economies in the US right now. According to Business Insider, Florida ranks #9 out of all 50 US states in terms of its economic opportunity and growth.
Benefits To Buying A Home In Brevard
You might be wondering what makes real estate more affordable in Brevard compared to surrounding counties? Is there something less desirable about this county? Thankfully, that’s not the case at all. There are endless benefits to living in Brevard County, starting with more affordable luxury homes. Other benefits include:
-Brevard is often less impacted by hurricanes due to its location. Many hurricanes weaken to a tropical storm by the time they move northeast into Brevard County.
-Brevard County is home to some of the top schools in all of Florida.
-Brevard has beautiful homes on beaches, lakes and other waterfront properties, as well as golf courses.
-Brevard is home to many popular attractions such as the highly rated Brevard Zoo and the John F. Kennedy Space Center. It is close enough to large tourist attractions but not so close that you’re stuck dealing with endless traffic and tourists 24/7.
The Median Home Price In Brevard
The median home price in Brevard County is $219,999. Compare that to the median home listings in Palm Beach County, which is at $319,900. Despite the affordability of Brevard, you are missing out on nothing in terms of beauty, amenities, safety and great schools. According to Zillow, Brevard County Market Health is ranked ‘very healthy’, scoring an 8.5 out of 10.
A breakdown of median ZHVI (Zillow Home Value Index) for Brevard communities:
Satellite Beach: $269,500
Cocoa Beach: $264,800
Indian Harbour Beach: $251,600
Merritt Island: $232,000
West Melbourne: $203,900
June Park: $179,600
Cost Of Living In Brevard
According to Sperling’s Best Places Cost of Living Comparison, Brevard ranks more affordable than the average county in the US in regards to health care costs, housing and overall expenses. The only areas it slightly outpaces US averages is in transportation and groceries. Overall, depending on where you move from, you are likely to incur a decrease in monthly expenses after moving to Brevard County.
Save Even More Money On Lower Property Taxes In Brevard
Not only are properties in nearby Palm Beach and Broward more expensive, but they are also ranked amongst Florida’s counties with the highest property tax rates. Brevard, on the other hand, has some of the lowest property taxes in the US, ranking below state and national averages. Exact property tax rates vary by neighborhood but the average effective rate in Brevard is around 1.03%, while the statewide average is 1.10%.
There are 26 counties in Florida with higher property tax rates than Brevard, including Palm Beach. In Palm Beach, the average effective property tax rate is 1.30%. Lower property taxes help Brevard residents save even more money over the years.
It’s Cheaper To Buy Than Rent In Brevard County
Industry estimates say it’s around 44% cheaper to buy a home in Brevard County than it is to rent a home in the area. If you don’t plan to live in your home year round, you might want to consider renting it out for parts of the year to help pay off your mortgage faster or simply make a quick buck.
If you’re looking to live in an affordable luxury home on a golf course, lake, or right alongside the ocean, your options are endless in beautiful Brevard County. Allow Curri Properties help you find the right home to fit your needs, budget and lifestyle. Our agents aren’t just dedicated to helping you buy your dream home; we are equally invested in forming relationships that surpass the closure of deals.