I’m a Real Estate Agent: Here are 3 Cheaper Alternatives To These 3 Unaffordable Florida Cities
As Florida’s population swelled over the past few years, real estate prices have also been on the rise in many parts of the state.
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For example, Redfin reported that home prices in Miami have increased approximately 35% over the last three years, with the average sale price now sitting at $597,000.
However, there are still places to find good deals within Florida that don’t require you to sacrifice much in terms of lifestyle. You might even find that moving out of state offers cost savings while still enabling you to enjoy benefits like living by the beach.
To help you decide if a move is a right for you, GOBankingRates reached out to Robert Sherman, global real estate advisor with Premier Sotheby’s International Realty, for his insight into ideal alternatives for three of Florida’s more expensive cities.
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Cheaper Alternative to Miami: Sarasota
Miami has become one of the most popular cities in the US, and while it’s hard to match the vibrancy of this city, it’s simply too pricey for many people. Fortunately, there are other beachy cities in Florida that offer lots of opportunities for fun at lower costs.
For those who love the beaches and nightlife of a place like Miami, Sherman recommends his city, Sarasota, located along the Gulf Coast and roughly 60 miles south of Tampa.
In Sarasota, the average home sale price is $545,000, according to Redfin. So, while it’s pricier than other areas, it’s still a cheaper alternative to Miami, especially when you consider the costs aside from housing.
For example, grocery prices are just 1% higher than the national average in Sarasota, but they’re 20% higher than average in Miami, according to PayScale.
Moreover, Sarasota has a lot going for it. It’s closest beach, Siesta Beach, is regularly named as one of the best beaches in the country, noted Sherman.
“Sarasota also has several world-class museums, a renowned research garden, an abundant number of theaters, lots of water activities, outstanding medical care and a vibrant downtown that would appeal to the discerning buyer looking for a community that is active but not as sprawling as a city like Miami,” said Sherman.
And as a plus, Sherman added, “Sarasota [also] has a regional airport that is accessible from almost anywhere in Sarasota within 20 minutes.”
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Cheaper Alternative to West Palm Beach: St. Augustine
The Palm Beaches are home to some of the most exclusive real estate in the country. In Palm Beach itself, Redfin estimates the average home sells for over $2.5 million. Even though West Palm Beach is much less expensive than Palm Beach — the average home price is only $460,000 — the city can still be pricey, especially in certain areas.
For a cheaper alternative, Sherman suggested St. Augustine. The average home price is about 5% less in St. Augustine than in West Palm, but the overall cost of living difference is starker. In St. Augustine, the cost of living is 1.6% lower than the national average, while in West Palm Beach it’s 15.1% higher.
Plus, St. Augustine has a lot of attractive features.
“This seaside community is also on the Atlantic Ocean and is approximately 225 miles north of West Palm Beach,” said Sherman. “Like West Palm Beach, St. Augustine was heavily influenced by Henry Flagler.”
He continued, “The beaches are pristine, the downtown offers a look at the history of the oldest city in the United States and is also home to Flagler College. This is a wonderful alternative to the hustle and bustle of West Palm Beach.”
Cheaper Alternative to Naples: Portland, Maine
Lastly, the Gulf Coast city of Naples offers lots of charm but at a high price. The average home there sells for $715,000, according to Redfin. Instead, you might find a better deal on a similar location out of state.
If you’re “looking for something totally different than Naples but still want to be on the water, try Portland, Maine,” said Sherman.
“The city is compact, diverse, has lots of great restaurants — try Fore Street or Street and Co. — and a waterfront area that is vibrant and alive. The city is also surrounded by lots of islands that are accessible by ferry. And to top it off, plenty of cooler weather,” he added.
In terms of prices, Portland’s average home sells for $650,000, so it’s still somewhat expensive, but nearly 10% less than Naples. Home insurance also costs nearly $8,000 less per year in Maine than in Florida on average, according to Insurify.
That said, you might face higher costs for things like utilities in Portland, so it’s important to compare prices for your specific situation to see if you’d come out ahead.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: Here are 3 Cheaper Alternatives To These 3 Unaffordable Florida Cities