Bought a place in Lake Worth in April, 2005....
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6/2/2006
...not sure I'd do it again -- or to anywhere in Florida, until they get the situation with taxes and housing insurance costs stabilized.
- Property tax rates are necessarily high, because there is no state income tax. Home prices in general have risen fast since 2002 -- almost regardless the age or condition of the home. Taxes are therefore fairly high for the quality of the house you get, generally running at 2% of the purchase price per year.
- Property insurance rates in Palm Beach County seem to be doubling this year, and they were already sky-high last year; some large carriers are cancelling homeowner policies across the state.
-A friend just sold a house (May, 2006) after a year because the insurance went up to $5,000 annually in 2005; the first two prospects were pre-qualified for a mortgage at the asking price, but could not afford the deal once taxes and insurance were taken into account.
Also, the City of Lake Worth specifically has problems--especially with electricity; the city owns its own system and doesn't seem to manage it well--Hurrican Wilma really tore it up, and it took 17 days to get electricity back. My electricity bills (even before Wilma) are nearly double those for houses down the street that are on the Florida Power & Light system.
But, the weather is nice in the winter.
John | Lake Worth, FL