How Much House Does $500K Buy You in Florida?
by Christy Bieber | Published on Aug. 22, 2021
Half of a million dollars may seem like a lot of money, but what will it actually buy you in Florida?
The Florida real estate market is hot right now, with many homes going to pending within days of becoming available -- and a substantial number of homes selling above asking price.
If you're considering buying a Florida home, it's important to set a budget to ensure your mortgage loan is affordable. And you'll also want to know just how far your money will go, which can vary depending on what part of Florida you're in.
Let's take a look at what $500,000 will buy you in a few areas of the Sunshine State, according to Redfin.
1. A recently remodeled midsize home with a pool in Miami
For $505,000, you could buy a three-bedroom, two-and-a-half-bath Miami home spanning 1,550 square feet. The property is two stories on a lot that's just over 10,000 square feet, and it has an attractive in-ground swimming pool in the backyard.
While the house was built in 1999, some updating has been done, including a new air conditioner installed less than a year ago as well as new flooring and a remodeled kitchen with granite countertops. Most rooms have tile or hardwood flooring, but the carpeting on the stairs and a few of the bathrooms might be in need of some refreshing.
2. A spacious pool home in Tampa in need of some updating
Your $500,000 stretches a bit further in Tampa to include a 2,888-square-foot pool home with four bedrooms and three bathrooms. This one-story property offers a split bedroom floor plan, as well as a lanai over the pool to help keep bugs at bay.
This home is a bit older, as it was constructed in 1985. It also needs much more interior remodeling -- older carpeting, a dated fireplace and cabinets, and an original kitchen really show the house's age.
Still, the property is in a community with many nice amenities, including a private clubhouse, tennis courts, and a playground. The new owner will pay a price for these amenities, though, as homeowners association dues are $50 per month.
3. A home with a lake view in a gated community in Kissimmee
If being near the theme parks is your dream, $500,000 can open the door to buying a Kissimmee vacation home with four bedrooms, three baths, and 2,724 square feet to sprawl out.
Located on a lake with a private boat deck plus a saltwater pool and spa in the backyard, this property provides the chance to live the classic Florida lifestyle. It's also within 30 minutes of major Orlando-area attractions.
The house is a bit newer than others on the list, having been built in 2005. It has also had some updating done, including new stainless steel appliances and an air conditioner added in 2017.
4. A condo with an ocean view in Fort Lauderdale
For $500,000, you can look out your condo window in Fort Lauderdale and see the ocean, Intracoastal Waterway, and marina. You'll enjoy a wraparound balcony from your three-bedroom, two-and-a-half-bath condo and have 1,740 square feet of space to relax in.
The condo building was constructed in 1981, and some of the interior features of the unit could use a little refreshing, but it features a nice fireplace, attractive hardwood flooring throughout, and even custom closets.
As you can see, the type of property you can buy with $500,000 depends on what you're looking for and where you hope to settle. Just make sure you do your research carefully before jumping into making a purchase so you end up with a house you're happy with for the long haul.
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