Florida Town Named a Steal for Affordability
A handful of Florida cities are considered a real steal in terms of affordability, when it comes to cost of living, the average cost of a home and more. That’s really great to learn, because housing costs have gone up drastically over the past decade, so finding a place with reasonable housing costs and a generally low cost of living goes a long way. If you’re looking to relocate and want to live in an area with a reasonable cost of living, then you should do some research on the most affordable cities in your chosen destination.
Florida Affordability
The experts at Redfin have put together a feature on affordability and the most reasonable places to live in Florida. Redfin, which is based in Seattle, Washington, offers residential real estate brokerage and mortgage origination services. “We pair local Redfin agents with powerful technology to help you find the right home, sell your current home for top dollar, and save thousands on fees,” they state. Some of the benefits the Redfin offers including refreshing their listings every two minutes, “so you’ll get notified when the perfect home hits the market,” as well as on-demand tours, so you can view homes quickly without having to actually travel there. That comes in handy when you’re looking for a home far away and can’t travel there to look at every house that perks your interest. To compliment their real estates services, Redfin also has a blog, which is where their experts shared information and research about the most affordable areas in the state.
For Florida, Redfin says the most affordable place to find a home in the state is Ocala. According to their research, the median home price is $260,000, average sale price per square foot is $163, average rent for a one-bedroom apartment is $1,163 and median household income is $46,841. The closest major metro is Gainesville, which is about 40 miles away. “If you’re considering moving to this area make sure to visit one of the parks like Tuscawilla Park or Jervey Gantt Park, explore downtown historic Ocala where you’ll find shops and restaurants, or check out Petting Zoo Ocala,” Redfin suggests. Coming in at No. 2 on the tally is Gainesville, which has numbers fairly close to Ocala. Some of the high points of Gainsville are the beautiful University of Florida campus, the city’s Historic District, the Butterfly Rainforest and Paynes Prairie Preserve State Park, according to the outlet. I’m happy to see both Florida cities on the tally for affordability.
Make Your Money Grow with These Low-Risk Investments
Invest in certificates of deposit (CDs)
You’ve probably heard of CDs being low-risk investments. Fidelity.com explains that “CDs provide reliable, fixed-rate returns on a lump sum of money over a fixed period of time, such as six months, one year, or five years.” They add that the great thing is that if you “get a traditional CD at a bank or credit union where they are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA).” Usually, CDs have a minimum deposit, and you’ll have to pay a penalty if you take your money out too soon.
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High-yield savings accounts
High-yield savings accounts are like your regular savings account, but they earn more interest. “You can use these accounts for long-term savings goals or to hold extra money from your checking account,” CreditKarma.com states. “For example, if you want to start saving for a house or building up an emergency fund, this could be a great option.”
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U.S. treasury bills, notes and bonds
Forbes.com says that right now, the risk level for U.S. treasury bills, notes and bonds is “very low.” They add that, “U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Historically, the U.S. has always paid its debts, which helps to ensure that Treasurys are the lowest-risk investments you can own.”
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Money market funds
Fidelity.com states that, “Money market funds are mutual funds that invest in short-term, low-risk assets like Treasury and government securities, commercial paper, or municipal debt—depending on the focus of the fund.” They add that, “Because their underlying investments are typically high quality, they are generally less volatile than other types of mutual funds, such as stock funds.”
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Fixed annuities
Fixed annuities are a pretty safe bet. As Forbes.com explains, “Fixed annuities are a popular type of annuity contract that are frequently used for retirement planning, but can also be useful for medium-term financial goals.” They add that, “Sold by insurance companies and financial services companies, a fixed annuity guarantees a fixed rate of return over a set period of time, regardless of market conditions.”
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Invest inside your comfort zone
People talk about stepping outside of their comfort zone in life, but really, investing isn’t a place to do this. You know how much money you have to “play” with, so if you’re worried about putting too much money in the market, these low-risk investments could still help you make money on your money.
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