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Apollo Beach, Florida
Quiet Apollo Beach rests along Tampa Bay on Florida's Gulf Coast. It is across the water from St. Petersburg and is laced with more than 50 miles of canals.
Established neighborhoods mingle with newly minted ones, and many homes back to one of the canals. Boat docks are common. Southshore Falls is a nice 55+ community with single family homes, town homes and tropical landscaping.
Two marinas provide access to the Bay, and seafood restaurants sit next to the water. The annual Manatee Festival of the Arts brings out nearly everyone. Locals also enjoy a manatee viewing center.
The Apollo Beach Preserve has a nice beach, ocean views and is dog-friendly. On the south side of town, Wolf Branch Nature Preserve boasts acres of shoreline, coastal wetlands, trails and picnic areas.
Cost of Living
Apollo Beach is a nice coastal town with an overall cost of living that meets the national average. The median household income is $70,138.
Real EstateThe median home price in Apollo Beach is $375,350. This is an 18% increase over the previous year. For comparison, the national median home price is currently $375,000 (Realtor.com).
Estimates are that Apollo Beach real estate values will increase by 6% over the next year.
The median rental price is $1,350 per month. Notes
Apollo Beach has grown by 32% during the last decade.
The crime rate meets the national average.
The median age is 45. The national median age is 38.
Apollo Beach does not have a hospital, but South Bay Hospital is four miles away in Sun City Center.
Hurricanes are always a possibility. In fact, Irma caused some wind damage in 2017.
Taxes
The combined sales tax rate for Apollo Beach is 7.5%.
Florida does not tax Social Security or any other retirement income.
Florida's property tax homestead exemption reduces the assessed value of a home by $50,000, so a residence that is really worth $100,000 is only taxed on $50,000. Residents age 65 and older who meet certain income limits may receive an extra homestead exemption of up to $50,000.
The average effective property tax rate (the annual tax payment as a percentage of median home value) in Apollo Beach is .98%. The annual taxes on a $375,350 home are approximately $3,678, without a homestead exemption.
Mortgages for Retirees
As people live longer and mortgage rates are at historic lows, more and more retired folks are considering obtaining a mortgage rather than paying cash for a new home. You are never "too old" to get a mortgage, thanks to the Equal Opportunity Credit Act, as long as you have the means to do so.
Having said that, retirees face some unique challenges when it comes to qualifying for a mortgage. Most mortgage lenders will look at the same criteria as they would for a young first time homebuyer, including your credit history, debt to income ratio and monthly income. The good news is that Social Security benefits and distributions from 401(k)s, IRAs, and other retirement accounts count as income.
However, because retirement accounts become depleted over time they have a defined expiration date. As a result, a mortgage lender will want to know that the distribution income will continue for at least three years after the date of the mortgage application.
It is also important to keep in mind that if your retirement accounts consist of stocks, bonds, or mutual funds or other "volitle" investments, mortgage lenders will only use 70% of the value in the retirement accounts to determine your mortgage qualifcation.
And while Social Security counts as income, if you are drawing on a family member’s record, such as survivor benefits or spousal benefits, then the income must be documented as payable for at least three years from the mortgage application date.
If you cannot qualify for a traditional mortgage, then a reverse mortgage might be an option. Fannie Mae and Freddie Mac also have programs that can make home buying easier. Check with a reverse mortgage lender or these goverment agencies to see loans and programs available to you.
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