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Aventura, Florida
About 15 miles north of Miami in southeastern Florida, balmy Aventura sits along the Intracoastal Waterway and is peppered with lakes, canals and other waterways.
High rise condominums and tall hotels shimmer in the sun while palm trees sway in the tropical breeze. Boats bob in public and private marinas across the city, awaiting their next adventure.
Aventura Mall, the fifth largest mall in the country, is a shopping destination with a variety of upscale retailers. The city has several open air boutique malls, including The Shoppes at the Waterways, which is built around a deep water marina.
The JW Marriott Miami Turnberry Resort and Spa is a beautiful golf resort that covers about 20% of Aventura.
Condominiums and town homes are the norm. Some homes have a boat dock. Most boast spectacular views of the city, river or golf course.
Cost of Living
Aventura has an overall cost of living that meets the national average.
The median household income is $63,131.
Real Estate
The median home price is $378,250. This is a 6% increase over the previous year. For comparison, the national median home price is currently $380,000 (Realtor).
Estimates are that Aventura real estate prices will increase by 1% over the next year.
The median rental price is $1,650 per month. Notes Aventura has 38,000 residents. The population has grown by 12% within the last decade.
The median age is 50. For comparison, the median age of the U.S. population is 38. Aventura Hospital and Medical Center is the local health facility.
The violent crime rate is well below the national average, but the property crime rate is above the national average.
Tourists come year-round to golf and shop.
Taxes
The combined sales tax rate is 7%.
Florida does not tax Social Security or any other retirememt income.
Florida's property tax homestead exemption reduces the assessed value of a home by $50,000, so a residence that is actually 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 Aventura is .97%. The annual taxes on a $378,250 home are approximately $3,669, 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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