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Indian Harbour Beach, Florida
Mellow Indian Harbour Beach sits on a barrier island between the Indian River Lagoon and the Atlantic Ocean on Florida's Space Coast. It became popular with Kennedy Space Center workers in the 1960s and 1970s.
Today the town is known for its long stretch of powdery white sand mixed with reddish seashell sand. Two beachside parks are perfect for surfing, sand castle building and soaking up sun. Indian Harbour Beach is also one of the few NOAA-certified "Tsunami Ready" towns along the East Coast.
Both modest and stylish condominiums line the beach, while on the river side of the island residences back to canals. Although there is no real downtown, shopping areas are along busy Eau Gallie Boulevard.
Sebastian Inlet State Park is about 20 miles away and has some of Florida's best saltwater fishing.
Cost of Living
Indian Harbour Beach has an overall cost of living 3% above the national average.
The median household income is $61,850.
Real Estate
The median home price is $395,225. This is a 17% increase over the previous year. For comparison, the national median home price is currently $375,000 (Realtor.com).
Estimates are that Indian Harbour Beach real estate prices will increase by 6% over the next year.
The median rental price is $1,270 per month. Notes Indian Harbour Beach has 8,500 residents. The population has remained steady during the last decade.
The median age is 51. For comparison, the median age of the U.S. population is 38. Indian Harbour Beach does not have a hospital, but Holmes Regional Medical Center is five miles away in Melbourne.
The crime rate is below the national average.
Hurricane Irma in 2017 and Dorian in 2019 flooded some streets and uprooted trees.
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 Indian Harbour Beach is .86%. The annual taxes on a $395,225 home are approximately $3,399, 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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