o

retire

retire

o
o

---------------------

o
o

---------------------

Home | Previous Issues

---------------------

o

Live Oak, Florida

Live Oak (population 7,000) sits between Tallahasse and Jacksonville in northern Florida. It grew up around the railroad and in the early-1900s was the fifth largest town in the state. Today, Live Oak is the Suwannee County seat.

In the early days, nearby healing sulphur springs drew visitors from around the country. Today, visitors come to canoe and hike at Suwannee River State Park, where the blackwater Suwannee River runs wild and a 19th-century steamship and two ghost towns hold a bounty of historical secrets. Other nearby parks include Wes Skiles Peacock Springs State Park and Ichetucknee Springs State Park.

Downtown is busy with traffic and lined with mid-20th century buildings. Neighborhoods are rural, shaded by palm trees and towering oaks dripping with Spanish moss.

Annual events include a Civil War reenactment, Christmas at Heritage Park and a European-style Christmas market. The Spirit of the Suwannee Music Park and Campground outside of town hosts music festivals throughout the year.

Cost of Living

Live Oak is an affordable town with an overall cost of living 17% less than the national average.

The town is 35% less expensive than Manitou Springs, Colorado, 22% less expensive than Provo, Utah and 21% less than Williamsburg, Virginia.

The median household income is $22,015.

Real Estate

The median home price in Live Oak is $135,145. This is a 2% increase over the previous year. For comparison, the national median home price is currently $285,101.

Estimates are that Live Oak real estate values will drop by 2% over the next year.

The median rental price is $869 per month.

.

Growth and Drawbacks

Live Oak has maintained its population over the last decade. The crime rate is slightly above the national average. Hurricane Dora flooded Live Oak in 1964, as did Tropical Strom Debby in 2012. Flooding could happen again.

Taxes

The combined sales tax rate for Live Oak is 7%. This is the total of state, county and city sales tax rates.

Florida has a 6% state sales tax on vehicle purchases.

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 property tax rate is approximately $1,040 per $100,000 in assessed value. The annual taxes on a $135,145 home are approximately $1,404 without a homestead exemption.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer has no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

o

-------------------------------------------------------------------------------------------------------------------------------------------

Home | Privacy Policy | Contact Us

o
o

Copyright (c) 2014 - 2020

o