Temple Terrace, Florida

Temple Terrace (population 25,000) is a nice small city about 10 miles northeast of Tampa and just to the east of Busch Gardens, Adventure Island and the University of Florida in westcentral Florida. It started out in 1920 and has grown by 6% in the last decade. The proximity of the University and the amusement parks gives Temple an energy not always found in smaller municipalities.

The downtown is a little non-descript, but the city plans to renovate the area. Plans call for new banks, restaurants, retail shops and 200 luxury apartments in the next few years.

The Hillsborough River runs along the edge of town and teems with wildlife. Canoers and kayaker are often on the water, while walkers enjoy a soothing riverfront path with benches shaded by tall pines and cypress trees.

Temple Terrace has been named a Tree City and is dotted with grand oaks, crape myrtles and southern magnolias, creating many a canopied lane. Residents enjoy nearly two dozen leafy parks and a nearby botanic garden.

Cost of Living

Temple Terrace is a reasonably priced small city with an overall cost of living 3% less than the national average.

The town is 1% less expensive than Houston, Texas, 11% less expensive than Orlando, Florida and 73% less than Boulder, Colorado.

The median household income is $50,987.

Real Estate

The median home value in Temple Terrace is $199,110. This is a 3.2% increase over the previous year.

Estimates are that values will stay steady over the next year.

The median rental price is $995 per month.



The combined sales tax rate for Temple Terrace is 8.5%. This is the total of state, county and city sales tax rates.

Florida has a 6% state sales tax on vehicle purchases and Hillborough County tacks on another 2.5% of the vehicle's first $5,000 in value ($125).

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 taxes on a $199,110 home are approximately $2,069 without a homestead exemption.

Florida does not tax Social Security.

Want 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 will have no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.



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