4 Luxury Towns You Can Afford on a $100K Salary
There’s nothing wrong with wanting to live in a nicer place, even if you don’t make hundreds of thousands of dollars a year. But if you earn $100,000, it is still possible to afford to live in more “luxury” towns? Many areas offer nice amenities, with features like easy access to water and recreational activities, without the high real estate prices you might expect.
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Here’s a look at four luxury towns you can afford on a $100,000 salary.
The Lakes and Desert Shores, Las Vegas
This master planned community in Las Vegas offers homes in a variety of price ranges, and, according to David Gavri, a Realtor with Realty One Group Summerlin, it’s one of the few neighborhoods in Las Vegas by the water.
“Vegas has a lower cost of living compared to other major nearby cities,” he said.
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Nocatee, Florida
Nocatee in northeast Florida, just south of Jacksonville, is located in one of the state’s top school districts and is close to beaches, golf courses and shopping areas. If you’re a homeowner there, you’ll be able to tap into the many community features, like a communal water park, annual celebrations and regular events to meet your neighbors.
Homes range from below $400,000 to upwards of millions of dollars, so you can find one that fits your budget. Plus, the cost of living in northeast Florida is lower than many areas in the U.S.
Lakes of Bella Terra, Texas
The Lakes of Bella Terra is a community located just outside of Houston, Texas, and offers affordable homes that tend to look more expensive than the sticker price. Residents get access to a bunch of amenities, like beach volleyball courts, fishing ponds and a pool with cabanas.
Homes start as low as the mid-$300,000s, and cost of living in Houston is lower than the national average.
Green Hills, Tennessee
This affluent area in Nashville is popular with those who want proximity to luxury shopping areas and homes. Located just south of the downtown core, you can feel like you’re part of the city — partially because of the The Bluebird Cafe, one of the city’s most well-known music venues. There are a variety of homes, including condos, townhomes and more historic craftsman-style properties.
Sure, there are homes that cost several million dollars around here, but if you’re looking for a condo or townhome, you’ll be able to find more affordable listings. Though Nashville can be expensive, the overall cost of living is lower than other parts of the country — not having to pay state taxes could contribute to that.
The Caveat
While any of the above areas are nice, it’s key to look at your finances to see whether you can reasonably afford to become a home owner. Casey Fleming, a mortgage advisor and author of “Buying and Financing Your New Home,” said you need to look beyond whether you have enough income to afford the monthly mortgage payments.
“Homebuyers need to assess if they have enough cash for the down payment and closing costs, plus enough in cash reserves,” he said. “You should aim for cash reserves of at least three times the total monthly housing cost.”
Having this cash reserve can help you pay for any unexpected costs, like repairs, and even mortgage payments if you lose your job.
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