Are you on the hunt for cheap homes for sale in Lakeland, FL? Look no further. With houses often listed under $160,000, Lakeland is a haven for buyers seeking value. This article cuts straight to the chase, providing you with the lowdown on affordable properties, community vibes, and the straightforward facts to help you make a savvy purchase in this vibrant market.
The Lakeland, FL housing market is filled with over 1,018 affordable homes with an average listing price around $348.7K, offering a range of housing options including houses below $160,000 in neighborhoods like Highland Park, Wahneta, and Hillcrest Heights.
Prospective buyers can find a variety of budget-friendly homes in Lakeland, FL through online platforms such as PropertyShark, Redfin, and ZeroDown, and can seek assistance from realtors for expert guidance on the local market and managing the purchasing process.
Lakeland, FL offers financing options for cheap homes, with programs like FHA Zero Down Financing and others provided by local institutions like Lakeland Bank, aiming to make homeownership more accessible with favorable terms for eligible buyers.
The Lakeland, FL, housing market boasts over 1,018 affordable homes, averaging a listing price of approximately $348.7K and average sold prices of $312,903. With 351 houses and apartments priced below $160,000, the question of how many cheap homes are available is answered with a resounding “plenty”.
The city offers a variety of options from cozy apartments to single-family homes, and townhomes, predominantly in contemporary architectural styles. Neighborhoods like Highland Park, Wahneta, Grenelefe, Homeland, and Hillcrest Heights are just a few among the many that offer cost-effective housing.
The tastefully designed, budget-friendly homes provided exclusively in communities like Hampton Hills and Eagle Hammock are particularly sought after.
Neighborhoods such as Biltmore, Cumberland, and East Lake Morton are worth considering if you’re interested in the 33801 area of Lakeland, FL. These areas offer a significant number of affordable housing options, with the average price of residential properties standing at a modest $291.5K.
For those interested in exploring specific listings, websites like LakelandLuxuryHomes.com ,PropertyShark, Redfin, and ZeroDown offer access to hundreds of affordable homes in the area, including cheap homes for sale. These sites provide listings featuring a variety of homes and apartments to suit different budgets and preferences, priced under $160,000.
The Lakeland FL 33803 region offers an array of attractive and inexpensive properties for budget-conscious buyers. For instance, a 672 sq ft house on a 4,373 sq ft lot at 6260 Scenic View Dr is listed at $65,000. With 351 affordable houses and apartments for sale in the area, finding your dream home without breaking the bank is a real possibility. Don’t miss out on the sale in Lakeland and start your search for a sale in Lakeland FL today.
Areas such as:
Nearby neighborhoods are especially attractive to budget-conscious homebuyers. These neighborhoods are known for their affordability and can offer prospective properties consumers may be interested in. Moreover, there are plans for affordable housing projects in the area to address homelessness challenges and expand the availability of FL cheap homes.
Hampton Hills, in the Lakeland FL 33810 area, offers a variety of budget-friendly single-family homes and townhouses. Furthermore, there are various homes and apartments on the market for under $160,000, catering to both commercial and non-commercial buyers.
The average home price in this area is approximately $348.7K for listings and $300K for sales. With around 350 homes available for sale, this area offers ample options for anyone looking to own a home in Lakeland, FL. And with a cost of living index of 92.8, it’s more economical compared to other areas in Lakeland.
Knowing where to look can make locating your dream home in Lakeland, FL rather straightforward. Reputable websites for finding affordable properties in the area include PropertyShark, Redfin, and ZeroDown. These platforms allow you to narrow down the search criteria, such as specifying price range and number of bedrooms, making it easier to identify prospective properties.
Working with a realtor can further streamline your home search process. Realtors provide:
Access to valuable resources and tools
Assistance in locating suitable properties
Current market insights
Management of paperwork, negotiations, and other aspects of the purchasing process
You just found several reputable real estate agents in Lakeland, FL.
Locating affordable properties in Lakeland, FL has become easier with online platforms like:
These platforms offer comprehensive search engines that can be refined based on price range and specific criteria, enabling you to identify suitable affordable housing options.
When navigating through online listings of cheap houses in Lakeland, FL, detailed listings with photos and filters can assist you in sifting through the wide range of affordable houses and apartments for sale or rent in Lakeland, FL to find your ideal home within your budget.
Collaborating with a realtor can be highly effective in finding the best affordable homes in the area. Realtors in Lakeland, FL offer:
Access to a wide array of resources and tools
Streamlined handling of paperwork and negotiations
Valuable local market expertise for precise price evaluations and projections
This saves time and effort for the client, making the home buying process a breeze.
To locate a reputable realtor in Lakeland, FL, it is advisable to utilize resources such as realtor.com or review the top real estate agents on fastexpert.com. A reliable realtor will offer a range of property listings suited to different lifestyles and will provide comprehensive support throughout the home buying process, including information on available properties. Note that the standard fee structure for a realtor in Lakeland, FL typically ranges from 5.40% to 6% of the final sale price.
A range of financing options can ease the purchase of cheap homes in Lakeland, FL. These include:
Comprehensive home financing guidance from My Southern Home
The FHA Zero Down Financing program for eligible FHA borrowers
Affordable home loans like the Welcome Home Loan, HomeReady Mortgage, FHA Mortgage, and Buyers Advantage Subsidy Program offered by Lakeland Bank.
An FHA loan in Lakeland, FL, for instance, assists individuals with lower credit score requirements, more advantageous interest rates, and a down payment as low as 3.5%. Additionally, the FHA 203(k) Program enables the financing of the acquisition and renovations of HUD homes with a single loan. The typical mortgage rate for affordable properties in Lakeland, FL is generally 6.50% for a 30-year fixed loan, 5.65% for a 15-year fixed loan, and 6.75% for a 5-year adjustable-rate mortgage (ARM).
To secure a home loan in Lakeland, FL, you typically need to meet specific criteria such as:
Having a minimum FICO score of 620 for conventional mortgages
Providing a 5%-20% down payment
Maintaining a 640 minimum credit score for a USDA-Guaranteed Home Loan
Nearby Tampa Bay offers additional affordable homes for those open to expanding their search. Cost-effective neighborhoods in Tampa Bay include:
New Port Richey
Town ‘n’ Country
However, it’s worth noting that the average residential property value in Tampa Bay is $379,142, exceeding that of Lakeland. The cost of living in Tampa Bay is also 12.1% higher than in Lakeland. Affordable residences in Tampa Bay can be located on online platforms like Houzeo, Zillow, Redfin, Florida is Home, The Keyes Company, PropertyShark, AffordableHousing.com, HotPads, and Point2Homes.
Homebuyers in Tampa Bay can also utilize the following programs for down payment assistance:
City of Tampa’s down payment assistance loans
Hillsborough County’s Down Payment Assistance program
Florida Housing Finance Corporation’s first-time homebuyer programs and purchase assistance.
A few tips can help ensure a smooth process if you’re considering buying a cheap home in Lakeland, FL. First and foremost, it is essential to carefully budget for the purchase and enlist the services of a highly competent real estate agent to assist in selecting from the available homes for sale.
It’s also important to avoid common mistakes such as:
Exceeding your budget
Overlooking the suitability of the home for your lifestyle and requirements
Neglecting to assess the neighborhood where the property is situated
Failing to identify prospective properties consumers should consider
Lastly, when assessing and bargaining for an appropriate price, utilize home valuation tools tailored to the region and analyze the median home sold price and price per square foot in Lakeland to ascertain market value. It is advisable not to expedite the transaction if there is no time constraint.
A host of benefits come with owning a budget-friendly home in Lakeland, FL. For starters, acquiring an inexpensive residence may offer financial advantages including subsidized purchase options for eligible buyers, reduced expenses through a smaller down payment and more affordable monthly payments, as well as opportunities for community revitalization and preservation.
Moreover, affordable properties in Lakeland, FL present various investment opportunities, including the potential for short-term Airbnb rentals, traditional longer-term leases, and a real estate market that offers excellent growth potential. Homeowners also have access to tax benefits such as the Florida Homestead Exemption and property tax exemptions.
Lastly, homeownership can contribute to wealth-building through various factors including:
Access to home equity
Protection against inflation
All of these factors can lead to a potentially more secure financial future for consumers personal.
Beyond offering affordable homes, Lakeland, FL is a treasure trove of historical landmarks, cultural events, and recreational facilities. From Lake Mirror and Munn Park to the Frank Lloyd Wright at Florida Southern College and the Detroit Tigers Spring Training facilities, the city is steeped in history and culture.
Beyond that, the city also hosts popular events such as the art festivals, plant sales, and festivities in Munn Park, including Mayfaire by-the-Lake, one of Central Florida’s oldest art festivals held on Mother’s Day weekend. Residents can also enjoy over 70 parks and recreational venues, including Barnett Family Park, Christina Park, Common Ground Park, Frances Langford Promenade, and Holloway Park.
Moreover, Bonnet Springs Park is dedicated to providing a space for nature, culture, recreation, and education, with a focus on uniting the community.
In conclusion, Lakeland, FL, with its diverse range of affordable homes, favorable financing options, and rich history and culture, presents an ideal opportunity for anyone looking to buy a cheap home. Whether you’re a first-time homebuyer or an investor looking for a lucrative deal, Lakeland, FL has something for everyone. So, why wait? Start your journey towards homeownership in this charming city today!
Yes, Lakeland, Florida is considered a relatively cheap place to live, with a cost of living 13% lower than the national average and 17% lower than the state average. The city's median home price is also below the national average.
The best place to live in Lakeland, FL is likely Beacon Hill, a neighborhood with an overall grade of A, a median home value of $203,800, and various accolades as the best neighborhood for buying a house, living, and raising a family. Dixieland is also recommended for its beautiful surroundings and lake.
Lakeland's high cost is driven by a housing shortage that has led to a sellers' market, worsened by immigration due to COVID-19 and a larger housing shortage in Polk County.
Lakeland in Florida is ranked among the top 20 places to retire in the U.S., offering better weather year-round and affordable access to recreation and cultural attractions. Additionally, the city's crime rate is lower than the national average, making it a good place to retire.
You can find affordable properties in Lakeland, FL on reputable websites such as LakelandLuxuryHomes.com, PropertyShark, Redfin, and ZeroDown. Start your search there to explore available options when it comes to cheap homes for sale in Lakeland FL.