Greenacres property for sale
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The fast-growing city of Greenacres in Florida is located about ten miles to the South West of Palm Beach. Greenacres is boarded by Kenwood Estates, Atlantis, Lake Worth, Palm Springs, Glen Ridge, Lake Clarke Shores, and Haverhill. A Massachusetts man named Lawrence Carter LC Swain purchased the area now known as Greenacres FL back during the land boom of the 1920s. His main goal was to make a thriving community that was made for the working class. Following quick growth, it was originally incorporated as a city back in May 1926. But after 2 devastating hurricanes in the late 1920s, Greenacres FL was disincorporated due to the level of destruction that happened in the city. The city of the Greenacres made a solid comeback as the area started to grow and build again, which led to it being reincorporated in 1947.
Real Estate Market Greenacres, FL
Over the decade, the annual increase of the population in Greenacres has averaged 1.21%. By comparison, the yearly rate for the total state averaged 1.25% and the nation’s average was 0.69%. The overall population growth rate for Greenacres for the most recent 10-year span is 10.93%, compared to 11.27% for the state and 6.23% for the country. Currently, the median home value in Greenacres is $149,500. In contrast, the median value for the state is $196,800, while the national median home value is $205,900. Over the most recent ten years, the yearly appreciation rate for homes in Greenacres averaged -0.27. During this time, the annual average appreciation rate for home values for the state was -0.07. Across the country, property value changed annually at an average rate of 0.13. When you estimate the rental properties in Greenacres you’ll see a gross median rent of $1,238, in comparison with the state median of $1,130, and the median gross rent in the whole country of $1,025.
Why Property in Greenacres in FL
Greenacres caters to a youthful easygoing lifestyle. Known for major festivals such as Sun Fest, arts festival and Music, and a Halloween-style costume party, this place is for the young-hearted, even with its several retirees.
Its sparkling beaches are home to several water-based activities, including boat shows, scuba diving, and the stuff of dreams for vacationers everywhere.
The city is home to well-known bars and restaurants along the water, making it a vibrant place for the local nightlife. Another one is a cultural quirk of Greenacres is its reputation as a little big town. That’s to say, despite its small population, the Greenacres is rich in culture and a far cry from rural communities with similarly sizes populations.
Decent cost of living
The average cost of living in the city is almost the same as the National average and is about 3 percent lower than the FL state average. The local property for sale in Greenacres and home utilities are considered more affordable than in several other areas of the state. While healthcare, groceries, and transportation tend to cost more in the Greenacres.
The homeownership in the city is 63 percent. The current real estate in Greenacres in Florida, houses for sale in Greenacres is somewhat competitive. The average price of a house in Greenacres is $190,500, a fairly affordable value that fits the city’s median income.
The property tax rate in Greenacres is 1.060 percent, which is $2,014 each year for an average $190,500 home. About 37 percent of the people live in rent, providing a fine supply of affordable leasing options in town.
The average price of rental properties in Greenacres is $1,388 each month, a 3 percent increase in the past year. Check also Lake Worth property for sale.
At roughly, $1 trillion, Florida had the 4th biggest economy in the US. The sectors that account for the big number of employees in FL, as of 2021, our health and education services, leisure and hospitability, business and professional services, and transpiration, trade, and utilities. As of 2019, Fort Lauderdale West Palm Beach metropolitan area in South Florida, which includes Greenacres, continues to have the biggest GDP in the sunshine state with $328 billion, which is more than double the 2nd highest in Florida, which is the Tampa Bay.
The ideal place to retire
Thinking about retirement? Consider buying an apartment for sale in Greenacres! Residents 65 plus are a significant demographic in Greenacres, thanks to the city’s great year-round climate, small-town feeling, and retirement communities! Not to mention, Greenacres offers limited income exceptions for senior citizens, and the state of Florida has no personal income tax. And if you are looking for things to do in retirement, Greenacres would not disappoint. You can go freshwater and saltwater fishing, play eighteen holes on several local golf courses, explore unique museums, and more.
Where do you buy a townhouse for sale in Greenacres? Though it’s a fairly small city geographically, there’re still a few comfortable Greenacres neighborhoods to pick from if you are investing there:
- Chelsea Commons
- Palm Beach Villas
- The Rainbows
- Pine Ridge
- Nautica Isles
There’re a bunch of areas for a convenient shopping experience in Greenacres, including recognizable shops.
Jobs in Greenacres
The average salary in Greenacres is $44,000 each year. People investing in condos for sale in Greenacres do not have to pay the income tax due to the 0 percent FL income tax rate. Greenacres has an unemployment rate of 4.5 percent. Due to its close prolixity and smooth communication, several residents travel for work from Greenacres to Palm Beach. People investing in real estate Greenacres who expect to work in West Palm Beach will communicate about ten miles each way, which takes about 25 minutes each trip.
Things to do in Greenacres
You will not be wanting things to do in Greenacres, FL. Explore the downtown area in search of boutiques and museums… or that next delicious meal. What tickles your fancy? A delectable 5-course supper at a restaurant you have been hearing about? Or perhaps you would rather read the paper while sipping warm coffee at one of the cafes scattered throughout the town. Take in a show at the theater, or along down the main thoroughfare, watching people wander past. Why spend hours ruminating over what to do in Greenacres? Let the possibilities wash over you as you explore this new town. Move out on food and get to know the place on a more personal level. Find that right souvenir at one of the smaller stores, or reinvent your whole art at your new favorite gallery. Is the wind whispering suggestions in mind? Rend a vehicle can take it out beyond city limits and into the wild blue yonder.
Explore the small towns and cities past the border, and get to know the stories behind them. Visit a county fair and let childhood memories wash as you as cotton candy melts in your mouth. Sample hand-made jam at a stop on a forgotten highway, or let hustle and bustle of modern life sweep you away as you lose yourself in the organized chaos of a modern metropolis. Your options are limitless – and so are adventurous to come.
Rental properties in Greenacres
When comparing the median price for a one-family starter house for sale in Greenacres to the rental price of a single-family house, researchers found a significant gap in price growth, in part due to the quick rise of montages rates. Mortgage rates have jumped over the past 7 months to nearly 6 percent, from about 3 percent in Jan. Homeownership for single-family homes saw 41 percent year over year growth in the price as compared to 10 percent growth for the same rental for the overall region.
For Greenacres, we found that housing costs were up to 52 percent, single-family rents were up to 12.5 percent, and apartment rents were up to 29 percent.
Single-family rent – $2,880
Housing monthly payment – $3,720
Apartment rent – $2,415
The cost to build has been great that they’re passing those costs on to the home investors. And payments for one family house depend on mortgage rates, which are going up. House prices are also going up as well.
Whether you decide to invest in Greenacres real estate or rent a home, it is a personal decision that means taking a look at different aspects of your life. From your financial condition to lifestyle, jot situation as well as long-term goals, several factors can examine whether you’d rent or purchase a property. If you are still not sure which one is better for you or you want to invest in commercial property for sale in Greenacres, talk to one of our experienced real estate agents who can give you professional guidance.