Do you think it's time to buy a home in Hollywood, Florida? Maybe you have been renting for a few years and it costs around the median price of $1,995 per month. You are tired of seeing all of that money disappear with nothing to show for it, so you want to buy a home. How will the prices compare?
The exact amount you pay on a monthly basis depends on the terms of your mortgage loan. To start digging into it, though, let's take a look at the median cost of a home in the city. It comes in at $284,400 as of October 18, 2019.
When you buy often has a lot to do with how much you are going to pay. For instance, in the last year, the values for homes in the area went up by about 4.2%. Every property is different, of course, but that's the rise on the whole. In the next year, experts think that the trend will continue and the values should go up by about 3.2% more.
To get a sense of how Hollywood stacks up against other nearby areas, such as Miami and Fort Lauderdale, let's look at the price per square foot. In Hollywood, it is $244 per square foot. That's very comparable to Miami and Fort Lauderdale, which come in just slightly lower at $224 per square foot.
Certainly, though the home buying process starts with prices, it does not end there. Make sure you know exactly what steps to take and how to navigate this legal process and buy your first home.