How to Find Affordable Places to Live in Naples, Florida

Aerial view of city near body of water

Like me, you might have probably thought that one major advantage of the US housing crisis is decreased housing costs. Unfortunately, that hasn’t been the case. Over 20 years after the housing crisis of 1996, an average home price in the country has continued to fall, reaching new lows in large cities like New York, Chicago, and Atlanta. 

Yet, the number of persons who paid huge amounts for houses rose by 62.1 percent in 2020, possibly due to increasing financial hardships like unemployment and the aftermath of the Coronavirus pandemic. 

With such a bleak financial future, finding affordable housing may appear daunting. However, all hope isn’t lost. There are still some ways to save some bucks while finding a roof over your head. The following are some helpful tips to help you find affordable places to live in Naples, Florida. This information will come in handy when moving to Naples. 

Know Your Budget

Before starting your house hunting, it’d be best to have a budget. Making a detailed plan on the amount to spend can help you to discover how much you can afford on housing at the moment. 

More so, it can help you make informed decisions on things to cut back on, so you can save more money and afford the mortgage payments or higher rent. Financial experts recommend dividing your post-tax income every month into percentages depending on the amount you plan to spend. 

Don’t forget to add all expenses, including utilities, savings or retirement accounts’ deposits, student loan payments, transportation, and food. 

Although it’s best to avoid any property that’s above your budget, flexibility is allowed. For instance, suppose you stay closer to your workplace, you might become open to increasing your housing cost seeing as your transportation cost will reduce.

Use a Real Estate Agent or Referral Service

Suppose you want to stay in one of the best communities in Naples, Florida, for families and would like to get a great, affordable property for sale there; consider working with a real estate agent. You can also use an apartment referral service to help you find some listings that you’d have missed during your online search. 

Apartment referral services simply collect your information on the apartment type you want while considering amenities, neighborhood, price range, etcetera. On the other hand, a real estate agent will work directly with you to ensure they find your preferred property at your chosen location. 

What’s more, they’ll stay with you till the entire home buying process is completed so you can get the best deals. However, ensure you work with a buyer’s agent.

Aerial photography of sea

Negotiate With the Landlord

Lots of tenants don’t know that their monthly rents aren’t set in stone. Just like a property price, rent is negotiable. Consider sitting down with your landlord to negotiate the rent within reason. 

While no landlord will want to accept a meager offer, most property owners will prefer to collect rent from a tenant rather than allow the apartment to lie empty for months. 

Understanding this point can give you the leverage you need to negotiate the rent in your favor. However, it’d be best to first research the average rents of properties in the neighborhood by asking neighbors or talking with your real estate agent.

Know Your Deal Breakers 

When looking for affordable places to live in Naples, Florida, know your deal-breakers. While it’s okay not to have every feature you’d prefer in the house you can afford, that doesn’t mean you have to compromise on the vital things too. 

Consider taking a minute to brainstorm on the features you can afford to do without and the compulsory ones. The following are some things to consider:

  • Amenities like dishwasher, on-site laundry, oven, stove, elevator
  • Your commute time
  • Distance to the closest bus stop or subway
  • Is the apartment non-smoking or smoking?
  • Do you want a lively or quiet place

Answering these questions will help you discover areas to make concessions so that you can get a great property at an affordable price. 

Make Compromises

As we’ve mentioned previously, it’d be best to make compromises when looking for affordable housing in Naples. It’d help if you could make some adjustments like unconventional layout, smaller size property, and fewer amenities to save money.

For instance, studio or basement apartments are cheaper than an apartment building unit or larger multiple-bedroom apartments. Consider starting with renting an apartment if presently, you can’t afford a luxury condo in the best places to live in Naples, Florida. However, with the right real estate agent and willingness to make compromises, you’ll surely find a home in the upscale part of town, although it might not have all the amenities you’d want. 

Download Real Estate Apps

On the journey towards becoming a homeowner in Naples, you can decide to download real estate apps like Trulia, Craigslist, or Zillow to find affordable properties. Checking them every day is one of the convenient ways you can find properties. Who knows, you can find a great deal there. 

Enable notifications so you can be aware every time a new listing matching your criteria is added.

Apply for Section 8

While you might want to live in one of the best upscale neighborhoods in Naples, Florida, the truth is, not everyone can afford it, and it’s okay. That’s why there’s much affordable housing in Naples too. 

There are also programs to help low-income families struggling with getting affordable accommodation. For instance, Section 8, also called the housing choice voucher program, is a federally funded housing assistance program administered by the state housing authorities. 

Section 8 offers mortgage assistance and rent in vouchers. According to the US Department of Housing and Urban Development, your family’s income will have to be lower than your resident county’s median income.

The amount the vouchers cover depends on the federal affordable housing threshold, about 30 percent of the family’s post-tax income. When you get the coupons, pay the rent to about 30 percent of your income each month, and the federal funding will cover the rest. 

Final Words

Finding affordable places to live in Naples, Florida, is challenging but not impossible. It’d help if you were ready to compromise on some of the property types, features, and amenities you want. 

More so, you’ll need lots of patience, time, and perseverance, especially if you’re moving into Naples, Florida, from another state. It’d be best to take your time and conduct enough research to ensure you’re not jumping into a purchase you’ll later regret. Suppose you can’t afford to buy a home now; it’s okay to rent and save more till you’re ready. 

By William Charles

My name is William Charles and I am the CEO of Orlando Real Estate Resource. For over 10 years, I have been helping people find properties for different purposes. From residential homes to investment commercial properties.

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