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Tallahassee, Florida Mortgage Rates and Real Estate Overview

A progressive, high-tech college town in the Florida Panhandle? Florida’s capital city, Tallahassee, is all those things. With its long history of Democratic voting, its two public universities and its reputation for scientific research, Tallahassee isn’t your typical Southern town. In fact, one of Tallahassee’s most recent claims to fame was its role in the outcome of the contested 2000 Presidential election. Yes, Tallahassee has always played an important role in politics, despite attempts to move Florida’s center of power to Orlando.

In terms of its economy, the State of Florida is by far the largest employer in the city, as one might expect. Schools, universities and healthcare organizations make up the next largest sector. The city is also home to a rapidly growing high-tech and manufacturing economy. Such diversity makes Tallahassee a city of opportunity and one of the most promising places in Florida to live and work.

For such a dynamic city, Tallahassee’s housing market isn’t overly pricey. The city’s median home sales price currently stands at $140,000, which represents a decrease of 2.2 percent since last year. Although home values decreased throughout 2014, at least one industry expert is arguing that this is a blip in an otherwise recovering housing market, citing soaring values in 2013. Some neighborhoods, such as Ox Bottom Manor, Benjamin’s Run and Settlers Springs, have even seen increases.

Neighborhoods worth checking out in Tallahassee include the historical Frenchtown with its bungalow-style homes, the midtown area around Lafayette Park, Los Robles with its ancient oak trees, and the planned, suburban community of SouthWood. More suburban neighborhoods include Ox Bottom Manor, Summerbrooke, Golden Eagle, Killearn Estate and Killearn Lakes.

What kind of monthly payments can you expect to make on a Tallahassee mortgage? Based on a Zillow sample of 30-year fixed-rate mortgage rates in the area ranging from 4.33 to 4.54 percent, expect to pay between $551 and $567 per month for an average property.

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