The following are some of the attributes that make Florida such an attractive place for real estate investors:
While U.S. population growth has slowed in the past decade to rates not seen since the 1930s, Florida has defied this trend. The state’s population grew from 18.8 million residents in 2010 to 21.5 million in 2020 for an increase of 14.6 percent for the decade.
That’s excellent news if you want to buy Florida investment property since population growth usually translates into increased demand for homes as well as an increase in home values as more buyers enter the market. It also bodes well for the economy in general, often leading to a lack of labor shortages and increased tax revenues.
Even with COVID-19 still having an effect on employment, Florida has managed to have ongoing job growth. The state has had 14 consecutive months of job growth along with a gain of 907,900 jobs since last spring. It also has 11 straight months with Florida’s unemployment rate being below the national average.
Job growth lures new residents to the state, making it an attractive place to move to. It also helps residents be able to afford to rent or buy a home.
It’s not surprising that many people choose to move to Florida since it offers a unique lifestyle. It offers residents the chance to live in a place that has so much to offer it’s a frequent favorite vacation destination for many people. If you choose to live in the state, you’ll have easy access to its many theme parks and other attractions. The state’s warm, sunny climate makes it easy to enjoy outdoor activities all year long, such as visiting some of the state’s many award-winning beaches.
Florida offers everything from vibrant nightlife to a slower-paced lifestyle and everything in between. And your money may go further in the state since its housing costs are lower than in many parts of the country, and it has no state income tax.
Vibrant real estate market
Florida’s real estate market is thriving with median home prices increasing over last year. It’s still one of the cheapest states to buy a house in, and demand for homes to buy as well as rent remains strong.
This creates the potential to earn a good return on your investment property. And as the state’s population continues to increase and jobs continue to grow, the real estate market is expected to remain vibrant.
Top places to buy Florida investment property
The following are a few of the best places in Florida for buying investment properties:
The Miami real estate market has benefitted from pent-up demand as well as mortgage rates that are still low. In addition, more residents and companies are moving to the area and creating demand for real estate. The result is total home sales that increased 142.4 percent over last year.
Jacksonville benefits from a strong economy combined with a cost of living that’s below the national average. Average home prices are also below national averages, but if you’d like to rent your Florida investment property, you’re in luck. Homes rent at or above the national average.
While rental prices in Fort Lauderdale are high, median home values trend toward average. The area is one of the top in the state in job growth and its population is rapidly increasing, so it’s primed for real estate investment.
Tampa has a very low unemployment rate along with a population that’s consistently increasing. Single-family homes have seen appreciation in the double digits.
In addition to its strong tourist/hospitality economy, Orlando is also a business hub. Tech companies and jobs are growing in numbers in the Orlando area, which increases the demand for housing.
Summing it up
When it comes to investment properties, Florida has a lot to love. Many conditions, such as a unique lifestyle, won’t change, and even ones that are variable, such as job growth, are holding very strong over a long period of time.