Last year, Florida was home to 16 of the United States’ 100 fastest growing counties. Since it’s already the 4th largest state by population, it’s no easy feat to maintain that kind of growth. However, with year-round sunshine and warm weather, over 3,000 miles of coastline, and endless attractions, it’s hard to compete with the state of Florida.
But, is it a good time to invest in a real estate property in Florida? The short answer is yes. But, we’ll go into the details a bit further to talk about the economy, the value of rentals and vacation homes, and some of the most in-demand places in the Sunshine State.
Read on to find out why it’s the perfect time to buy a residential property in Florida.
A growing, diverse economy
It’s no mystery that Florida’s strength lies in the massive tourism industry. However, the state is also attracting out-of-state and international students with top colleges (who wouldn’t want to get their degree in a paradise?).
Plus, Florida has an unemployment rate that sits lower than the national average and job growth across industries remains strong over the last decade. This demand has made the housing market in Florida a competitive one. However, there is still a lot of opportunity in the suburbs where professionals in sectors like trade, the sciences, and financial services are happily commuting into the cities from for work.
Rental properties are more valuable than ever
With the cost of owning a home slowly rising each year, many students and young professionals are choosing to rent in Florida while they establish their careers and save for a down payment, wary of taking on huge home loans.
This, coupled with the ever-appealing prospect of renting a vacation house in Florida has been made easier thanks to sites like Airbnb.
Profits can quickly be made and reinvested in the rental property market in Florida, making it a big money maker. And, with a well-established and competitive property management industry, it’s easier than ever to maintain your properties, keeping your tenants (and your wallet) happy.
What are the key regions for real estate investment in Florida
To discover the most valuable places to invest in Florida, you need only follow the crowds of happy tourists. Huge attractions like Disney draw professionals in the tourism and hospitality industry and make Orlando the top place in invest in real estate. However, it’s also the most competitive for this reason.
If you’re seeking a less-saturated market with just as much opportunity, areas like Jacksonville and Cape Coral see consistent job growth and housing demand, in spite of serving tenants of different income levels.
With property owners reporting incomes of well over $1,000 per month, the Jacksonville and Cape Coral areas are likely to continue to grow and see positive returns for years to come.
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