A perfect storm of demand, supply, and economic factors are making Florida an excellent place to buy real estate.
The housing market in Miami, Tampa, Orlando, Panama City, Sarasota, Naples, Fort Lauderdale, and even Boca Raton are compelling real estate investment value propositions for buyers in North America.
Sunshine is a crucial benefit for most buyers here, and with the Florida economy rolling along nicely, there’s no reason to believe there is a downside to buying property in the Sunshine State.
Interest in Orlando and Tampa real estate has been particularly strong, and that’s likely due to the drawing in of new residents due to lower than expected prices for condos and homes.
Orlando was named the No. 1 city in America to invest in housing for 2018, according to a list by Forbes Magazine, compiled together with the Local Market Monitor (which tracks thing such as population, jobs, and home prices). This study does fall in line with last quarter’s census figures, which put Orlando’s homeownership rate at 63 percent, up from 57 the year prior, reports the Orlando Sentinel.
The increase in the housing market could also be thanks to the boost in the job market. As previously reported by Orlando Weekly, Orlando led the state last year with the most jobs created.
Florida’s economic performance was outstanding in 2017 once again, which is why it attracted so many new residents and home buyers. Orlando’s disposable income growth over the last five years was an astonishing 12.8%. This has caused an increase in both job growth and population growth in the city beautiful.
It also doesn’t hurt that Orlando’s home prices, still dinged by the housing crash, are 22% below the national average.