When searching for the finest places to invest in real estate, there are numerous things to consider. In addition to population changes and unemployment rates, it’s critical to keep tabs on housing prices and rents that a property can command. We’ve put together a list of some of the greatest places in Florida, like Sunny Isles Beach realtor, to invest in real estate based on their economic development and current market conditions.
The Florida Real Estate Market: A Quick Overview!
To begin, let’s take a look at the whole Florida market. One of the nation’s fastest-growing labor markets and largest populations may be found in the state of Florida. After California and Texas, Florida has the nation’s third-largest population.
People moved to the state because of the state’s warm weather, low property prices, and eased regulations. Between April 2019 and April 2020, the state added 387,479 new permanent residents, making it the state with the most yearly population increase.
While several states have extended their ban, Florida elected to let it expire on Oct. 31, 2020, which would result in hundreds of thousands more distressed sales. With one in every 7,920 houses in or about to enter foreclosure as of January 2021, Florida was a top state for foreclosures nationwide.
Now, let’s take a look at some of the top cities in Florida to invest in real estate and explain why?
According to Forbes, the epidemic has contributed to Orlando’s position as the nation’s second-fastest expanding city. State populations in Florida and Texas grew significantly as more and more individuals sought permanent residency in warm climates and were dissatisfied with government limits.
Orlando has around 2.5 million people and is the state’s third-largest metro region. Located in a form undergoing rapid population and economic expansion, it is the fourth-biggest city and its largest inland metropolis. Before the outbreak, Orlando had one of the country’s lowest unemployment rates of 2.5 percent. This number may return to its pre-pandemic state in the future, notwithstanding the pandemic’s impact.
Because of its 4 million residents, Tampa is one of the nation’s largest metro regions and is only expected to get more excellent in the coming months; it is a popular location for real estate investors. Many Fortune 500 firms in the finance and health care sectors have set up shop in the city and have brought in a steady stream of new people, which helps keep the city’s economy healthy.
A thriving local economy is fueled by a booming labor market, a growing population, and well-paying employment in industries with high ceilings. Homebuyers in this highly competitive market may pay more since the cost of living is also 5 percent lower than the national average.
Although Lakeland isn’t always the first place that springs to mind when you think of Florida, it should be for real estate investors. With an annual growth rate of 3.2 percent, Lakeland has become one of the fastest-growing metro regions in all of the United States.
For years, this city has been an important transportation center with a solid rental market; however, in the past year, house sales have started to make this place a good site for fixes and flips and new development.
The median price of a house in March of 2021 was $251,855, which was the highest in the last five years. During the month, 432 homes were sold, a 15% rise over the previous year, and residences are on the market for an average of just ten days, a 63% drop from the last year.
As long as investors can discover the available inventory or lots to repair and flip or develop residential construction, they will gain from this strong seller’s market. For investors, reduced property prices provide a lower barrier to entry, but lower incomes make this a mid-range need for repair and flip or new construction projects.
Jacksonville is located in the northeastern part of the state, close to the Georgia border. Even though it is not as popular with tourists or as densely inhabited as Orlando and Tampa, Jacksonville nevertheless has a steadily increasing population and a strong employment market, making it an ideal place to invest. There has been a 14% rise in the number of people in the previous ten years, to roughly 900,000.
Fortune 500 firms are based here, as are most of Florida’s other major cities, fueling the region’s population and economic development. Investing in the towns with this degree of stability and development helps limit risk and guarantee that your investment can be cashed out when the time is right.
5. Fort Lauderdale
Fort Lauderdale, located in the southeast part of the state, has long been recognized for its strong rental market but has recently increased the number of homeowners.
According to magazines like South Florida Business Journal, it is one of the most significant areas in the state because of its affordability and proximity to tourist attractions and big sports venues.
Even though it lacks the economic clout of some of the other cities on the list, the region continues to expand steadily, with an unemployment rate far below the national average. Additionally, Fort Lauderdale is a significant tourism center for the state and is home to numerous well-known institutions, making it ideal for owners and renters.
6. Captiva Island
Cape Coral is an excellent example of a developing real estate market and an excellent place to put your money to work. This writing is one of the most sought-after markets, partly owing to the city’s relatively low average housing prices. At 3.4%, Cape Coral’s unemployment rate is below the national average, and its future job growth is anticipated to be 41% higher than the national average growth rate of 33%.
The last market is located a few hours north of Orlando, in the state’s center, and is tiny but formidable. Even though it has a population of only 53,000, it has become an outstanding investment prospect for individuals who reside in the state of Florida.
Compared to last year’s figures, Ocala’s real estate market has seen a remarkable surge in sales of 22133.3 percent: 667 properties were sold in April alone! The average property price in the neighborhood rose by 15% in April 2021 to $205,000. In some of these Florida locations, homes are selling in only 19 days on average, once again demonstrating the fire sale status.
Tallahassee is the last city on our list. According to recent research, investing in the state capital of Florida may provide investors with a substantial increase in their monthly income. The city’s low unemployment rate is a significant factor in this. Investing in Tallahassee also offers the following advantages:
- Two thousand nineteen prices are expected to grow 2.1%, which will rise to 2.3% in 2020.
- Around $1,150 is the average monthly rent in the area.
- Attractive homes may be found in the real estate market.
- Local taxes are pretty cheap
- State parks and animals are among the most stunning sights in the country.
Demand for Tallahassee-area real estate is expected to rise through 2020, giving investors many potential tenants, including corporate travelers, families, and even tourists.
A prominent tourist attraction, Miami is located near the southern point of the state and is known for its year-round hot weather, vibrant culture, and busy nightlife.
According to the U.S. Census Bureau, net migration to the Magic City has decreased in recent years, with a population increasing by only 2.89% between 2015 and 2019; however, the median family income was spent on housing expenditures, including mortgage payments, rent, and property taxes, at a rate of 30.54 percent.
Among the 150 most populated American cities, only San Juan, Puerto Rico, has a higher cost of living.
10. Beach Daytona
A tenth as large as Miami’s, the population of Daytona Beach is expected to increase in the future. Daytona Beach’s population expanded to 9.65% between 2015 and 2019.
The Daytona Beach metro area’s typical age is above 47, which explains why retirees are particularly drawn to this part of the Atlantic coast; however, the high living expense is the most significant element in its 69th place on the Best Places to Live list.
Residents in Daytona Beach, Florida, spend 26.55 percent of their median family income on housing, more than the national average of 23.06 percent.
Many individuals wanted to know about the best cities in Florida to invest in real estate, like Sunny Isles Beach realtor. When this occurs, we do our best to assist clients in making the most significant financial decision possible. So much demand for my knowledge and skills made me think of producing a series of articles on some of the nation’s best real estate investment prospects.