Despite recent climatic conditions, Florida remains to be a top destination for many real estate investors. Many people feel at comfort to buy property in Florida, given the economic stability that the State enjoys. The job and population growth, in particular, are two main drivers of the growth in Florida real estate because as more jobs are created, more demand for real estate, whether in residential or commercial, will likely transpire. To accommodate the growing population and job market growth, new construction efforts are continuously finding their way into the state. Florida, in fact, is one of the few states to have witnessed numerous new construction developments and of varied types for both residential and commercial real estate properties.
Surely Florida is one of the most diverse states in the United States; the large influx of tourists coming to Florida every year has certainly transformed it into a multi-cultured state. Both domestic and international tourists come flocking in for the beautiful weather, great amenities, and abundant tourist attractions from museums, through restaurants, to entertainment complexes.
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Below we present you with reasons why you should buy property in Florida this year. Onwards, we propose three top cities with the best investment opportunities. We encourage that you do further research in order to carry out a successful investment transaction. Or even consider a trip down there.
Buy Property in Florida: Stable Economic Growth
The economy of Florida is a robust one, with the job market leading economic growth. In fact, Florida’s job growth has outpaced the nation’s for nearly five years. The job growth is centered on the services sector, particularly trade and tourism. According to Governor Rick Scott, who summoned in August of 2017, Florida and Georgia have also seen the fastest private-sector growth rate of the 10 most populous states in the nation. Government efforts, which have been successful, have been heavily invested in diversifying the economy. Within the private sector, science, construction, and education continue to lead this growth.
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Not only is the job market growth a positive indicator i the economy of Florida, but unemployment rates have been as well. In fact, the unemployment rate in Florida has been steadily decreasing, reaching 5.2% in May of 2017. This trend will likely continue throughout 2018 since more jobs are created and more demand for employees and professionals is apparent. If you are looking for a job in a steady economy and hoping to buy property in Florida, then we recommend that you further research Florida’s vast cities.
Buy Property in Florida: New Construction Developments
Hurricane Irma has discouraged people from investing in Florida; people are less inclined to settle down in a state that is prone to hurricanes and other natural disasters. Surprisingly, this is good and bad for real estate investors. The aftermath of Hurricane Irma has introduced and executed many new construction efforts to make up for the damages that the Hurricane had brought about. This has consequently increased the purchasing power; with the construction of new homes, competition will most likely decrease, therefore lowering home prices. Unfortunately however, the aftermath of Hurricane Irma will have some detrimental effects on living and insurance costs as analysts expect them to increase. We advise that you exhaust all sources of information to conclude on the viability of buying a house in Florida amidst new construction and government reforms.
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Buy Property in Florida: Top Cities for Real Estate Investing in Florida
Despite the detrimental effects of Hurricane Irma, real estate investors continue to buy a house in Florida, and incur high return on investment. Below we provide you with three top cities that, despite the recent natural disaster, continue to possess profitable investment opportunities within them.
Where to Buy Property in Florida: Orlando
- Median Home Value: $160,000
- Median Rent: $1,000/month
Orlando is one of the top investment cities in the United States. The city remains to be lively for the entertainment venues it houses, excellent amenities, shopping centers, and restaurants. Tourists, in particular, continue to revive the city as they come to explore Disney World, Universal Studios, and Lago Land. Although median rent is relatively more expensive than median home value when compared to the national values, about 64% of the population continues to rent their homes. If you are a real estate investor and looking to make money off of a rental property, then we recommend that you invest in a home in Orlando for the sole purpose of renting out. This is especially true given how affordable houses are in the area.
Where to Buy Property in Florida: Tampa
- Median Home Value: $160,000
- Median Rent: $960/month
The low property prices, high population and job growth, and high rental income have all contributed to the expansion of real estate in Tampa. If you aim to buy property in Florida, we encourage that you consider Tampa. Although the aftermath of Hurricane Irma may have hindered Tampa’s position as a tourist city, tourists continue to flow into it regularly. Therefore, investing in Airbnb, given the large influx of short-term renters, can make you big gains.
Where to Buy Property in Florida: Jacksonville
- Median Home Value: $140,000
- Median Rent: $900/month
The largest city in the State of Florida, Jacksonville is home to almost 850,000 residents. The expansiveness of the city has in turn unleashed prolific investment opportunities, whether in residential or commercial real estate. Moreover, Jacksonville is the most affordable of the aforementioned cities, which makes investment in real estate more profitable. The youthful population is growing, creating jobs, and enticing others to relocate here given the affordability factor that continues to play out in the picture.
Despite the aftermath of Hurricane Irma, Florida remains to be one of best performing states in the United States. Construction efforts following the Hurricane have been abundant. New developments will increase the quality of living as many residents relocate to newer construction. Today, we encourage that you buy a house in Florida, despite the recent climatic conditions the State has undergone.
For more information about where and how to buy property in Florida, check out Mashvisor.