With the population increasing and the job market expanding, Florida today is one of the most desirable states for real estate investment. Seven of its cities rated last year among the best cities for investment properties in the US housing market. The Orlando real estate market is one of them. The city continues to welcome many baby boomers, retirees, millennials, and young entrepreneurs, not to neglect the record breaking number of visits that the city has recently witnessed. This increasing number of residents and tourists contributes greatly to the growth of Orlando real estate. The job market, moreover, has been driving the economy and making it thrive substantially, strengthening the city and making it appealing to many.
Related: What Features Make the Best Investment Property?
Are you looking to invest in the Orlando real estate market? Are you are wondering if Orlando real estate is a good investment this year? Today, we have provided for you the top factors that contribute to the strength of this housing market. We finally go on to introduce to you three of Orlando’s top neighborhoods for real estate investments. If you are interested in investing in real estate in a neighborhood in Orlando, we then recommend that you do further research and even plan a trip down there.
Population and Tourism Growing
Called the City Beautiful, Orlando is a home to over 3.3 million residents. With a population growth reaching 7.3% over the past three years, Orlando is always welcoming more residents, whether baby boomers, retirees, or millennials. Orlando has been continuously and increasingly welcoming not only new residents but also tourists. In fact, the tourism economy is thriving, attracting almost 35 million visitors each year. People continue to choose Orlando for the various attractions it provides from warm weather, through beautiful beaches, to world famous amusement parks, not to neglect its surrounding attractions such as Walt Disney World, Sea World, and Universal Studios.
Orlando is surely a preferable place to live in or visit given the abundance of entrainment offerings and enormous amenities surrounding it. The transportation sector, in particular, continues to be amiable. The region is, in fact, home to three international airports, including Orlando International Airport, in close proximity to two deep-water ports, and has an extensive road and rail systems. The attractions and amenities have further advanced the Orlando real estate market while creating more demand.
The Economy Is Certainly Booming
The economy of Orlando is favorable for investment opportunities. Here we explain. The job growth, firstly, has been increasing over the years reaching 4.4% this year. Unemployment went down to 4.5% this year, and incomes have been growing at 1% a year. The growing job market has further added more demand for real estate, thus increasing homes values. In fact, the Orlando real estate market today is one of the hottest in the US housing market. The median home price ranges around $210,000, which is about 10% higher than the median home price in 2016 of $190,000. Orlando real estate, furthermore, enjoys a variety of housing types to pick from, from starter homes, to cottages, historic homes, and even impressive modern developments. Whether you are looking for a short stay or a long term real estate investment, Orlando seems to be an excellent choice.
Related: Buying a Rental Property: Is It a Seller’s or a Buyer’s Market?
Millennials Continue to Drive the Orlando Real Estate Market
If you are a millennial looking to settle down, we encourage that you further investigate the Orlando real estate market. This is mainly because of the strong job market that the city enjoys, accompanied by the low housing costs and the high rate of real estate appreciation. Millennials along with retirees and young entrepreneurs continue to flock into the city for the aforementioned factors. Actually, Orlando ranks among the six top towns with the largest percentage increase in millennials. Economists further exclaim this group to fuel a sustained economy in the upcoming future. Thus, hurry up before you miss out on big gains.
Related: The Most Relevant US Housing Market Predictions 2017 for Real Estate Investors
Top Neighborhoods for Orlando Real Estate Investments
Below we give you a glimpse of the three top neighborhoods for investment in the Orlando real estate market. We encourage that you do more research on your desired neighborhood before you proceed with any real estate investment there. Also, plan a trip there to get a more hands-on experience of the Orlando real estate market.
Winter Park is a predilection for many tenants. This is mainly because of the excoriating home values that many cannot afford. Yet expensive, people continue to rent in this area given how beautiful and archaic the neighborhood is. The neighborhood, additionally, marks as a cultural center for housing Rollins College, and an artistic place with cobblestone streets and posh boutiques and museums. If you have a lot of money and want to own a beautiful and luxurious house in Winter Park, renting remains a viable option and preferable to many.
Located southeast of Orlando International Airport, Lake Nona is a home to about 5,000 residents. The neighborhood is slowly becoming popular and desirable, with families coming from different socio-economic backgrounds. Whether you are throwing big buck or on a tight budget, Lake Nona has a real estate property to suit with your needs. Additionally, what distinguishes Lake Nona from other neighborhoods and makes it more desirable for real estate investors is the fact that it is a medical hub housing various types of hospitals, biotech research institutes, and medical schools. More construction within healthcare is also planned to take place in the next 10 to 15 years, thus creating more demand for commercial real estate.
Located in close proximity to downtown Orlando, College Park is a home to over 11,000 residents. The name of the neighborhood is derived from the many streets within it that were named after higher learning institutions such as Harvard, Yale, and Princeton. The town is friendly and walkable, which has incentivized many to own real estate properties in it. This explains the fact that 63% of the residents are home owners rather than tenants. The affordable median home values of $280,000 are another reason why many prefer to own a real estate property in College Park.
Whether you’re looking for a sociable town or a quieter one, the Orlando real estate market seems to find you suitable properties. We hope we have aided in your understanding of the attractiveness of the Orlando real estate market in this blog today. For more information about Orlando real estate, we encourage you to browse through the abundance of knowledge that Mashvisor provides.