If you’re planning on buying or selling a house in Florida while not knowing much about the market there, think again. Real estate investments are usually meant to be long-term, and you might want to look into current market trends before you make your final decision. The last thing you want is to sell your home too early and end up losing money when the market soars – and it has been soaring for the last few years.
Just in the last year, the price of Florida homes has gone up 23.9%, with the price for single-family homes growing about 17.7%.
But why is the real estate market in Florida soaring? Do people like to buy homes there or prefer to rent, and what lifestyle factors contribute to the real estate market in Florida flourishing as it is? Keep reading to find out some interesting facts about the real estate market in Florida.
Living in Florida is something that a lot of people clearly want, if the booming real estate market is anything to go by, why is that? Here are some reasons why Florida is the place to be for a lot of people:
Florida is a very business-friendly state, with taxation and policies put in place especially to promote business and economic growth. According to MoneyGeek, Jacksonville and Tampa are known to be one of the best cities for job seekers to be in. For context, Florida has shown a 5.4% job growth rate while that of the whole country is 0.8%.
If the job opportunities aren’t already good enough, you need to think about the colleges and schools Florida has to offer, and of course the weather.
The Sunshine State is known for its great sunny weather. Temperatures range between 81 and 60 all year round, all of the residents are less than 50 miles from the nearest school, the cost of living is lower than the national average, and there are lots of recreational options in the state.
This is why the housing market in Florida is growing more and more expensive every day, and why you need to make sure you make the right financial decisions when it comes to any property in the Sunshine State.
According to the latest statistics, most of the young people in Florida prefer to rent housing instead of buying it. This might be partly because of the rising property costs in the state. According to the U.S. News and World Report, Florida ranks at number 31 in terms of housing affordability, making it one of the most unaffordable states in the country.
Whatever the reason, only 65.5% of all the residents in Florida are homeowners, which is the lowest it’s been since 1990.