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Florida’s Real Estate Market - A Look Into the Numbers

Florida is a great place for real estate investment. Its year-round sunshine, diverse economy and dynamic government policies, combined with low taxes on property investments, make it one of the top states to invest your money into homes or other properties.

There are many things to think about when considering investing in Florida real estate. The state offers a wide variety of options for investors, from single-family homes to vacation rentals and more. You'll need to do your research to find the best properties and locations for your investment portfolio.

One of the most important things to keep in mind when investing in Florida real estate is the state's hurricane risk. Florida is located in a hurricane zone, and while the risk of a storm hitting the state is relatively low, it's still important to be prepared. Hurricane insurance is a must for any property owner in Florida.

Another thing to consider when investing in Florida real estate is the state's tax laws. Florida has some of the most favorable tax laws in the country for real estate investors. The state doesn't levy a state income tax, and there are no local property taxes either. This makes Florida an attractive destination for investors looking to save on their taxes.

The state of Florida has seen a major influx in population, gaining more than 2.7 million new residents since 2010 and placing it at number 3 on our list, with 21.5 million people living there today. We expect these new arrivals will account for more daily transactions and monthly purchases too, especially as more younger people are priced out of other markets and move to areas like Central Florida, where the average house price is just $130K. That’s less than many people’s yearly salaries in some places, so it’s understandable why this migration is occurring. Florida has a population of 21.5 million people as it stands today and is projected to grow by 845 new residents per day through April 2025!

The four largest metro areas in Florida are Miami-Fort Lauderdale with 6.2 million dwellers, Tampa-St. Pete's, Clear Water, Jacksonville, and Orlando Kissimmee-Sanford with 3 million people. Central Florida has been one of the fastest-growing regions in the United States over the past decade and is projected to add 2.5 million new residents by 2030, which would make it larger than the current population of metropolitan Phoenix.

Strong Job Market

The GDP of Florida is more than $1.2 trillion and has grown by more than 62% over the past 10 years, making it one of America's fastest-growing states in recent history. Job growth has been steadily increasing, with Jacksonville coming up as the 2nd best city on MoneyGeeks' list for job seekers - the unemployment rate here falls below 3%. Steady streamlining from March 2021-March 2022 saw an increase of 325,000 new positions added to the economy here. This trend continues throughout all major metros areas, where you'll find significant openings within professional/business services, leisure/hospitality (tourism), health care/social assistance, and construction.

The demand for housing in Florida is quite high as the state's population growth rate outpaces the national average. The combination of strong economic conditions and a desirable climate makes Florida an attractive destination for retirees, families, and businesses alike. The state's housing market is expected to remain strong in the coming years as more people move to Florida in search of a better quality of life.

The state of Florida is expected to see an increase in its labor force from 2.9% currently up until 2022, making it one of the fastest growing states for jobs and workforce opportunities in the U.S. In addition, industries such as aviation/spacecraft manufacturing, life sciences manufacturing, defense and homeland security, information tech, financial professional services, logistics distribution, and clean technology operations have made Florida a great place to pursue high-quality career prospects.

Even Stronger Real Estate Market

The Florida real estate market is booming, and home values are on the rise. The median single-family house price in March 2021 was $378,104 according to Zillow (as of April 2022). This means that it has grown 33%. Over five years ago when we were talking about homes being worth less than half what they are now at least by some measures - like affordability or even just emotional attachment-- homeowners had plenty more reasons not to buy into this new reality because things couldn't be worse, but after so much time passing since those days before 2008 hit again with all its foreclosure crisis horror stories... people have started to feel much more confident about their prospects, both in terms of their ability to buy a home and keep it long enough that they'll get some solid equity out of the deal.

What's more, there is a strong correlation between job growth and increased demand for housing so as industries like aviation/spacecraft manufacturing life sciences manufacturing defense & homeland security information tech financial professional services logistics distribution clean technology all call center operations look to expand in the state of Florida, we can expect to see even more people moving here which will spur on further home price appreciation.

Rentals on the Rise

Miami is a bustling metropolis in the southeastern part of America that has seen great economic growth in recent years. The median rent for 3 bedroom homes there now stands at an impressive $3000 per month which makes it cheaper than many other major cities across 

the state where rents have increased by up to 19%. This may be because 34% or more housing units are occupied by renters who seem happy enough with their situation though income levels leave much room for improvement - as does life expectancy compared to other parts of the country.

The city's job market is strong, and its unemployment rate is below the national average. The cost of living in Miami is also relatively affordable when compared to other major cities in the U.S.

Miami is a great place to live for those who enjoy a warm climate and access to beautiful beaches. The city is also home to a diverse population and a vibrant cultural scene.

Renting in Florida can be cheaper than buying a house. In Tampa and Orlando, median monthly rents are $2,300 and 2-3 thousand dollars respectively for 3 bedroom homes - but this doesn't mean you should just up sticks! Rentals offer great value when compared to purchasing a property because they allow homeownership without all of the hassle associated with maintaining an equity loan or paying off mortgage debt each month while also giving them flexibility on where their money goes.

Facts on Florida

Florida, a state without an income tax and ranked 10th out of 50 in the U.S., offers plenty for residents.

The climate is warm year-round, with high temperatures peaking near 100 degrees during summer months (June-August) and lows around the 60-degree mark throughout much of winter, making it a comfortable place to live.

If you're thinking about investing in Florida real estate, now is a great time to do so. The state's economy is growing rapidly, and the housing market is expected to remain strong. With a little research, you can find a great investment property in Florida that will offer you a good return on your investment.

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