Real estate is a lot more than just one more option for investment. The real estate game is responsible for all of the buildings and property development that have created our society. Maybe that is why the market just for real estate sales and brokerage in the United States alone is worth more than $200 billion every single year! Of course, with that kind of demand, there is a lot of competition in the real estate game. Keeping up-to-date on the latest developments is important to maximize your return on investment. The Florida real estate market has gone up and down, but it is currently experiencing some very exciting changes.
So what exactly is going on with the real estate market in Florida these days? Read on to learn all about the most important things to keep your eye on when it comes to Florida real estate in 2022!
Population Growth Is Affecting Real Estate Market Trends
There is a lot to track when it comes to understanding what is going on with Florida’s real estate market. It’s not enough just to look at the beautiful Palm Beach houses.
Among other things, you can learn a lot by looking at population trends in Florida. The first thing to understand is that Florida is one of the most populous states in the whole country. In fact, only California and Texas have more people.
On top of that, Florida’s population is growing at an incredible rate. Between the 2010 and 2020 census, Florida gained almost 3,000,000 new residents!
Of course, all of those extra people mean a lot more demand for the houses and apartment units in Florida.
In fact, it is hard to exaggerate just how fast the population of Florida is growing. It should not surprise you to find out in a few years that Florida may become the second most populated state in the country.
For one thing, a report from US News & World showed the top 10 fastest growing places in the United States in 2021. Shockingly, every one of the top 10 fastest-growing places in the country was in Florida. In particular, there has been a lot of growth in the areas of Miami, Orange County, and Palm Beach.
The Job Market Looks Good For Real Estate Investing
The population is a great indicator, but it is not the only thing indicating that Florida is a hotspot for future real estate growth.
On top of incredible population growth, Florida is enjoying excellent improvements in the job market. Among other things, Florida’s GDP has increased by almost 50 percent in just the past 10 years! That is some of the fastest growth in the world.
And Florida was not especially impoverished even before that incredible growth. At this rate, Florida will become a hotspot known around the world as well as within the country for jobs and economic growth.
All of this is matched by an extremely low unemployment rate. Tons of people are pouring into Florida, and practically all of them are able to find jobs.
This kind of economic activity is attracting some of the biggest companies in the world. Office Depot and similarly large corporations have started to set up in Florida to enjoy the vast population of people looking for work.
California also has an impressive business climate. However, the government regulation side of things is not as friendly to business.
In contrast, Florida is extremely friendly to business. It has a low corporate tax rate and low rates of unionization.
All of this leads to steady and consistent economic growth. That all bleeds over to increased growth in the real estate market as well.
Invest In Real Estate In Flourishing Florida
Now let’s look at some of the direct statistics about the real estate market in Florida. As you might guess, things are going very well.
In 2021, the value of homes in Florida increased by more than 20 percent! That is almost unheard of growth in a single year. On top of that, buyers are extremely excited to grab any real estate opportunities they find.
If you can get a property in Florida, you can be sure that there will be lots of demand for it. That will give you the opportunity to set the price where you want it. It will also leave you with your pick of potential buyers to choose between.
On the other hand, you might decide that you want to rent out any property you have in Florida.
Profit on rent continues to go up in Florida. As the population continues to grow, so will the demand for housing. As people continue to enjoy a booming economy, their ability to pay high rent will also increase.
Florida Real Estate Trends Are Matched By A Rising Quality Of Life
Of course, there is a reason that so many people are excited to live in Florida. It has incredible weather and high quality of life. It has no state income tax and a reasonably low cost of living.
Florida is a great place for people from all classes. It has jobs for everyone and is full of golf courses and other recreational activities.
Understand the Most Important Things About The Florida Real Estate Market
We hope that some of the ideas in this brief article about the most important things to keep your eye on with the real Florida real estate market have been helpful for you. Real estate is a game where the rules are constantly changing. Keeping track of the latest updates in the Florida real estate market is a vital way to stay one step ahead of the competition.
Florida’s market is flourishing in many ways all at the same time. To learn more about how you can make the most of this incredible growth, feel free to reach out and get in touch with us here at any time!