Florida real estate continues to get picked up at high-speed rates. There are many different reasons that about 1,000 new residents are moving to the state every day. While these residents are mainly settling along the Interstate 4 corridor, real estate in most of the state is doing exceptionally well.
Florida’s Booming Economy
It appears as though many residents from further up the Atlantic Seacoast are moving to conduct business in Florida. Sunshine State News reports, “the economy is booming with the state’s adjusted gross income growing by $2 billion in 2017.” The state governor and legislature have been able to pass many business-friendly laws. The state has many well-trained workers who are actively looking to pursue new careers. While remaining largely unreported, Florida has enjoyed the third fastest private job market growth in the United States. The state’s outstanding education system is attracting many young families who are ready to put down their roots.
International Investors Buying Real Estate
Interestingly enough, across the whole of the United States, Florida continues to be the leader in the number of people currently living in another country buying real estate. In fact, almost one in four foreigners purchasing property in the United States chose to buy property in the state. Records show that those buyers come from many diverse locations including Columbia, Australia, Singapore, France, China, Canada, Venezuela, the United Kingdom and Brazil topping the list. There are also more buyers coming from India than ever before.
New Home Sales
Many retirees from colder climates are choosing to build their dream homes in Florida’s warmer climate. Along with foreigners and business executives, they are keeping the economy booming. One of the most popular areas to build in is Miami. RisenLife Realty explains why. “Miami has fortunately avoided much of the inflation that has priced out so many buyers.” While many cities like Seattle have become overpriced with their technology boom, Miami has mostly maintained home prices while becoming a thriving technology hub.
Even people who are not ready to settle in Florida are finding it an excellent time to invest in Florida real estate. There are very few rental properties available, so landlords can command a steep rental price and still get their property rented quickly. Thanks to the state’s pristine climate and outstanding activities, there is also a brisk demand for short-term rentals across the state.
There are so many different groups considering buying real estate in Florida that it is hard to see this market doing anything but continue to climb.
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