Florida is believed to have a population of more than 21 million residents calling it home and the number is reported to be on the rise. The good weather, beautiful sand beaches in Florida are among the unique features that seem to attract revelers to call it home. This has led to an increase in the number of houses being constructed in this state hence the expansion of the real estate market in Florida. In Florida, you will get a variety of houses which comprises of suburb houses, beachfront properties, and urban houses. Here below is what you need to know about Florida real estate market.
You Need to know the median home value in Florida. Throughout the state of Florida, the average home value will cost your $238,600. This is the rate of properties that are scattered throughout the Florida state which also includes the posh areas of this state. Properties which are located along the coastal beach such as those along Miami beach will cost you more, the median property price may go to millions of dollars.
The cost of housing in Florida is increasing at a higher rate. The value of properties in the Florida real estate market is on the rise, for the last 2 years, the value is said to have increased by more than 4 %.
The Florida real estate market is growing steadfastly. If you looking to invest in real estate in any states in the US, you should consider Florida, this is because the real estate market I Florida is expected to increase by more than 3.6% in the next 1 year.
What is the average number of the day a property can remain listed? When a property is listed for sale in the Florid, it is estimated to take a period of up to 83 days before it is bought.
What is the distribution curve of those owning homes against those renting? You will realize that the big number of young generations in Florida are influencing the ratio of those renting properties in Florida against those who are purchasing them. According to the Florida real estate market, 65.5% of residents are homeowners as the rest are renting, this a low percentage considered to the early 1990s.
The cost of living is low in Florida. The low cost of living in Florida is a major contributor to the increasing Florida real estate market. The low cost of living is because Florida does not levy personal income tax to its dwellers.