Why is buying a property in the Sunshine State a good investment?
Sunny Florida is known by many names and is in great demand among thousands of people due to its amazing features. For many customers, buying a house in Florida in 2022 can be an excellent investment in their future and financial well-being.
There are many cities in the state where the standard of living is higher than the national average. It is worth adding here the picturesque nature, proximity to the best beaches and convenient social infrastructure, and you will get one of the best options for moving.
If you are thinking about moving here, but you are not sure if this state is right for you, the official website Florida.RealEstate tells you about 5 reasons why buying a house here is a reasonable idea in 2022.
Market conditions in Florida
To understand the situation, it is important to see this in the larger context. House prices are rising across America. In March 2022, the state recorded an annual growth rate of 18.8%, the highest in 34 years.
The reason is that the demand for homes in the state remains one of the highest in the country (even in 2022) due to climatic conditions, the absence of income tax for individuals, and lower property taxes. This helps explain the rise in house prices.
Key benefits of buying real estate in Florida in 2022
Here are the top 5 reasons why buying a local property is a great investment in 2022.
1. Rapidly developing economy
Despite the COVID-19 crisis, the economy is still growing rapidly. Since the state does not have personal income tax, it is a great place to move and start a business.
Analysts predict that GDP will grow by 2.8% in 2022. Some of Florida’s top cities for job search include Tampa, Jacksonville, Orlando, and Gainesville.
2. Investing in a sought-after asset and a successful investment business
In the Sunny State, not only jobs are in great demand, but also housing.
Low mortgage rates and high return on investment in such popular places as Orlando and other areas of Central Florida, fuel the interest of investors. For example, the average cost of housing in Orlando increased by 9.2% last year alone.
Rents in the state are also steadily growing. The top cities with the highest rents for 1-bedroom apartments are as follows:
– Miami. Up to $2,520 per month. Rent growth was 34% compared to the same period last year.
– Fort Lauderdale. The fee reaches $ 2,000, an increase of 20.5%.
– Tampa. You can get $1,800 monthly for an apartment. This is 34.3% higher than in the same period of 2021.
– Orlando, where an apartment can be rented for $1,700 a month. Rent growth was 16.4%.
The rent for a two-bedroom apartment in Miami is $3,410 per month. The growth reached 37.5%. These figures confirm profitable investments in rental housing.
3. Excellent conditions for families
The local atmosphere is difficult to overestimate. This is a state with beaches, picturesque nature and many places where you can have fun with your family. Here, adults and children can spend time in more than a dozen theme parks and other large locations in Central Florida. The most popular of them are Disney World, Universal Studios and SeaWorld.
If you live here permanently, you can participate in the Florida Resident program, which offers special rates to visit your favorite museums, theme parks, hotels and other attractions, such as the Kennedy Space Center.
4. The best universities
Florida is well-known not only for exciting activities but also universities. Since the state passed the scholarship law, the level of local schools and educational centers has improved significantly.
The state has some of the best public universities. Here are some of them:
- The University of Florida ranks 6th in the national ranking of public schools in the USA.
- The University of Central Florida ranks 14th in the ranking of the best online bachelor’s degree programs.
- Florida State University ranks 4th in the list of the best criminal justice colleges in America.
5. The best state to retire
Retirees make up 20.9% of the state’s population. This makes the state a better place to retire because the state is full of activities focused on older people and peaceful communities.
Start searching for the right property in Florida
The housing market is replete with profitable options. Now is the right time for you to get the benefits of buying a property in the state. Check out the ads on the website to pick up the best properties. In the catalog, you will find excellent villas, penthouses and apartments with all the necessary amenities and advanced social infrastructure in other popular areas.
Are you interested in the local properties? Find out more about up-to-date apartments prices in Florida at Florida.RealEstate!
