One of the densely populated states in the US is Florida, this state is said to be home to above 21 million people and the number has not stopped. Florida has good climatic settings and beautiful beaches along its coastal strip, these are contributing reasons to the increasing number of people looking to call it home. Considering that everyone who gets to Florida wants a home, this has led to an increase in the number of building in Florida which has contributed to the growth of Florida real estate market. When it comes to the types of the house available in Florida, there are beachfront houses, suburb properties and townhouses. Here is a discussion on surprising facts about the real estate market in Florida.
You Need to know the median home value in Florida. According to the Florida real estate market, the price of a middle home would stretch up to $238,600. This is the rate of properties that are scattered throughout the Florida state which also includes the posh areas of this state. You may be required to pay millions of dollars when looking to buy a property on the beachfront in areas like the Miami Beach.
The price of homes in Florida are at an increasing rise. In the last 24 months, the market for homes in Florida is believed to have increased by more than 4%, this is a high increasing rate when compared to other states.
The real estate market in Florida has continued to grow. The market of real estate in Florida is believed to be growing at a high rate, it is forecasted to increase by more than 3.6% in the next one year, this makes it the best place to invest in real estate.
The number of days a property can be listed before getting a client. 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.
You need to know the percentage of homeowners as compared to those leasing the homes. 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. Comparing now and the 1990s, there is 65.5% of Florida dweller who is homeowners and the other fraction is for residents who lease houses to stay.
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 can be attributed to the fact that Florida is one of the states with no personal income tax burden to its residents.