Several cities in Florida - including Spring Hill near Tampa, Lehigh Acres near Fort Myers, and Palm Bay in Brevard County - are listed as some of the best cities to invest in real estate in 2022, according toPolicygenius. The website analyzed key real estate investment data points including home value index, home price growth, rent index, and gross rent multiplier.
The market was exceptionally good for investors in 2021, but is the Florida housing market still a smart investment for 2022?
Based on the most recent reports fromFlorida Realtors, the answer is a resounding Yes!with tight inventory keeping housing prices high in the state high.
Its true that Florida has one of the hottest real estate markets in the country, and for good reason. The state is bordered by the Gulf of Mexico, the Atlantic Ocean, Alabama, and Georgia.
Florida is an international tourist destination with year-round sunshine (earning the state its nickname The Sunshine State) with world-class theme parks. The economy is dynamic and diverse, with dozens of global business headquarters and a government that is both pro-business and pro-development.
Read on to learn why the demand for buying and renting real estate in Florida could keep growing in 2022 and beyond.
Population growth
Florida has gained more than2.7 million new residents since 2010, making the state the 3rd most populous after California and Texas. Home to over 21.5 million people, Floridas population grew by 14.6% compared to one decade earlier. Over the next few years, Florida is projected to gain 845 new residents per day.
Key Population Stats:
- In 2020 Florida had a state population of 21,538,187 people, according to the U.S.Census Bureau.
- Since 2010 the population of Florida has grown by 14.6% and is currently thethird-largest state by populationin the U.S.
- The top 10 fastest-growing places in the U.S. in 2021-2022 are all in Florida, according toU.S. News & World Report.
- TheState of Floridaexpects 845 new residents per day through April 2025, representing an annual compound growth rate of 1.39%.
- The four largest metro areas in Florida are Miami-Fort Lauderdale-West Palm Beach with 6.2 million residents, Tampa-St. Petersburg-Clearwater with 3.1 million, Orlando-Kissimmee-Sanford with 2.5 million, and Jacksonville with just over 1.5 million residents.
- Florida counties expected to havemore than 1.6 million residentsin the next ten years are Miami-Dade, Broward, Hillsborough, Orange, and Palm Beach.
If you are thinking of moving to the Sunshine State, please call me, Marie McLaughlin @ 727-858-7569.
Source:https://learn.roofstock.com/blog/florida-real-estate-market
