There are some signs that the trend is away from the West Coast and toward the South and Southeast,” said Zillow senior economist Aaron Terrazas. “Affordability is attractive—for both young professionals and booming businesses, earning markets like Orlando, Minneapolis, Dallas and Nashville top billing in 2019.”
Florida's geographic location makes it one of the primary logistics sites for any business seeking to access either the East Coast or Gulf Coast of the United States. Florida is the only state with seaport access in both the Gulf of Mexico and the Atlantic Ocean. In addition, Florida's location allows for cost-efficient access to the Caribbean and South America.
Fortunately for Orlando, the housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, the Orlando market benefits from international home buyers who look to Orlando for investment and vacation properties.
Forbes crunched fed data to determine which U.S. cities offer the best return for a real estate investment; in Fla., Orlando, Tampa and Jacksonville ranked high. Florida boasts fairly low housing prices statewide, many people are still opting to rent instead of buy. As a result, rental rates are skyrocketing.
Now add into the mix low property taxes and insurance, as well as no state income tax. Great climate and top-of-the-line healthcare are bonuses that help make Florida one of, if not the best, states for America’s retiring Baby Boomer masses.
Year-over-year increases in median price have been recorded for the past 80 consecutive months; as of February 2018, the overall median price is 97.4 percent higher than it was back in July 2011. The median price for single-family homes that changed hands in February increased 11.3 percent over February 2017 and is now $249,250. The median price for condos increased 22.2 percent to $120,950.
Florida is growing faster in terms of employment growth than the rest of the U.S., which is good for Florida real estate. The three major drivers of the state’s economy are 1) Florida’s business climate, including real estate sales; 2) the U.S. economy and financial market trends; and 3) the global economy.