Florida is undoubtedly one of the best and most thriving real estate markets in the US. The laws here are investor-friendly. Thus, the market is currently in super boom mode. Property prices are incredibly high, which is not a good indication for renters, but it poses an excellent opportunity for investors. Here, we take a look into South Florida’s real estate market for 2021.
The South Florida region is one of the largest metropolitan areas in the country. It consists of about 100 cities, including Boynton Beach, Miami, Boca Raton, West Palm Beach, North Miami, etc. The rental market in these areas is currently growing at an unprecedented rate. Businesses and residents from high-tax regions are shifting to the tax-friendly state in search of favorable and affordable residential rental properties.
Florida is increasingly becoming a safe-haven for retirees. The high quality of life, access to job opportunities, future job market growth are all fuelling the rise in demand for single-family homes in the state. If you are still on the fence about whether you want to invest in South Florida’s real estate market in 2021, here are some facts to help you decide.
- South Florida’s population is expected to grow by more than 12% in the net thirty years or so.
- The region is as popular among foreign-born immigrants to the United States as is New York City. Thus, there is an expected boom in the number of immigrants to the region, further fuelling residential properties’ demand.
- The unemployment rate in South Florida is lower than most other major metropolitan areas.
- The job market grew by 59% in the last decade and can potentially grow by a further 7.5% in the next seven years.
- Florida has one of the most well-developed infrastructures in the country and is easily accessible via multiple interstate highways. It is also accessible via four seaports allowing for ease of cargo transportation.
- The sale of single-family homes in the region grew by 24% in the last year, indicating high demand for properties in the area.
- Out of all the cities in South Florida, Miami-Dade County, Kendale Lakes is the most affordable area, with median home prices as low as $290,000.
- Out of all the cities in South Florida Broward County, Lauderhill is the most affordable city with median home prices at around $160,000.
- Out of all the cities in South Florida, Palm Beach County, West Delay is the most affordable city with median home prices at around $180,000.
- The demand for properties in the South Florida region is not surprising. The area has much to offer residents, including easy access to Disney World, Universal Studios, Sea World, and other major attractions.
The facts above do not do justice to how appealing South Florida’s real estate market for 2021 actually is. We suggest you reach out to us for a detailed consultation as now is the best time for investing in the region. The future looks bright, and you will most likely reap the benefits from your investment a few years down the line.