Are you looking to buy a rental property in Florida? Then this guide is designed for you. However, before listing the best places to invest in real estate in Florida, consider why buying a house in Florida is worth considering for investment.
Florida is a hub of a vibrant real estate market, the median home value of a Florida house was $270,560 in January. Florida is one of the cheapest states to buy a house according to these figures, with the potential to make a good return on investment.
You can find the most profitable property investments and best places to invest in Florida right now in these best cities in Florida:
Tampa as one of the most dynamic cities in Florida provides investors with plenty of choice and opportunity. Due to a strong focus on job growth and development, It has also been ranked as one of the top 20 fastest-growing cities in the U.S, with $54,599 as the median household income for residents in Tampa.
Investing in Tampa provides a range of benefits that make your investments worthwhile such as;
- Florida is home to 4 Fortune 500 companies
- Tampa has a fantastic tourism market Tampa
- Tampa with a population of over 4 million and full of diversity
- There are plenty of rental opportunities
Investors can find stunning properties for great prices in Tampa. So why wouldn’t someone invest in Tampa with so much potential and property prices rising?
Orlando outshines in terms of both employment and population growth and it is one of the great places to find the best investment property in Florida. The most common employment sectors for those who live in Orlando are food service and accommodation, which includes workers at Orlando’s elite resorts like Disney World and Universal Studios Orlando. The second most common sector is healthcare and social assistance, followed by retail trade.
According to the United States Census Bureau, the median household income for Orlando area residents is $51,757. However, Orlando’s average home price is $278,584 according to Zillow,
Without mentioning Miami you can’t talk about commercial real estate in Florida. Miami has a thriving business hub in retail, finance, and technology and three of America’s top 10 retail destinations are situated in Miami. Thus, its population and a steady influx of tourists make it a good place to invest in residential real estate.
Florida’s largest city, Jacksonville provides robust job and population growth as well as great affordability to greet prospective investment property owners. It is also home to a first-rate healthcare system, and a burgeoning biological sciences sector. The population in Jacksonville has grown about 8% from 2013 to 2018, and 24% since the year 2000. Plus, the median home price is $54,701 in Jacksonville, which is 33% cheaper than the national average of $278,900. Rent growth is also healthy which is $1,162/month according to RentCafe making Jacksonville’s average rental yield among the highest in the U.S.
Deer Island is arguably the best vacation destination for individuals as well as families who want to enjoy the natural beauty of the five-mile walkway the island features. Deer Island is a hub of fun activities such as fishing, sightseeing, and cycling, making you select Deer Island as the best place to invest in Florida. The Median Property Price in Deer Island is $478,783.
Also Read: 6 Best Neighborhoods to Live In Orlando
Florida offers great vacation time with its beaches, warm weather, countless tourist attractions, and some of the most vibrant real estate markets in the country. With these 5 cities showing real potential for investors 2022 is the best time to invest in Florida real estate.