Potential homeowners who have waited to buy a house have been traveling to different countries and states. As a result, 2021 has proven very beneficial and profitable for real estate owners in Florida.
But is time always the same? Will 2022 be beneficial for you?
According to many expert realtors, Florida is the best place for real estate investment in 2022. Florida is an international tourist destination bordered by the Gulf of Mexico, the Atlantic Ocean, Alabama, and Georgia.
And with that, let’s dive into some of the main reasons why real estate is gaining so much popularity in Florida.
Here are 5 points to get an idea of how beneficial it would be to buy a property in Florida.
Low Mortgage Rates:
Tourists frequently visit Florida for its beaches and golf courses. But, more than that, they visit Florida to take advantage of the real estate. At present, the mortgage percent of a property falls between 1.99% to 2.99%, which was 4.66% in the year 2018. Therefore, it is the perfect time to buy a property in Florida.
Florida is ranked 31 in affordability, which means it is one of the top 50 affordable states to settle in.
So, are you thinking about buying a property in Massachusetts, California, or Hawaii? Think again, as Massachusetts ranks at 48th, California at 49th, and Hawaii at 50th position in economy and affordability.
Quality of Life:
Florida ranks in one of the top 8 states which are state-level tax-free. It also ranks in the top 10 states due to its education, fiscal stability, and economy.
Florida has 1300 golf courses, hundreds of miles of white sand beaches, international shopping malls, world-class theme parks, and plenty of sports events.
Apart from sports and activities, it is known for some of the most-famed universities like the University of Florida, the University of Central Florida, and Florida State University.
So, if you buy a property in Florida, you’ll get entertained with all these activities to enjoy the taste of life.
One of the main reasons for buying a property in Florida is the growing number of jobs. The GDP of Florida has increased to $1.1 trillion in the last decade. Compared to national job growth of 0.8%, Florida had a rising number of 5.4% from January to September in 2021.
According to the Florida Department of Economic Opportunity, Florida’s most renowned job factors include healthcare, software, and information and technology.
Rising Rent and Real Estate Prices:
As many foreigners are moving to Florida, high demands of the property and low-interest rates have increased the rents and demands of property. Therefore, while the interest rate is gradually increasing, the real estate market of Florida is likely to be on fire.
If you already own a property in Florida, try renting it to gain maximum equity before selling.
Where can you find a better place for a reasonable price to live in South Florida?
Elois Fuller has been providing Realtor Service in South Florida for more than 10 years. With years of experience and certifications, Elois has made herself one of the renowned realtors in South Florida.
From condos to apartments and mansions, Elois’s listing has some of the best and modernized properties in South Florida.
Like 2021, 2022 is the best time to gain profits and equity through real estate. Making a real estate investment in Florida is profitable due to increased demand and the fast-growing population rate. In addition, its high rental and zero income tax attract many tourists to settle and live in South Florida.
Therefore, if you are buying a house in South Florida, 2022 is the best year to increase your equity and gain profits.