Earlier this year, Forbes ranked Orlando as one of the best cities in the country for investing in residential real estate.
When looking for what makes a city a coveted spot from a real estate perspective, the best options to search for are a winning combination of the two things people are always seeking out when they’re looking to make a transition, accept that new position, put down roots, or rent out their own purchases: affordability and growth.
Southern states in general are receiving high praise for boosting the real estate market value of properties for people looking to sell their home. Northerners are moving southward, ready for the sunshine. Baby boomers are looking to retire. Millennials are looking to settle down with their families in places that offer adventure and entertainment and balance their risk with reward. Beaches, palm trees, sunny skies…yes, please.
As the city of Orlando continues to grow, as the population keeps rising, and as the job market expands, more and more people are flocking to Florida to settle down and enjoy life in the Sunshine State.
Understanding real estate market trends can put you one step ahead of everyone else. We’re here to break down the data so it is clear and easy to understand. Right now, Orlando is most certainly on the up and up, and that’s quite easy to understand.
If you have been looking for a real estate market to crack into, either to make a purchase or to rent out your own homes, Orlando’s market may be a great bet. Taking advantage now of this trend and analysis certainly makes financial sense. Having appreciated more than 40% in the last three years, homes in the Orlando area have seen a lot of equity return. And as the job markets keep tallying numbers associated with explosive growth, Orlando is at the top of the list of cities in addition to other Florida spots like Jacksonville and Miami.
Florida’s annual job growth rate has exceeded that of the entire United States. Job well done, Florida! These well employed workers are certainly looking for a nice place to settle down or possibly move into dwellings that match their current income streams and hard won promotions. With heftier income streams factoring into their personal and family budgets, individuals are certain they can cover the costs associated with mortgage payments, which means their payments are paid on time.
>> Related Content: Behind on Mortgage Payments?
If you’re wondering where in Orlando might be a good place to call your own, check out these most popular neighborhoods (courtesy of Trulia):
- Meadow Woods
- Metro West
- Vista East
- Lake Nona
- Pine Hills
Another neighborhood to certainly keep on your radar is Rosemont North, an area that saw a huge increase in its average asking price over the period of a single week. Another up-and-comer is Lake Mann Estates.
Whether you are ready or not, the Orlando housing market is poised to succeed. It’s a combination of factors—job growth, low unemployment, high affordability, low mortgage rates, and on-trend housing sectors—and with these pieces already in place, Orlando will be set, no matter what happens next.