Increase in Real Estate Developments in Orlando
With inflation climbing, people are relocating in search of cheaper locations that meet their needs. No income tax? Nice weather? Many people are flocking to Florida for reasons, and it’s not just retirees. People of all ages, including millennials, are moving to one city in particular: Orlando.
Between July 2021 and July 2022, close to 730,000 people moved to Florida. Surprisingly, millennials made up the largest percentage of movers to Florida. Most movers came from California and New York.
Other Florida cities such as Miami and Fort Lauderdale were once movers’ top destinations. However, Orlando had been sneakily gaining popularity. Orlando’s housing market has been booming in the past year. Statistics show that Orlando ranked third in long-distance moves in 2023. In 2022, it was in ninth place.
What is so appealing about Orlando? The city offers less expensive homes than other Florida cities. For those who love the beach, it’s just a short drive away. Plus, Orlando has numerous entertainment and recreation options besides Disney World. Orlando has expanded so much in the past several years that there is something for everyone.
This has led to huge population growth. Orlando ranks fifth among Florida cities in population change, increasing by 19,415 residents from 2020 to 2023. This population change, though, is also boosting the housing market. Orlando may be affordable for now, with the average home selling for $394,950, but that could soon change. Orlando is one of the top six housing markets that gained the most value since the start of the pandemic. As of June 2023, It was valued at $382 billion. That’s a 72.3% increase since 2019.
But expenses are still high in Florida. Rising insurance rates are primarily to blame due to hurricanes and flooding. While insurance is also more expensive in Central Florida, the lower home prices in Orlando soften the blow. Still, retirees and those on lower incomes are feeling the pain, with insurance, property taxes, and HOA fees on the rise.
But growth in Orlando is not expected to die down anytime soon. People from out of state are loving the cheaper cost of living, especially those from Los Angeles, New York City, and other metropolitan areas where $1 million gets you practically nothing. For that price in Orlando, you can get a high-end property with a huge backyard, pool, and more. Plus, the fact that there is no income tax makes a move to Florida even more appealing. It allows residents to save even more money, and who doesn’t like that?
Learn More About Developments
Real estate developments can help attract more people to a certain area. This can be helpful for businesses and homeowners.
Orlando franchising lawyer B.F. Godfrey from Godfrey Legal can assist you in dealing with the numerous issues and concerns that must be addressed when it comes to real estate developments. Schedule a consultation today by filling out the online form or calling (407) 890-0023.
Source:
businessinsider.com/moving-to-orlando-florida-cheaper-homes-from-miami-california-ny-2024-2
