The average price of a home in Florida is around $382,000.
This means that the average price of a home in the Florida real estate market is actually a little lower than the national average home price of $385,000. While this makes the property in Florida a great investment, the cost of living is also incredibly attractive. ¡ This makes Florida the perfect place to invest and live!
While property prices have risen in recent years, Florida’s housing market shows no signs of slowing in the short term. Whether you’re looking to invest in a rental property, a vacation home or move to Florida entirely, now is the best time to invest.
Interested in learning about the real estate market in Florida? You’re in the right place. Here’s everything you need to know about the Florida real estate market in 2023.
Why invest in real estate?
Real estate is one of the safest investments you can make. While stocks and bonds can also be relatively safe investments, they have the potential to decrease their value overnight. Thus, real estate investment is considered a physical asset that still provides utility even if the price fluctuates over time.
While stocks can sometimes give you dividends, you can get a stable passive income from real estate. This allows you to create an additional source of income while keeping the primary investment relatively secure. There are also tons of tax exemptions and deductions that can help make investing in a rental property more affordable for you.
Real Estate Market Predictions for 2023 in Florida
Economists across the country agree that we are currently in a recession. Economic activity has slowed across the country and property prices are expected to decline slightly over the next year. However, economists also agree that Florida is completely exempt from this.
This is because property prices in Florida have continued to grow even though the general economy has taken a beating. Many attribute this to the fact that people still flock to Florida to take advantage of tax breaks and lower cost of living. In this way, the demand for real estate in Florida has not slowed down at all.
Since moving to Florida brings real financial benefits, many expect the housing market to continue growing in 2023. The average cost of a home in the United States is expected to decrease next year, meaning that the average price of a property in Florida being higher This makes it the perfect time to invest in local real estate.
The Florida Real Estate Market
The Florida real estate market has experienced massive growth in recent years. This is because people are moving to Florida at a record rate to have a better quality of life. While different Florida cities may differ greatly in price, the average home in the state is still below the national average with only $382,000.
The average cost of a home in Miami will cost you around $442,258 while the same home in Orlando will only cost you $305,622. That’s why it’s important to visit some cities in Florida to see what area you’d like to invest in. Cities like Miami and Orlando can be great for vacation homes, while Tampa and Jacksonville are better cities for living and raising a family.