Florida Condo News, Home Buying Tips and More

The demand for single family homes has been on the rise in the Sunshine State for quite some time. Still, it’s possible to acquire fully renovated properties in good Florida neighborhoods for under $193,000.What’s even more interesting is that, despite these incredibly low housing prices statewide, many home seekers are choosing to rent instead of buy. As you can imagine, this is causing rental rates to rise (over 6% in just a year) and is expected to keep increasing in 2020.On top of great cash flow, values are on an upswing in these areas with no sign of slowing down. They are nowhere near their 2006 highs and inventory levels are still way down because builders just can’t make a profit at these price points.Property taxes and insurance are low, plus there’s no state income tax. Add warm weather and exceptional health care, and you can see why many of the 10,000 baby boomers retiring every day are moving to Florida.Orlando is one of the best places to buy rental property and real estate in the state of Florida in 2020. Located in Florida’s “sun belt” region, the area is known for its warm climate, beautiful beaches, world famous amusement parks, entertainment, and attractions.With a growing population of over 2.5 million residents, the Orlando real estate market is fueled by job seekers, baby boomer retirees, and students who want to live in a “cheap and cheerful” area that offers a high quality of living at a reasonable cost.Florida has a lot of land, has low wages, and maintains a lower cost of living than in other places but from a local perspective, home prices are very high and the property taxes reflect this. One of the factors that occurred is that the tax rate on homes in some cases doubled or tripled.