This article focuses on statistics that target Florida real estate hot spots for homeownership, relocation opportunities and/or investment potential.
Growth, stability and opportunity: All in the Sunshine State
Are you looking for statistics that target Florida real estate hot spots for homeownership, relocation opportunities and/or investment potential?
The Milken Institute/Greenstreet Partners 2007 Best Performing Cities Index – 200 Largest Metros, along with its complementary study of the best 200 small metro areas, ranks cities on their ability to create and sustain jobs, which translates into employment opportunities and salary growth.
Now here’s the great news: For the third consecutive year, Florida metropolitan areas scored high on the 200 Largest Metros index, taking three of the top six spots – including this year’s top-ranked metro, Ocala.
Orlando-Kissimmee MSA ranked No. 5, followed by Naples-Marco Island at No. 6. All together, 16 metro areas in Florida placed in the top 100 spots nationally in the largest metros index. In the complementary small metro area index, two areas in the Panhandle (Panama City – Lynn Haven combined, and Fort Walton Beach – Crestview – Destin combined) ranked in the Top 20 for Best Performing Cities Index in the smallest metros nationwide.
The index measures both long-term (five years) and short-term (one year) projections for employment and salary growth. Researchers attribute Ocala’s strong showing to job growth, averaging 5.8 percent during the past two years and a robust housing market.
According to the research, Ocala, as well as the Orlando-Kissimmee and Naples-Marco Island metro areas in Florida, scored well in the index because of the tourism and tech-based manufacturing in those areas.
"There are dynamic forces at play at the national level that are being reflected at the local metro level," said Ross DeVol, director of regional economics at the Milken Institute. "One of the key distinguishing characteristics of successful places over the long-term is the entrepreneurial strength of its residents. Entrepreneurs replenish the jobs lost in declining industries and firms," DeVol said.
Here are the Top 10 performers (with last year’s ranking in parentheses) of the 200 largest metros:
- Ocala, FL (13)
- Wilmington, NC (59)
- Riverside-San Bernardino-Ontario, CA (10)
- Phoenix-Mesa-Scottsdale, AZ (15)
- Orlando-Kissimmee, FL (6)
- Naples-Marco Island, FL (3)
- McAllen-Edinburg-Mission, TX (7)
- Provo-Orem, UT (23)
- Las Vegas-Paradise, NV (11)
- Raleigh-Cary, NC (45)
Check out the study: http://bestcities.milkeninstitute.org/
©2008 Florida Association of Realtors
Why It's a Great Time To Buy Real Estate in Florida!
Inventory: Conditions are ideal for buyers to find their dream home. Inventory is plentiful. In Florida’s three largest markets alone, more than 125,000 homes were for sale at year’s end in 2007. Even with these high inventory levels, economists predict that number will go down in 2008 – which, of course, is another great reason to buy now.
Favorable interest rates/reduced prices: Do the math. Lower rates multiply buyers’ financial power, especially now when rates are near a 40-year low. Even one/half of one percentage point difference means a buyer could save more than $1,000 per year on a median-priced home. Buyers get more home for the money, which is a perfect scenario for families looking to upsize.
Ownership trumps renting: While renting may make sense for someone who expects to move in the next year or two, ownership continues to be a wise, long-term investment. Consider these financial benefits: Deductions on your annual income tax return, locked-in payment with a fixed rate mortgage, home price appreciation if you plan to live there for a few years, and a monthly mortgage payment comparable to rent payments. House values in the past decade have risen 88 percent on a national average, according to National Association of Realtor® research.
2008 NAR Public Awareness campaign
Attractive, secure financing options: Having good credit and secured down-payment capital are the most sure-fire ways to get the best mortgage deal. Fixed rates are more affordable, and many federally funded programs are available for first-time homeowners, teachers and police officers. Affordable housing loan programs are back in the picture too.
Help for first-time homebuyers
Financial value to foreign buyers: International buyers benefit from the weaker U.S. dollar, multiplying their purchasing power. Buyers also appreciate the relatively low costs of Florida property compared with similar homes in their countries. According the “2007 NAR Profile of International Home Buying Activity Study,” Florida accounted for 26 percent of all international purchases.
NAR's 2007 Profile of International Home Buying Activity
Location/lifestyle. With the extensive inventories in urban and suburban locales, buyers can live closer to work, schools and rapid transit lines. First-time homebuyers also have many affordable options in the town home and condo markets. And let’s not forget Florida’s climate, world-class beaches, vibrant economy and diverse population.