This year, about 330,000 people relocated to Florida. According to Move.com, it was the number one state for relocations in 2020. The pandemic prompted many people to look for places to live that are warm, affordable, and convenient for travel. And Florida fit the bill! Here's a closer look at Florida buying home trends from the past year.
Florida Is a Popular Place to Settle for All Cultures and Generations
The state of Florida has become more diverse over the past ten years. Although some areas were once viewed as retirement settlements, businesses are bringing their corporate headquarters to the state. This has made Florida a popular destination for people of all ages, backgrounds, and professions.
Florida's total population is close to 22 million, and the median age is about 42.The typical buyer is56 years old and has a median income of $90.5K. Younger people are moving to Florida, too. The state ranksfifth on the list of popular cities for that demographic.
The Homes That Florida Buyers Seek
The Florida Realtors Association describes today's Florida homebuyer as wanting a new home versus remodels or older houses. People prefer detached houses, and some people are seeking properties that accommodate multi-generational households and work-from-home features like expansive offices.
Homebuildersin Florida also report that today's buyers want:
Smart homes (with rapid Wi-Fi and other technology features)
Convenient laundry rooms
Liveable outdoor spaces
Modern spa-like bathrooms, wooden floors, and outdoor lighting are among some of the other features home buyers look for when house-hunting in Florida. Energy efficiencies are also important to today's consumers. Not only can those features save money on utilities, but they are also often better for the environment.
Many people also look into the quality of the school systems in the community, convenience to airports and beaches, and the accessibility of outdoor spaces for entertainment and activities.
Condominiums are booming in Florida, with some areas seeing price increases of close to 70%. They are especially popular among people buying second homes, looking for less space to maintain, and seeking a community for socializing. Condominiums often feature a wide range of amenities, which is appealing to young families and empty-nesters alike. Having services for maintenance saves effort, time, and expense.
Renting a Home Rather than Buying Is Also Popular in Florida
Investors are looking to multi-family homes in Florida as great opportunities because Florida is the third fastest-growing rental market in the U.S.
Some people seek to rent second homes, whereas others are testing out an area before they commit to buying in a community.
The average monthly rent in Miami is now up to $2,200. Although many people migrating to Florida may see renting as a great short-term option, buying a condo or private home may be a better financial deal in the long run.
Home seekers will find a wide array of communities and housing options from which to choose, along with a relaxed and varied lifestyle. No matter what type of homeowner you're serving, being a Florida real estate agent today is a great professional option, as either a main job or in addition to other work.
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