Florida Real Estate

Homes from luxury, high-rise apartments to country farms are being built across the state of Florida at a phenomenal rate, and it has been this way for a few decades. Hundreds of people move to Florida daily to enjoy the subtropical climate, beautiful cities like Miami, Orlando, and Tampa, and some of the most gorgeous beaches in the world. Agriculture and tourism are Florida's two largest industries, but more and more businesses are moving to the state. Disneyland in Orlando offers many employment opportunities for Florida residents and is a significant source of revenue for the state.

The median cost of a home in the state of Florida is $186,700. People in Florida enjoy the luxury of being homeowners because the cost of homes is below the national average, there is consistent growth in housing units available, and the cost of maintaining a home is low due to the mild weather. Properties in Florida have appreciated at a rate of 15% over the last year, which is among the highest in the United States, ranking with California, Hawaii, and New Jersey. Cities like Orlando and Tampa-St. Petersburg have seen some of the highest appreciation rates compared to a year ago, 38% and 27%, respectively.

Current low interest rates are also encouraging people to move from renting to owning their homes. Approximately 70% of Florida's homes are mortgaged, and about 30% of Floridians spend less than $1000 on their monthly mortgage. In addition to low monthly housing costs, homeowners with a primary residence in the state of Florida enjoy the Homestead tax benefit. The Homestead tax benefit offers a one time $25,000 reduction in the tax-assessed value of a primary residence as a tax break to homeowners.