The COVID-19 pandemic has disrupted the housing market in every conceivable way. Shuttered worksites and supply chain troubles have resulted in a nationwide housing shortage.
This shortage has been causing all sorts of bubbles, ripples, and distortion to the housing market. This can make it challenging to determine what the housing demand actually is for an area.
Today, we're going to take a look at the housing demand climate for Orlando, Florida.
Rent Is Expensive
Investing in real estate is one of the most common pieces of advice you'll hear from financial advisors. Homeownership is one of the top contributors to household wealth, after all. It's always preferable to build equity rather than spend money on renting or leasing.
In Orlando, it's especially in your best interest to buy a home if that's in any way feasible. Rents in Orlando are particularly high compared to the national average. Considering that mortgage rates are unusually low at the moment, this makes it the optimal time for buying a home in Orlando.
Economy Is Growing
Florida is on the rise. The Sunshine State boasts one of the healthiest economies in the South.
Individual incomes are on the rise and unemployment rates are low. This is a surefire equation for continued prosperity.
Investors know to look out for signs like these, as well. Business has been booming as investors have been setting up shop in Orlando. This isn't just the tourism industry, either.
In fact, over 80% of Orlando's economy works outside of the leisure and hospitality industries.
This expansion isn't likely to slow anytime soon, either. Florida's well-known for being favorable to big business.
There is all manner of incentives in place for doing business in Florida. This is going to keep Orlando flourishing for a long time to come.
Orlando Is Growing
An average of 900 people moves to Orlando every single day. This has all sorts of implications on the housing demand in Orlando.
First and foremost, a lot of the people who've been moving to Orlando are Millennials. Millennials are in peak home-buying years, at the moment, so this means this influx is going to keep the demand for housing high.
It also means that others are investing in Orlando, as well, due to the interest. It's already one of the Top 10 Cities for Infrastructure in the United States. It's still being developed to keep up with the rising demand, too.
All of these factors, considered together, paint a picture of one of the steadiest and most stable markets for buying a house in the United States. It's also a great place to live!
You get a little bit of everything when buying a home in Orlando.
Ready to Meet the Housing Demand In Orlando?
Orlando, Florida has a little bit of everything for everyone. It's got some of the most breathtakingly beautiful nature on Earth. It's also got a vibrant culture for food lovers and fashionistas!
It's no wonder the housing demand is through the roof. If you're ready to partner with a trusted real estate professional to find your dream home in Orlando, contact us today and let us know how we can help.
