The state of Florida is an international tourist destination, offering year-round sunshine and world-class theme parks. With dozens of global company headquarters and a pro-business administration, the economy in Florida is dynamic and diverse.
In this article, find out why Florida will continue to be a desirable place to buy and rent real estate in 2022 and beyond.
Why is Florida’s Real Estate Market Booming in 2022?
Since Florida’s economy is driven by real estate, knowing what lies ahead in 2022 is crucial for policymakers, residents, and real estate agents.
Several points need to be considered when discussing the Florida housing market in 2022. Below, we’ve listed the main factors contributing to Florida’s Real Estate Market Boom.
Population Growth
Florida’s housing market is certainly driven by population growth. During the past decade, Florida has gained more than 2.7 million residents, according to U.S. Census Bureau figures released on April 1, 2020.
Millennials have risen to the top of the demand list since the pandemic. Millennials were thought to be constant renters, but as jobs become more stable and this generation starts families, they are buying homes where dollars go further.
Job Market
The marketing of Florida as the ideal business location is one of the reasons it is expected to continue to grow so fast. Florida’s business-friendly government is an expert at attracting new high-paying jobs for world-class workers.
Indeed, business is booming in Florida, and many concrete examples and facts prove it:
According to the Bureau of Labor Statistics, Florida has a civilian labor force of almost 10.6 million workers, which is more than Sweden’s entire population.
Florida’s GDP has increased by more than 48% in the past ten years.
From January to September 2021, the employment growth rate in Florida increased by 5.4%, compared with just 0.8% nationwide.
The list of reasons for a thriving Florida job market goes on, but you get the point.
Real Estate Market
There has never been a better time to start getting your real estate license. Prices and sales of single-family homes are rising, inventories are decreasing, and cash buyers have increased by almost half. In fact, home prices across every metro area in the state increased by double digits as of Q3 2021.
The boom in the market didn’t come out of the blue, although it may look like it. Zillow reports that the median home value was $328,576 over the last year. Property values in Florida have grown nearly 69% in the past five years. As of October 2021, Florida’s single-family home prices are up 17.7% from the previous year.
Housing Market for Renters
Rents are surging by 24% in some areas, and newcomers are driving rents even higher. The Real Deal reports that Florida’s thriving job market, low taxes, and sunshine are luring people from the northeast and west coast to the Sunshine State, forcing landlords to raise rents to lavish levels.
What Does This Mean for Real Estate Agents?
As we’ve mentioned above, the Florida real estate market is projected to grow even further. This creates a perfect opportunity for investors as well as real estate agents. Sales associates in Florida have never had a better time than now!
You might be wondering how you can take advantage of this booming housing market? The answer is quite simple – get a real estate license!
Top Florida schools for online licensing like ProLicense Florida are here to help. If you’re looking to take advantage of the booming housing market, you can get or renew your real estate license online without leaving the comfort of your house.
Wrap Up!
Florida is enjoying a strong housing market. The Sunshine State has experienced increased population growth and a rising job market. This is good news for investors and sales associates.
Being a Florida real estate agent has never been more exciting. Kickstart your career and get your real estate license with ProLicense Florida!
Company info:
Name: Prolicense Florida
Tel: 866-411-8470
Mail: [email protected]
Adress: 919 NE 24TH Ave, Hallandale Beach, FL 33009
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