Real Estate in Orlando
According to Neighborhoodscout report, Orlando has approximately 112,000 homes (single-family homes, apartments, vacation homes, townhomes, etc.), and an average value of $206,000 per home. The same report shows that the percentage of tenants is 65.2%, which represents a great opportunity to invest in real estate and put the homes up for rent.
The per capita income in Orlando is $29,930, which is below the country’s average of $32,621. The family income in Orlando is $48,511, lower than the average in the United States, $60,293. These incomes are reflected in the percentage of people who rent houses, and it occurs because the main industry is tourism, and although many of them have stable jobs, the income is relatively low in relation to the country average.
The most common type of housing in Orlando are apartments. Apartment complexes represent 49% of the houses in the city, followed by single-family houses that represent 32.5% of the total homes.
In relation to the year of construction of the homes, just under half (47.7%) were built between 1970 and 1990. 30% of the houses have been built since 2000. Orlando is a city with a large potential in real estate, has a lot of land available to build and currently there are countless projects under construction.
Appreciation rates in Orlando
For the past 10 years, Orlando has undoubtedly been recognized nationally for obtaining the highest home appreciation rates in the country. The appreciation of real estate in the city has increased by 56.89% during this same period of time, which corresponds to an annual appreciation of 4.61%. If you have considered buying a house in Orlando or if you are a real estate investor, Orlando is considered one of the best long-term real estate investment options in the United States for the last 10 years.
The appreciation percentage is so high in Orlando that despite a recession in the country, real estate in the city continues to appreciate in value. In recent years, short-term investors have increased their fortune by investing in Orlando. Compared to Florida, the appreciation rate of Orlando is 70% higher than the rest of Florida’s cities and towns.
What Makes The Orlando Real Estate Market Attractive?
Here are some of the reasons that make Orlando an attractive destination for real estate investing:
- Orlando is a city with environments for all tastes and lifestyles. The city has more than 100 beautiful lakes and a variety of landscapes with a variety of colors that makes Orlando recognized with the name “the City Beautiful”, the beautiful city, although many call it “The world capital of theme parks “.
- According to a Forbes report, Orlando ranked second among the fastest growing cities in the United States.
- There is no doubt that the presence of Disney World, Universal Orlando and other theme parks make Orlando an attractive place to invest in real estate. Many of the investors buy vacation homes to visit the parks every year and also earn money by renting the houses per day to other tourists.
The appreciation rate of real estate in Orlando has been one of the highest in recent years.
- The percentage of people who rent houses in the city is 65.2%, so if you want to invest in real estate to rent long-term, you will also have great opportunities.
- The unemployment rate in Orlando in 2019 according to U.S. Bureau of labor statistics was 2.5%.