The increase in Miami property prices does not seem to be an obstacle for new residents coming from other US states and even from other countries. The “Magic City” has just been ranked among the TOP 10 best cities to live in Florida in 2023. Miami occupied the 6th position in the ranking and Orlando came in fifth place, out of a total of 400 cities approximately throughout the state.
The news may further encourage the large flow of people moving to the city, a movement that has already been putting considerable pressure on the demand for real estate in the region, at a time when Florida is experiencing a low inventory of homes.
Florida has always been a popular destination for retirees. In recent years, however, many professionals and families have moved to the “Sunshine Estate” in search of better career opportunities, relatively low cost of living, exemption from state income tax and quality of life. In addition, the warmer and more pleasant climate, the beautiful beaches, abundant nature, receptive and festive public, are also some factors that attract Americans from other states.
Unlike other cities in Florida, whose attractions are mostly beautiful beaches and an environment conducive to retirees, Miami has become a reference as a world business center, attracting large corporations and earning various nicknames such as “The New Silicon Valley” and “The Wall Street South”, in reference to the technology companies and financial institutions that migrated their divisions to the city.
Because of these factors, Florida is one of the fastest growing states in the country. Recent studies released by the Florida Apartment Association (FAA) project that the state will gain more than 3 million new residents by 2030.
Full FORBES Rank:
- 1 – Tampa
- 2 – Jacksonville
- 3 – Gainesville
- 4 – Cape Coral
- 5 – Orlando
- 6 – Miami
- 7 – Melbourne
- 8 – Sarasota
- 9 – Tallahassee
- 10 – Pensacola
Imbalance between demand and supply in the real estate market reveals opportunity for investors
In recent years, the demand for homes in Miami has greatly exceeded the supply of properties in the region, creating a crisis in rents, which have become very expensive for the local population, making renting in areas such as Miami Beach, Edgewater and Brickell unaffordable.
What may be a crisis for some may be an opportunity for others. Investors who had bought in advance can now realize one of the highest rental returns in the US.
Prices in Florida continue with an upward trend, and had a momentary deceleration with the increase in interest rates by the American Central Bank (FED). This could be a unique opportunity to enter the market, taking advantage of this downturn.
Get a better understanding of why now may be an unprecedented time to invest in Florida real estate in this article: Florida’s New Real Estate Micro-Cycle
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about investment opportunities in the real estate sector in Florida, contact me right now and chat with me via WhatsApp: +1 305 318 6968 (Heloisa Arazi).