If you are considering investing in real estate, you may be wondering what kind of real estate is the most lucrative and where you should buy the properties. The state of Florida is a beautiful place to live and work. Investing in real estate here can be very lucrative. Knowing what area of Florida to buy property in is the key to getting the most out of your investment.

The price of the average property in the Sunshine State has gone down a bit recently which means that now is a good time to invest in real estate.

Demographics to consider

The availability of jobs and the economy of a city are always important elements when investing in residential property. Florida has a very diverse economy. They do not have an income tax for individual workers, sole proprietorships, or Limited Liability Corporations. Corporations have a low tax rate of just 5.5% After deductions, that tax rate can be lowered to as little as 3.3%.

The unemployment rate is relatively low in Florida and the cost of living is not as high as it is in other parts of the country. Currently, the majority of residents are renters. This makes it a great time to invest in real estate.

South Florida and Orlando are both popular vacation spots and home-sharing services like Airbnb offer a way to advertise a short term rental. You will only have to pay a percentage of your profits rather than paying for an advertisement in advance and you will not have to bother with a lease.

There are a few locations in Florida that are especially ripe for real estate investments.

Downtown Tampa

The Harbor Bay Neighborhood in downtown Tampa. It is right on the water, but it is also very close to downtown. It is within walking distance of bars, restaurants, and tourist attractions. The median home value is $358,115 and the average rent is $1798 a month. Short term rentals can fetch you an average of $107.00 a night.

Fort Lauderdale

The median home value in this popular South Florida city is $318,141 which is about average in the U.S. However, rents here are quite a bit higher than in most of America. The median rent is about $2.122 a month, making it a great investment. A temporary rental can nettle you an average of $148 a night and $4,261 a month.

Sunny Isles

This affluent island community in South Florida is a popular spot for vacationers. The majority of homes here are condominiums and apartments. The average home costs $434,006 and home prices are on the decline. This makes it an excellent time to scoop up as much real estate as you can.

The Miami Dade County area is a popular vacation spot and temporary rentals are quite remunerative in the area. Airbnb list the average monthly price at $4301.00. With a growing number of people living transient lifestyles, it is a good idea to look into condos for sale in Sunny Isles.

Orlando

Disney World and the many businesses who call this city home, make it a bankable place to invest in real estate. The average home price is $183,548. The average rental price is $1,327 making it a very good place to be a landlord no matter if it is on a traditional lease or for temporary rental service.

Things have changed a lot since the days of the land banking scams if the 1920s. If you do your research and spend your money wisely, your real estate investment can be a successful one.

Authoritative Sources:

https://en.wikipedia.org/wiki/Land_banking

https://thesmartmoneylife.com/7-florida-cities-that-are-best-for-real-estate-investing-in-2019/