|Florida is a large state, being 160 miles wide and 500 miles long. It ranks as the 22nd largest state in terms of landmass. Even so, an influx of 300,000 people each year is a massive growth in population. This growth has an effect on the greater Orlando real estate market. Where do all of these people go? How does this exponential growth affect the real estate market?
There is no doubt you are noticing the new subdivisions and apartment developments on every corner. Developers are preparing for the flood of humans. According to a recent post by a state economist, it is estimated that in 2022 Florida will be home to 22 million residents. According to an executive summary of the report, “Between April 1, 2018, and April 1, 2024, population growth is expected to average 330,605 net new residents per year. This represents a compound growth rate of 1.53 percent over this six-year time horizon. To put that into perspective that means 906 new residents move to Florida each day.
Effects of an Increase in Population
Orlando is not immune to this increase in population and the greater Orlando real estate market is feeling the effects as more and more people migrate to the Sunshine State.
An older age population lends itself to a higher attrition rate. With sea levels rising and a massive influx of people, the real estate market will be hitting saturation. When it comes time to sell your home or purchase your next home, let me help you navigate the real estate market. With years of experience in the real estate industry and first-hand knowledge of the greater Orlando area, I can help you find the perfect home and get the best price for yours! Until next time this Gitta with Gitta Sells and Associates!