A study released by the Florida Association of Realtors on June 3rd analyzing migration, mobility and second home purchase patterns paints a very rosy picture for Florida’s future. Among several salient factors produced in the report is that Florida is one of the primary migration destinations in the country and the largest in the South. Further, the State is also among the top locations for second homes purchased for vacation or investment purposes, with home ownership much higher than the national average.
Florida had a total population of 18.3 million in 2008. This number is expected to reach 19.3 million by July 2010 and 23.4 million by 2020, according to Census Bureau data revealed in the report. This rapid and large growth ranks Florida third among states in population growth. Needless to say, these numbers mean a continued growth for real estate sales in the coming years. Although net migration to the State has shown a recent decline, due to the softening market conditions in the states that were the sources of the largest migration flows to Florida, the report also shows that Florida continues to receive its immigrants from the same sources, namely New York state and the northeast. Among foreign buyers, Miami and Orlando received a combined 24% of the total foreign market, with Bradenton-Sarasota in third position at 9%.
I invite anyone interested in reading this full report to do so by logging in to www.floridareators.org/LegislativeCenter/Research/index.cfm. It’s a great way to brighten up your thoughts if low prices and long days on market are getting you down. Better days are on the way.