Orlando, Florida, has long enjoyed a thriving tourist industry. Theme parks like Walt Disney World and Universal Studios’ park have drawn millions of people to the city since their establishment. In total, the city is home to more than a dozen theme parks.
However, Orlando has much more to offer than a thriving tourism industry. Many attractive features make Orlando properties excellent ones to buy, regardless of whether you’re purchasing a primary residence, fix-and-flip, or rental property. These features include robust school systems, world-class health care centers, and beautiful scenery.
The Orlando real estate market also benefits from Florida’s favorable tax policies.
If you’re considering a move to Florida—or are shopping rental real estate in the state—then check out this guide below to learn six compelling reasons to invest in Orlando properties this year.
1. Price Appreciation
Orlando resides in Florida’s Orange Country. This is a popular areas in central Florida. Currently, Orange County is a seller’s market. This type of market is one in which more people want to buy homes than there are homes available.
For this reason, the median Orlando listing price falls at nearly $940,000. Yes, the median Orlando real estate listing is just shy of $1 million dollars. This is wild, but true.
This price follows an upward trend of close to 17.5% in 2021.
2. Population Growth
If you’re considering moving to Orlando, you’re far from alone. From 2016-2019, the city achieved an absolutely astounding 11% growth rate! Favorable tax policies and the rise of COVID-19 has prompted hundreds of thousands of people to move to Florida.
This growth rate brings many advantages. First, it means that many amenities have emerged to serve the needs of these new residents.
Second, this population influx has attracted people from all over the world, making Orlando one of the world’s most diverse and exciting cities.
3. Proximity for Travel
Orlando properties also benefit their proximity to the Atlantic Ocean. These homes have a powerful connection to the rest of the world through the Orlando airport, which provides easy access to cities across Mexico, as well as Guatemala, Honduras, Nicaragua, Costa Rica, and Panama.
Due to Orlando’s proximity along Southeastern U.S. coast, the city also provides convenient access to destinations across South America and Eastern Europe.
4. Solar Energy
Florida is also leading state for solar energy due to its climate. This warm, sunny region receives more sunlight exposure than many other places in the country.
With its location in central Florida, Orlando has ample room for solar panel systems on its homes. The city has several installation teams, such as the Blue Raven Solar experts.
According to the U.S. Energy Information Association (EIA), renewable resources now fuel approximately 5% of Florida’s in-state electricity net generation and roughly two-thirds of the state’s renewable generation comes from solar energy.
5. Large Grassy Yards
Most cities don’t offer spacious yards. However, many Orlando properties defy this trend.
The average yard size in Orlando falls around 7,800 square feet.
While this may not be large enough for a cattle ranch, it’s plenty of room for kids to play. Florida’s sun exposure and temperate climate also make it ideal for gardening.
6. Favorable Tax Policies
Finally, and perhaps most importantly, Orlando residents benefits from Florida’s favorable tax policies.
In particular, retirees have been drawn to the state because it does not charge state income tax. This means there is not state taxes on pensions, IRAs, 401(k)s, Social Security benefits, or any other type of retirement income.
The state also has no inheritance tax or estate tax. Depending on your income bracket and stage of life, these tax benefits can be a major draw.
Investing into Orlando Properties?
As mentioned, Orlando properties are some of the most popular on the U.S. market. So, if you want to move to this city or buy rental real estate in it, the trend data looks strong.