NEWS

The Census Bureau estimated that Florida had 23,372,215 people as of July 1, up from 22,904,868 a year earlier. Florida’s increase of 467,347 people was second only to Texas, which gained 562,941.

Also, Florida’s 2 percent growth rate trailed only the District of Columbia, which had a 2.2 percent rate, according to the Census Bureau. Texas and Utah each had 1.8 percent growth rates.

The estimated national population increased 1 percent to 340.11 million.

Florida’s growth reflected two key issues in the Census Bureau data: international migration and population increases in the South.

A news release accompanying the data said net international migration “was the critical demographic component of change driving growth in the (U.S.) resident population. With a net increase of 2.8 million people, it accounted for 84% of the nation’s 3.3 million increase in population between 2023 and 2024.”

The Census Bureau said Florida, California and Texas had the largest gains from net international migration, with Florida showing a 411,322-person increase.

The news release also said the South added more people from July 1, 2023, to July 1, 2024, than all other regions combined. It said the overall population in the South increased by nearly 1.8 million people.

“The largest contributing component to this growth was international migration, which added 1.1 million people,” the Census Bureau said. “Domestic migration netted another 411,004 residents. 

The South was the only region with positive net domestic migration, where the number of people entering the region exceeded those leaving. Natural increase also contributed 218,567 to the growing region.”

Investing in real estate is a strategic decision that requires careful consideration of market trends, economic stability, and potential risks. Florida has long been considered a prime destination for real estate investment due to its favorable climate, economic growth, and high demand for housing. However, 2024 presents a unique set of challenges and opportunities for potential investors. This article will analyze whether Florida remains a good state to invest in property, drawing on the latest data and market insights.

1. Strong Population Growth

Florida continues to experience significant population growth, which drives demand for housing. According to the U.S. Census Bureau, Florida was one of the fastest-growing states in 2023, attracting new residents due to its favorable tax environment, warm climate, and abundant job opportunities. Cities like Miami, Orlando, and Tampa are trendy, contributing to a robust real estate market.

2. Economic Stability and Growth

Florida's economy is diverse and resilient, with key industries including tourism, agriculture, and technology. The state's economic growth supports a stable real estate market, providing opportunities for both residential and commercial investments. According to data from the Florida Realtors, the dollar volume for real estate transactions in April 2024 increased by 17% year-over-year, indicating vigorous economic activity.

3. High Rental Demand

With rising home prices, many people opt to rent, creating a high demand for rental properties. The median rent in Florida was $1,693 in July 2023, with cities like Palm Bay and Jacksonville seeing rents below their long-term trends. This makes rental properties a lucrative investment, providing steady income streams for investors.

4. Favorable Tax Environment

Florida's tax policies are highly favorable for real estate investors. The state has no income tax, which enhances the profitability of rental income and capital gains. Additionally, property taxes in Florida are relatively low compared to other states, making it an attractive option for investors seeking to maximize returns.