Jacksonville, Florida has been a hot place for real estate investors for many years now. It’s a top market for investments for many reasons. The Jacksonville metro area has even been proven to be a big part of it for investors looking to flip properties or rent properties.
The city is found in Duval County, which is an attractive place for families, snowbirds, and businesses to relocate to each year. The area is known for incredible events, plenty of outdoor things to do, and beaches found nearby. With one of the longest shorelines in the entire country, those living in Jacksonville can enjoy 22 total beaches.
There are many great reasons for real estate investors to choose Jacksonville. Let’s look at three of the main reasons.
1. A Growing Population
Jacksonville saw growth from about 736,000 people in 2000 to nearly 900,000 by 2017 and it hasn’t slowed down. It great faster than Miami and Orlando during this time and has continued to grow since.
With a large population that’s growing, investors can tap into a large pool of good tenants. More than 40% of the city’s residents are renters, which means there’s plenty of room for real estate investors to take advantage of in Jacksonville.
2. Strong Economy and Employment Growth
Overall, Florida is the third-ranked state for economic growth in the country and Jacksonville has been listed as one of the top ten best cities for future job growth by Forbes just a few years ago.
The city is also known for a low unemployment rate. When this is paired with high job growth and high future job growth, it can lead to more people moving to the area. This is predicted to make the tenant pool even large with future job growth in Jacksonville predicted at about 40% by 2027.
Jacksonville also offers an affordable place to live with home prices well below the national average. There’s also a unique opportunity in Jacksonville for investors to generate more rental income than in other cities across the country due to the affordability.
3. It’s Florida
While this isn’t a reason to invest based on numbers or hard data, Jacksonville is in Florida. The state is known for not having a state income tax and it’s known as one of the most desirable places to live for retirees, along with many other age groups. The climate attracts many new people to Florida every year.
With 22 beaches found along the coast of the Atlantic Ocean in the Jacksonville area, it’s a very attractive place to call home. From snowbirds coming for a portion of the year to families moving to stay year-round, there are plenty of new people moving to Florida every single year.
Jacksonville offers plenty of opportunities for real estate investors. It’s one of the top choices for those looking to flip homes or build up an inventory of rental properties. Whether you’re looking to expand your real estate investing or you’re just getting started, the Jacksonville market might be the right place for you.