Since 2020, the real estate market has seen a significant rise in second-home purchasers. People choose a life away from the big, busy cities, making areas like Florida a popular choice for second homes. But with markets in the state being piping hot today, why are more people buying second homes in Florida?
The Florida Real Estate Market
Florida has always been home to some of the hottest markets in the nation. Throughout the first quarter, the market was crazy. People were coming from all over the east and trying to find their next home in the Sunshine State.
There has been a slight decline in the number of people buying in Florida recently, but the prices continue to increase.
Here’s a shortlist of why people from the DMV buy second homes in Florida.
1. Warm Weather
People are choosing Florida for their second homes because of warmer weather. Florida has over 200 warm days a year. If you are a fan of warm weather, it is a great place. You can enjoy more days on the beach, under the sun, playing in the sand.
Most second-home buyers in Florida come because they like the idea of sunny days and a warmer climate.
2. Tax Benefits
Florida does not have state income taxes. No state income tax is a significant driver for many second-home buyers to choose the Sunshine State.
Aside from having a second home in a great state, many people buying their second homes in Florida are also looking to cut down on their expenses. The lack of state helps you keep more of what you’re earning.
3. Beautiful Beaches
The Sunshine State would not be as famous without the beautiful beaches, coast to coast. Many second-home buyers from the DMV are looking for a different climate, so Florida and its beaches have become a top choice.
Florida has award-winning beaches that people can enjoy without spending hours driving out of town. Having your second home near them makes it possible to be a beautiful beach day every day! Of course, with 825 miles of beaches in the state, virtually anywhere in Florida is near a beach.
4. Cost of Living
Florida’s hot market may trick you into thinking that it costs a lot to live in the Sunshine State too. That may be true in major cities like Miami, but many other towns won’t break the bank.
The majority of Florida’s cities still fall below the national average regarding the cost of living. Your daily needs, goods, services, and even healthcare are more affordable in Florida than in other states.
If you temporarily plan to stay in your second home in Florida, it won’t be as expensive as a vacation somewhere else.
5. Cultural Diversity
The weather and affordability combine to bring people from all over the world to Florida. From north to south, many cultures have impacted Florida. Spaniards, African-Americans, Cubans, and Native Americans, to name a few, bring with them their art, culture, and food. The food choices statewide are as diverse as the people who live there.
Ready to buy your second home in Florida?
If you want to buy your second home in Florida, please call us. Our team has access to many of the state’s beautiful homes through our team in Florida. Get in touch with us today, and let’s work together in finding your second home in Florida!