This year, real estate in Miami will show a new rise in prices. Among the alternatives to the expensive real estate in Miami can be highlighted new homes Jacksonville fl. The property is also located in Florida, but the prices per square meter are significantly lower. Especially this option will affect the choice due to the popularity of country houses.
Florida’s low tax regime, competitive Miami prices, and the attraction of coastal life during the crisis have increased demand. According to Miller Samuel, Palm Beach County alone has sold 35 homes worth more than $30 million, 20 moreover $40 million, and two worth more than $100 million since the beginning of the pandemic.
According to Oxford Economics, in the U.S. wealth rose by a sharp increase in real estate and stock values, with total household net worth increasing by $24.8 trillion, or 21%, during the pandemic. According to Knight Frank’s forecasts, real estate in Miami will rise in price by 10% next year.
Why Jacksonville?
Florida is a popular American state for real estate purchases. It has a wonderful climate, and housing prices are significantly lower than in California.
The average cost of American housing is about $400,000. Compared to last year, this figure increased by more than $50,000, according to a report from the Federal Reserve Bank of St. Louis. Thus, prices for the year increased by 16.2%.
The rapid rise is associated with the Covid-19 pandemic. In 2020, loan rates were lowered to support the economy. Analysts started talking about the upcoming inflation. It has encouraged Americans who want to save money to buy real estate. At the same time, the construction of new housing has decreased, and the number of offers has also decreased. So, at the end of last year, the National Association of Realtors reported a record low level of options available on the market.
By the way, it is also considered the best state for the life of pensioners. The rates here are:
- the average house costs $300,000;
- homeowners spend 33% of their annual income on mortgages.
Today, the most inaccessible state for buying a house in Hawaii. Here, the average mortgage payment is 57.9% of the median income of the residents (the level of earnings above and below which receives the same number of employees). The lowest house prices, according to the same source, are in West Virginia — 40% of the average property value in the country and only 16.1% of the median income of locals. But we are interested in another state, Florida.
Why is it interesting?
Jacksonville is located on the coast in the northeastern part of the state. Residents here have access to Interstate 95 and the airport. It is the most populous city in Florida and about 1 million people live in it.
In addition to green areas, nature reserves and a zoo, it has an art museum, city beaches, shopping malls and restaurants. Also, there is good medical care (more than 20 hospitals) and many opportunities for learning in Jacksonville. Thus, there are 190 public and more than 600 private schools in and around the city. Further education can be obtained at local colleges and universities, among which one of the best in the state is the University of North Florida.
The cost of living in the city is 7% lower than the national average and 50% lower than in New York City.