Jacksonville, FL

Investment Property Is Trending in Jacksonville

Gayle Kurtzer-Meyers

Investment property is trending in Jacksonville. /Photo by David McBee from Pexels.

Is Jacksonville, Florida, an excellent place to secure investment property?

A couple of weeks ago, I spent a few days touring Jacksonville. As a Community Asociation Manager, I was able to get some perspectives from local experts that confirmed it is a town where investors can flourish, especially now.

Jacksonville has the second hottest housing market in the nation. So I would say that is pretty competitive.

Is Jacksonville, Florida, an excellent place to secure investment property?

If you are looking for an ideal location to buy an investment property, you should strongly consider Jacksonville, Florida. The state of Florida offers several advantages to real estate investors that you won't necessarily find in other locations. These advantages include warm weather, low taxes, and population growth fuel demand for residential homes and commercial buildings. Let's take a closer look at these and other reasons why it may be in your best interest to acquire property in this city if you consider increasing your investment portfolio.

Florida has no state income tax.

Those who live in Florida are not required to pay a state income tax. It means that residents can save hundreds or thousands of dollars each year which ideally could build an emergency fund or pay down debt. More importantly, it means that they have more money to spend on housing, which may result in greater demand for your properties. It's also worth noting that companies may be entitled to various tax rebates that incentivize them to rent space in the Jacksonville area.

No state income tax in Florida helps investors./Photo by Nataliya Vaitkevich from Pexels.

Florida real estate law Is favorable to property owners.

Perhaps the best reason to invest in Jacksonville real estate is that the law takes various steps to protect property owners. For instance, if a tenant damages your home, that person typically has seven days to correct the issue before eviction. In extreme cases, you can ask a tenant to leave within seven days without being allowed to remedy a breach of contract. It's also worth noting that the court system in Duval County is known for processing eviction claims on time, minimizing the risk that you'll have to deal with an uncooperative tenant for any prolonged period.

"Now one thing I tell everyone is to learn about real estate. Repeat after me: real estate provides the highest returns, the greatest values and the least risk." -Armstrong Williams, entrepreneur-

Demand is likely to increase over time.

According to the 2020 census, the city had a population of 949,611, increasing more than 100,000 people since 2010. However, some estimates place the city's population at more than a million. Furthermore, the city's population will grow by roughly 1.5% per year over the next several years. Therefore, as more people enter the city, greater demand for housing and commercial space will be greater. Generally speaking, an increase in demand for real estate results in higher prices, which means that you may be in an excellent position to maximize your return on investment.

Florida weather is favorable to investors./Photo by Roberto Nickson from Pexels.

People generally prefer warm weather.

In December, this city had an average high temperature of 67 degrees. Weather like this can be ideal for those who don't like driving to work on roads covered with ice and snow. It can also be suitable for health issues exacerbated by cold temperatures. It's not uncommon for retirees to spend the winter in the city before moving back home as the weather warms up throughout the country.

The city Is rarely a target for significant storms.

Although hurricanes often make landfall in Florida, Duval County has largely missed direct hits. The only storm to pass directly over the city since the 19th century was Hurricane Dora in 1964. Therefore, you have a lower risk of property damage in a significant storm. However, it is worth noting that the city does receive a substantial amount of rainfall during the spring and summer seasons. Therefore, it's still important to actively maintain your properties to prevent water and pest damage from occurring.

Renovating a property can enhance investment value instantly. /Photo by Rene Asmussen from Pexels

You'll be investing in one of the most affordable cities in Florida.

The median price of a home in this area in 2022 was $272,750, which was significantly below the state median price of $348,000. Furthermore, this city is known for its low cost of living compared to other Florida cities and the United States. Therefore, investing in Jacksonville real estate may be possible while simultaneously living in the city.

There is a robust corporate base.

Allstate, CSX, and Black Knight Financial Services are a few companies in this area. According to Forbes, this city is one of the best for new companies to form because the population comprises younger people with college degrees. Furthermore, the low cost of living and favorable corporate tax laws make it easy to attract companies to this area, meaning that you should have little trouble attracting corporate and private tenants who will likely stay in the place for several years.

Investing in Jacksonville may be an effective way to see a maximum return on your investment capital. A low-cost living, solid corporate base and warm weather will likely result in sustained population growth for years to come. Therefore, if you get in the market now, there is a good chance that you'll find both a quality property and quality tenant promptly.

"The best investment on Earth is earth." -Louis Glickman, real estate investor expert-

This article is for informational purposes only. It should not be considered Financial, Real Estate, or Legal Advice. The market fluctuates; therefore, not all information will remain the same. Consult a Financial or Real Estate attorney before making significant real estate decisions.

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I am a Licensed Community Association Manager for the State of Florida and a published author. My top articles are about Florida RE, property management, and the many beautiful venues and activities available in the Sunshine State. Thank you for reading my work and joining me on the journey.

Kissimmee, FL

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