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Did you know that the U.S. real estate market is worth almost $700 billion? With a number like that, it's easy to see why so many investors flock to this sector. Despite the great earning potential, markets vary and you should know all the details about the one you are investing in.
Due to warm weather year-round and no income tax, Florida remains an attractive location for real estate investors. One of the lesser-known areas of Florida is Lakeland.
Read on to learn more about the Lakeland market conditions and why it might be right for you.
Lakeland Market Conditions
For a real estate investment to make sense, several factors need to be trending in the right direction. These factors include:
Median Home Price
As of 2021, the median home price for Lakeland was just over $170,000. This is much less than both the national and state averages. The most desirable areas tend to be in the southern portion of the city, around Florida Southern College and Lake Hollingsworth.
Median Household Income
Despite the housing prices being lower than average, the median household income is much closer to the national average, coming in at just over $50,000. This was an increase of more than five percent from the previous year.
Population
Not to be confused with Tampa, Miami, Orlando, or Jacksonville; Lakeland is home to just more than 110,000 people. While far from a booming metropolis, it has been showing steady growth over the past few years.
Why Is Lakeland Desirable?
With the emergence of remote and hybrid work schedules out of the pandemic, living in a large city center isn't a requirement. Lakeland has an advantageous location, as it is just an hour from both Tampa and Orlando. If you are interested in the outdoors, Lakeland's namesake would tell you there are many lakes, but there is also a large wilderness preserve located to the north.
Lakeland has plenty of amenities, including libraries, hospitals, and parks. There are several large employers as well. The regional grocery chain Publix has its headquarters there.
Rental Property Considerations
While a rental property can provide a steady additional income, there are important things to consider. You'll need to decide on items like allowing pets or having in-unit washers and dryers. While going with these will increase the upfront cost and upkeep, they can attract more potential renters.
No decision is more crucial than deciding on property managers. These professionals are whom the tenants shall interact with, and bad management can lead to vacancies.
Are You Ready to Invest in Lakeland?
Now that you know about the Lakeland market conditions, what are you waiting for? Affordable housing prices, average household income, and growing population mean there are opportunities for stable rental income. You'll have to do your research and decide what to offer on your property.
If you're ready to get help with property management, contact us for all your needs.
