HOW LOCAL REAL ESTATE IS AFFECTED BY BREVARD COUNTY’S RANKING AS THE SECOND-STRONGEST ECONOMIC GROWTH
Brevard County was recently ranked (from among 200 larger metropolitan areas) as the nation’s second best-performing community for economic growth. Our area was only bested by Provo-Oreum Utah, which moved up from the number two spot last year to number one in 2021.
These ratings are provided by The Milken Institute, a nonprofit think tank. The recently-released 2021 rankings take into account jobs, wages, and high-tech growth, as well as housing affordability and housing broadband access.
According to the Milken Institute, “Brevard propelled to second by strong one-year wage (third) and job growth (eighth). The Space Coast improved on last year’s breakout performance, transforming one-year gains into long-term jobs (13th) and wage growth (16th). This continued success is largely due to a diversified, high-tech industrial base, including a significant part of the national aerospace and defense industries.”
This economic prosperity and growth in our area creates a positive impact in multiple sectors. It serves to helps our local schools, raises the standard of living and gives a boost to infrastructure projects.
When it comes to real estate the Milkins Institute notes “The Space Coast could stand to improve its housing affordability, however. While 70 percent of all households spent less than 30 percent of their income on housing in 2019 (87th overall), rents and median home sales have increased in recent years.”
As noted this boost in the economy and jobs also creates a higher demand for housing which along with limited inventory creates rising home values. This serves as an opportunity for current homeowners interested in selling and real estate investors aiming to turn a larger profit.
For homeowners looking to downsize or move away from a high-demand area, this is an excellent time to sell and get top dollar for their property. Time on the market will most likely be relatively short, given the high demand of interested buyers many of them offering cash.
This is also an opportune time for real estate investors. As more people move into the area rental property is in high demand. Those seeking to lease a home, duplex, or condo unit won’t have a problem finding qualified tenants willing to pay premium rental rates.
If you are interested in learning how much is your home is worth you can simply fill out a form on my website for a free comparative market analysis of your home
https://therubinogroupfl.com/home-evaluation/
Interested in an investment property? Contact me to discuss potential opportunities in the area.
The Milken Institute, Best-Performing-Cities-2021.pdf, https://milkeninstitute.org/sites/default/files/reports-pdf/Best-Performing-Cities-2021.pdf
