Improving economic indicators seen in Orlando
Young professionals looking for a change of scenery may want to check out real estate in Orlando. The sunny disposition of the climate and improving economic indicators could make the city a wonderful new home. Consider the following information before moving to Orlando.
According to ALTOSResearch, the median single family home price as of June 24, 2012, in Orlando was $170,850. This is significantly higher than the May 1, 2012, median cost for a property, which was approximately $159,000.
In addition to looking at the median price paid for a house, consider breaking down the cost per square foot. Calculating this will help a potential homebuyer determine if a property is a good deal. As of June 24, 2012, the median price paid for a house in Orlando was $89, which is significantly more than the approximately $85.50 price seen on May 1, 2012.
New job growth
For many young professionals, a positive job market is going to be a metro’s biggest draw. According to Kiplinger, this Florida city will feature the fastest job improvement in the state with a 15 percent job growth rate predicted for the next five years, and could add 150,000 new positions. Much of this boom is expected to come from the tech industry.
The most recent figures from the U.S. Department of Labor state that 1,022,600 people were employed in non-farming jobs in the Orlando-Kissimmee-Sanford area in May 2012. This is a 0.4 percent increase compared to the same time last year. The unemployment rate for May 2012 was 8.3 percent, up .1 percent from the previous month.
Business demographic facts
Before moving to a new metro, it is always important to ensure the region offers suitable employment. According to the U.S. Census Bureau, there is a wide variety of firms, organizations and industries based right here in Orlando. In 2009, there were 491,249 private, nonfarm establishments and 6,861,612 jobs at these companies. Perhaps unsurprising given the region's large tourism draws, there were a number of accommodation and food service operations in Orlando – 41,922,059 in 2007.
Consider these factors and others when checking out the affordable real estate in Orlando.