Realtor.com and the US Census produce numbers and market forecasts at the end of every year for the year to come. For 2017, Realtor.com rated the Orlando area as number 7 out of 100 hottest cities in the nation in terms of population growth, economy growth and home sales. They have predicted home prices to rise an additional 5.7% and home sale to rise an additional 6.1% over the booming 2016 statistics.
Although most metropolitan areas are predicted to have a slower more balanced real estate market in 2017, the Orlando area and other areas in Florida including Jacksonville, Tampa/St. Petersburg, Daytona Beach, Sarasota/Bradenton, and Miami have been predicted to continue their rise in home values and sales. A huge factor in the boom of theses areas is the movement of so many families from other areas, states, and countries to Florida, and more specifically the Orlando area.
Florida's population grew by 367,525 people in 2016, to 20,612,439 million, the second largest gain in sheer numbers after Texas, according to new U.S. Census numbers.
Florida continues to outdistance New York as the third largest state in the nation. Compared to Florida’s gain, the Empire State lost almost 2,000 people from July 1, 2015, to July 1, 2016, according to the new estimates. New York’s total population slipped to 19,745,289.
Orlando’s population growth has been a significant part of the state’s growth. In March, the Census Bureau statistics showed Orlando to be the fastest-growing region of the 30 largest metro areas. Those stats said the Orlando metro population is 2,387,138. The region added more than 60,000 new residents in the 12-month period ending July 1, 2015, a growth rate of 2.6 percent.
For the Orlando Area, this means the over $8 billion in construction and expansion is money well spent. The creation of new subdivisions, shopping and infrastructure allows for a flawless influx of new citizens and visitors. Over 64 Million people from across the globe visited Orlando in 2015. Though official numbers have not yet been release for 2016 some estimates show more than a 5% increase and even more demand for housing and vacation accommodations for 2017. Universal Studios alone has budgeted more the $1 billion for their parks and hotels expansions in the next 2 years!
Florida growth rate was fourth highest in the nation, behind three Western states. The percentage of Florida growth was 1.82 percent, just behind Utah (2.03 percent); Nevada (1.95 percent); and Idaho (1.83 percent).
U.S. population grew by 0.7 percent to 323.1 million, the U.S. Census Bureau said.
The percentage of people in Florida above 18 years old is 79.9 percent, or 16,465,727. That rate is relatively higher than most states, but not the highest.
The states with the largest percentage of people over 18 were Vermont, New Hampshire, Maine and Rhode Island. Utah had the lowest percentage of population above 18, at just 69.8 percent.
New York was one of eight states that lost population, along with Pennsylvania and Wyoming, all three of which had grown the previous year. Illinois lost more people than any other state, a decline of 37,508.
Puerto Rico had an estimated population of 3.4 million, a decline from 3.5 million in 2015.
For more information about relocation, buying, selling or investing the quickly expanding Orlando market, contact a member of The Homes Matchmaker Real Estate Brokerage.