Homes for sale in Orlando need to reach renters

The National Association of Realtors® (NAR) recently found that there are a lot of renters who are financially ready to buy homes for sale in Orlando, Cape Coral, Coral Gables, and many other Florida cities, but they haven’t taken the steps to purchase their own homes.

Florida Real Estate Breakdown

When it comes to our own beautiful state, it should give Orlando real estate professionals as well as those in West Palm Beach, Miami-Dade County, Cape Coral luxury homes market, and elsewhere across the state incentive to reach this untapped market.

NAR identified the top markets in the state of Florida that had the highest number of renters with a financial means to purchase their own homes but were continuing to rent. They are:

  1. Palm Bay-Melbourne-Titusville with 41.1 percent
  2. Lakeland-Winter Haven also with 41.1 percent
  3. Tampa-St. Petersburg-Clearwater area with 38 percent
  4. Deltona-Daytona Beach-Ormond Beach with 33.3 percent
  5. Orlando-Kissimmee-Sanford with 32 percent
  6. Jacksonville with 31.3 percent
  7. Cape Coral-Fort Myers with 28.7 percent
  8. North Port-Sarasota-Bradenton with 28.2 percent
  9. Miami-Fort Lauderdale-West Palm Beach with 18.5 percent

Lawrence Yun, NAR chief economist, said it truly shouldn’t be surprising that Florida along with other Southern real estate markets had the largest number of qualified buyers, along with the Midwest. This is because these two regions in the country show lower median existing-home sales prices when compared to areas like the West and Northeast.

Additionally, the South and Midwest showed improvements in their labor markets which have reached the national average in growth rate, and some have even surpassed this level over the past year

Yun commented that it is the strength in the local employment markets as well as housing affordability overall that have swayed renters in either choosing to sign another lease to rent or to start the process in looking to buy homes for sale.

What’s good is that other recent NAR research shows that rental residents in both the South and Midwest are the most likely to report the time to buy a home is now. And, they are right.

Mortgage rates have maintained staying at an all-time low. It is just a matter of real estate professionals in the various areas reaching these buyers.

For instance, the Orlando luxury homes market is seeing additions to the center of the city go up which may hold appeal to those millennials who have indicated a desire for urban living with high walkability factors. Orlando real estate professionals may find that those renters who are financially capable of buying homes for sale in Orlando may be interested in taking advantage of the Orlando real estate market’s stability with its wealth-building benefits that can only be had through owning a home.

Nationwide Numbers Revealed

This phenomenon of financially qualified renters is not only evident in the Sunshine State but across the country.

NAR looked at metro areas across the country that registered a high number of renters. It then examined the income levels and the properties values for those areas. Incredibly there are a large number of renters who could easily afford their own homes but for some reason are not taking the steps to own.

The NAR study actually evaluated close to 100 of the most populated cities all across the country taking particular notice of household income, employment growth, and qualifying income levels.

According to the NAR survey, the largest number of renters across the U.S. who have the financial ability to buy a home were found to live in the following cities:

  1. Toledo, Ohio with 46 percent
  2. Little Rock, Arkansas with 46 percent
  3. Dayton, Ohio with 44 percent
  4. Lakeland, Florida with 41 percent
  5. St. Louis, Missouri with 41 percent
  6. Columbia, South Carolina with 41 percent
  7. Atlanta with 40 percent
  8. Columbus, Ohio with 38 percent
  9. Tampa, Florida with 38 percent
  10. Ogden, Utah with 38 percent
Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
Show Buttons
Hide Buttons