3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
If you’re considering moving to Florida, whether that means relocating for your career or adjusting your retirement plans, you’re likely in the process of bookmarking cities where it will pay off to buy real estate shortly.
Read More: 6 Best Florida Suburbs to Buy Property in the Next 5 Years, According to Real Estate Agents
Trending Now: How to Get Rich in Real Estate Starting with Just $1,000
Which Florida gems hiding in plain sight are worth exploring? To find out, GOBankingRates spoke to Southeast Florida-based real estate agents Julio Ybanez and Raul Gastesi, a Florida-based attorney at Gastesi Lopez & Mestre who has practiced real estate law for the last 30 years. Best of all, the three Florida cities they recommended are significantly less expensive to move to than Miami.
Read on to find out which three Florida cities they recommend for buying property.
Earning passive income doesn't need to be difficult. You can start this week.
Pompano Beach
Pompano Beach, a city 40 miles north of Miami, should be at the top of buyers’ considerations if they’re interested in a beach town lifestyle without an overwhelmingly high cost of living.
“Pompano Beach prices are still notably lower than those of its affluent neighbors, Fort Lauderdale and Boca Raton,” Ybanez said.
Pompano Beach is currently undergoing a transformation allowing it to shed its former reputation as a dormant city. According to Ybanez, prestigious brands like Ritz Carlton and Waldorf Astoria are in the pre-construction stage of building beachfront condominiums.
In the downtown and historic districts, an identical transformation is underway thanks to the city’s Community Redevelopment Agency (CRE). These developments, Ybanez said, are critical for potential homebuyers to watch and see how they benefit their home purchasing plans.
Other benefits of living in Pompano Beach include the overall perk of no income taxes enjoyed by all Florida residents, access to hospitals, airports, city conveniences and excellent charter schools.
For You: 5 Worst Florida Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
Fort Myers
While Gastesi recommended several Florida cities to GOBankingRates, he said Fort Myers is one of the top areas where Florida homebuyers should purchase property in the next five years.
Not too long ago, Fort Myers had a reputation for being a retirement town. However, the city has shifted to offering more diverse activities, including outdoor recreation, dining and cultural sightseeing, to attract an increasingly younger demographic. According to U.S. News & World Report, the median age of a Fort Myers resident is 45 years old.
Compared to cities like Miami, Gastesi said there’s a lot of land still available in Fort Myers for residential development. And even without state income tax, he said it’s a less expensive alternative than cities in Southwest Florida like Naples or Marco Island.
North Bay Village
North of Miami Beach is North Bay Village, a city made up of three islands Ybanez said was fairly under the radar until recently. Buyers that want the Miami lifestyle at a steep discount (think 30% to 40% less than what you’d pay for in Miami) are recommended by Ybanez to look into buying property here.
“North Bay Village is an extraordinary home investment opportunity due to its strategic location on the magnificent Biscayne Bay and recent zoning changes that allow for increased density and building heights,” said Ybanez.
While homebuyers will be able to find single-family homes for sale, North Bay Village offers exceptional opportunities for individuals and families alike seeking to buy condos. According to Ybanez, the new zoning attracted top developers from Florida and New York to work on projects designed to transform the city. Said projects are scheduled to be delivered in the next two to four years — and cheaper when compared to Miami real estate, too.
“These new properties offer significant discounts compared to established Miami neighborhoods like Miami Beach, Brickell, and Coconut Grove,” Ybanez said.
More From GOBankingRates
5 Things You Should Stop Wasting Money on if Kamala Harris Wins in November, According to Experts
Here's How To Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
This article originally appeared on GOBankingRates.com: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents