Florida
Investing in Florida
When someone thinks about Florida, beaches, sun, theme parks, and oranges immediately come to mind. But, there's another side to the Sunshine state that makes it a popular tourist and living destination -- the fact that they don't have income tax and the average Florida property tax (0.98%) is lower than the US average (1.08%)! It's widely seen as one of the friendliest states for retirees. For those reasons, Florida may make sense for short and long term rental property investors to consider.
The Nophin team crunched the numbers and found the five best places to invest in Florida rental properties.
Statewide vacancy rates
Orlando, FL
Orlando is home to many theme parks including Walt Disney World and Universal Studios. It's a popular destination for tourists making it place worth considering when thinking about investing in short term rentals.
- Population: 307,573
- Median household income: $55,183
- Median 1-bedroom monthly rent: $1,703
- Median listing home price: $399,000
Miami, FL
Miami is known for its beaches, nightlife, and vibrant culture. With millions of yearly tourists and rapidly increasing rents, Miami can be a good place to invest in properties.
- Population: 442,241
- Median household income: $44,268
- Median 1-bedroom monthly rent: $2,500
- Median listing home price: $571,000
Tampa, FL
Tampa is one of the hottest real estate markets in the United States. It's also known as the Cigar Capital and the birth place of the Cuban sandwich.
- Population: 384,959
- Median household income: $55,634
- Median 1-bedroom monthly rent: $1,775
- Median listing home price: $435,000
Jacksonville, FL
Jacksonville is the largest city in the continental US by land mass and averages 270+ days of sunshine each year.
- Population: 949,611
- Median household income: $55,531
- Median 1-bedroom monthly rent: $1,299
- Median listing home price: $321,000
Tallahassee, FL
Tallahassee is Florida's capital city and a college town, as it is home to Florida A&M and Florida State University.
- Population: 196,169
- Median household income: $46,461
- Median 1-bedroom monthly rent: $860
- Median listing home price: $275,000
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Methodology
To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.