Last updated on September 15, 2021
The housing market in South Florida is soaring, with single-family homes sales increasing by over 24% and median sales prices growing by nearly 18% compared to one year ago. New residents and business relocations from high-tax urban areas like New York are driving the demand for real estate in South Florida.
While rising home prices may be bad news for many homebuyers, it’s music to the ears of rental property investors, helping to explain why rental growth and the demand for rental property is so strong in South Florida.
South Florida is the southernmost part of the state and is home to about 100 cities and towns including Miami, Fort Lauderdale, West Palm Beach, Boca Raton, Boynton Beach, and North Miami.
Also known as the Greater Miami Area, South Florida is the 7th-largest metropolitan area in the U.S. and the 2nd-largest in the southeastern U.S., right behind the Washington-Arlington-Alexandria MSA. The region spans across more than 6,000 square miles and three counties – Miami-Dade, Broward, and Palm Beach - and is home to more than 6.7 million residents.
The job market, growing population, and quality of life help make the region golden for national and international business, locals and immigrants, and real estate investors seeking predictable cash flows and long-term appreciation.
Population Growth
Florida’s population is expected to increase by almost 26 million people by 2030, with South Florida leading the way, according to the Florida Chamber of Commerce. The influx of foreign-born residents along with people and businesses migrating from high-tax urban areas are playing a key role in the population growth of South Florida.
Key Population Stats:
Population of South Florida is 6.2 million.
The South Florida region is projected to increase by more than 12% for each of the next three decades.
South Florida’s population is projected to reach 6.9 million in the next ten years, and 7.6 million by 2045, based on research by the University of Florida.
Over the last four years, population growth rates in South Florida have begun slowing, averaging about 0.6% for the three-county region.
Net population gains in South Florida are driven by foreign-born residents immigrating to the U.S., as reported by the Miami Herald.
In fact, the region welcomes nearly as many new immigrants as New York City, with more than 87.2% of all foreign-born residents in South Florida coming from Latin America.