For most people, real estate simply means having a roof over your head. But for the business-minded, real estate is an investment. In fact, according to esteemed entrepreneurs called The Oracles, it’s still the best type of investment in 2020. Whether you’re interested in doing a Buy and Hold or you just want to flip properties for a profit, the game depends on the location you’re investing in. So, where should you invest? Here’s the answer: Jacksonville, Florida. Read on to learn more about why you should consider real estate in the City on the Move.
It’s affordable and profitable
One of the main things that make Jacksonville a real estate haven is the fact that properties are affordable for investors and renters alike. The median home value in Jacksonville is pegged at $206,585, tens of thousands lower than the median home value in the whole US. The best thing about this is that while these homes are affordable now, the values are rising at a fast rate. The value of Jacksonville homes went up 7.5% over the past year and is predicted to rise to 8.4% in the coming year, meaning there is no better time to buy than now.
There are tax benefits
Just like the rest of Florida, Jacksonville enjoys the absence of individual income tax, which makes working and investing in the area especially rewarding. This applies to sole investors and partnerships, as well as limited liability companies in Florida. That’s because LLCs are considered “pass-through” entities, and the profits your business will gain here falls on the individual, who will then be exempt from state taxes. In addition, out of the 427 Opportunity Zones in Florida — designated areas to spur economic development — 21 are in Jacksonville, which is great news as they can provide even more tax incentives for investors and entrepreneurs who are looking to own a piece of the city.
The city is growing fast
Advisorsmith listed Jacksonville as one of the fastest growing large cities in the country based on US Census estimates. In 2019, it was said to have a population of 911,507. The solid real estate market in Jacksonville is boosted by the fact that around 44% of this total population rent homes. These include military personnel who need housing as well, which means that the Jacksonville rental market is always in motion. Stability is a major consideration when investing in property, especially for the risk-averse. With a steady population and market growth, Jacksonville can offer you that security as an investor.
There’s a good quality of life
Of course, the profitability of investing in real estate is also based on the quality of life the location offers, and Jacksonville has a lot to offer. Known for having a mild to warm climate, it’s always beach season in the city. True enough, Jacksonville is home to the longest shoreline in the US with 22 uncrowded, white sandy beaches. The cost of living in Jacksonville also contributes to the quality of life, as it’s relatively lower than most places in the US. These things will factor in greatly in attracting buyers and renters when you decide to rent out or sell your Jacksonville property.
Being the largest city in the Sunshine State and the whole continental US, Jacksonville holds a lot of promise for those willing to invest their money into the city. There’s no doubt that now is the best time to invest in Jacksonville. With affordable prices and countless tax benefits, investing in the city means being part of its rapid development, and consequently, getting high returns on your investment. Along with its inherent beauty, it makes Jacksonville a great place to own real estate.
Call us today and let us help you invest in Jacksonville!
Navy to Navy Homes
4540 Southside Blvd, Suite 702
Jacksonville, FL 32216