Although the previous recession placed a huge toll on the Florida housing market, the state has managed to make significant improvements in the previous years. While Miami is its most well-known city, at its market forefront, is Fort Myers, with a real estate market comparable with that of The Magic City. Fort Myers continues to boast not just a stabilizing economy, but a growing one too.
The sooner you purchase a piece of real estate property in the City of Palms, the greater you benefit from its appreciation. Keep in mind that prices and values of homes in the United States will steadily rise, so making the purchase as early as you can give you the chance to enjoy bigger savings.
Fortunately, the average Fort Myers mortgage rate also dips below the countrywide average. The experts at Primary Residential Mortgage, Inc. Fort Myers explain that this is the reason many buyers choose to buy homes in this part of Florida.
Home prices: More affordable than in many other parts of the country
At the moment, median home value in Fort Myers lists at $203,400. Although this is $5,400 higher than the rest of the United States combined, it is still far more affordable than real estate in many other parts of the country.
This means that you can purchase a home of the same size, quality, and overall livability and pay less than what you would when you are in California or Utah.
Improving employment rate
One of the biggest players in the city’s cost of living rating is housing and employment. The job sector here promotes the improvement of the lives of residents, with it having a good balance between supply and demand. For this reason, it has a low unemployment rate of only 5 percent. This is another area where it bests many other places in the country.
The bottom line
All in all, the Fort Myers housing market
remains affordable, despite the continued increase in appreciation rates. In fact, it has some of the most affordable properties in the country. And the fact that homeowners here spend no more than 10% of their income solely to pay back their home loan debts further makes it an attractive place for homeowners.