Now is the Time to Buy Land in Florida! Marion County, FL property values are going up, the land and development projects are booming at an all-time high!
If you’ve been considering buying land, you may want to consider the sunny state of Florida – or, more specifically, Marion County, Florida.
Florida is home to a warm sunny climate, beautiful beaches, pine forests, and scenic wetlands. This is the perfect destination to buy rural land. Florida has also become a pandemic relocation state with increased competition for land.
Why is the boom happening? What makes this place the perfect location to buy land? Let’s explore a few reasons you should buy land in Marion County.
Rising Property Values
Florida is currently in a seller’s market. A residential and commercial construction boom in 2019 helped push Marion County’s property value to its highest level ever in 2020.
According to an article published in 2020, the local property value increased by 7.7% to 22.5 billion in 2020—the article further details how this surpasses the prior high of $22.35 billion in 2007. “The increase in property value was attributed to increased construction activity in commercial and residential developments.
According to Redfin, Marion County home prices were up 22% year over year (YoY) in December 2021, with a median price of $250,000. In Marion County, homes sell on average after 14 days on the market, compared to 65 days last year.
Despite rising housing costs, low mortgage rates will benefit buyers. The supply of new and existing homes will continue to fall short of demand. This is an excellent reason to buy land in Marion County, especially if you intend to build a residential or commercial property.
While the city of Ocala is the principal city in Marion County, a short drive leads to quiet neighborhoods with plenty of undeveloped lands. The properties have trees and are ready for your home designs.
Increasing Job Opportunities
Savvy investors look for places with a high level of employment that is both stable and diverse. Only six of the 400 metros in the United States reported positive job growth in 2020, including Ocala, situated in Marion County.
The job growth rate in Ocala/Marion County is higher than anywhere else in Florida.
The city has added almost 7,000 new employment positions in trade, utilities, and transportation. And another 5,000 in education and health services.
The amount of distribution facilities added in the last five years has been the most significant source of job creation in the Ocala/Marion County area.
FedEx has employed an additional 350 people
Chewy has added 300 new employees
AutoZone is contracting 350 people
Amazon has also created 165 jobs in the area
Dollar Tree, a discount chain store, has hired nearly 700 people in its first expansion phase.
Appealing Tax Climate
States and cities each have separate tax laws, some more strict than others. Properties in areas with a high property tax rate plus a state income tax negatively impact an investor’s return on investment. More to pay out in taxes means a reduction in annual income.
Florida has no state income tax and has meager property taxes. Florida has no state income tax and has low property taxes.
The average property tax in Florida is 1%, significantly lower than the national average of 1.7%- another compelling reason to buy land in Marion County.
The Horse Capital of the World!
Marion County has the most horses and ponies of any county in the country. The variety of breeds and disciplines available appeals to horse enthusiasts even more.
Marion County offers a wide range of horse-related activities. This includes thoroughbred races, dressage contests, and even rodeo events.
The new World Equestrian Center opened in 2021, giving Ocala a reputation as a top destination for horse lovers.
Conclusion
Buying land in Marion County, FL, is a decision that demands considerable consideration and research. With Florida being in a seller’s market, you can find land priced well and enjoy no state income taxes. Home values on the rise make this an opportune time to consider making land your next investment.
The existence of the equestrian community contributes to Marion County’s economic well-being. It’s perfect for nature lovers as well. Along with new job opportunities opening in the county, you can rest easy knowing you’ve made a wise financial investment for the long term.
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