The Florida Housing Market had recorded a 6% increase in the sales of existing housing stock in February 2007 in contrast to the US Housing Market , which was experiencing an all time low. Florida , the 27th state of the U.S.A., became a heavily populated state only in the second half of the twentieth century with people rushing in from the Manufacturing Belt (also nicknamed as the rust belt, the area stretching from below the Great Lakes to the north-east coast), and the Northeast.
Discovered by land speculators in the early 1900s, the laying down of railroads attracted people to Florida for its favorable climate and local economy riding the development in tourism, which was still in its initial stages then.
The fourth most populous state in the U.S.A., the economy of Florida is largely based upon its Tourism industry. Generally people flock to Florida for its:
- Hundreds of miles of beaches
- Attractive amusement parks in the Orlando area
- Walt Disney World Resort consisting of four theme parks and about 20 hotels in Lake Buena Vista (outside Orlando City limits)
- Universal Orlando Resort, Busch Gardens, and Sea World
- The Florida Keys
- Daytona Beach - famous as a spring break site
Having a homeownership rate of around 70%, every home in Florida houses below 3 people. The Median Market price (dividing the entire housing stock of Florida into two equal halves) of the Florida Housing Market is no more rising, with an increasing number of people only affording to buy houses that are priced low. Sales of housing stock though not positive at present for rigid seller attitude, is likely to increase for the sheer number of houses put up for sale.
The Florida Housing Market is also assisted by the fact that the State Government of Florida does not impose a Personal Income tax. And the Intangible Personal Property tax imposed upon stocks, bonds, mutual funds, and money market funds etc. were also abolished with effect from January 2007. The sales tax being at a low 6% has also helped the growing Housing Market of Florida.
To add to the above benefits, Property owners enlisted under the Florida Housing Marke t are also entitled to two types of Homestead exemptions, for the purposes of:
- Real property tax
- Asset protection
Distinct prerequisites separate the two exemptions. Therefore being offered one exemption does not necessarily entitle one to the other.
The Orlando Housing Market is enlisted under the Florida Housing Market .
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