Orlando Housing Market Update
In just the last year, rental prices for Orlando homes have increased over 2% yr-over-yr. According to Zillow, metro-area homes now average just over $1,300 per month. What’s even better, is that the value of these homes are up over 9% over the prior year, now averaging almost $170,000. Truly a great time to be a homeowner in Orlando!
This is pretty close to the national averages, where median rents were still increasing at juts over 3% to media rent similar to Orlando’s at $1,350. It’s typical said that we here in the states should spend about one-fourth of our income on rent, but that number is moving up slowly to about one-third.
What The Experts Are Saying
Stan Humphries, Zillow’s Chief Economist, was recently quoted as stating, “Rental appreciation has been a freight train these past few years, chugging along without any appreciable slowdown. Since 2000, rents have grown roughly twice as fast as wages, and you don’t have to be an economist to understand why that is hugely problematic. More than one-third of Americans are renters, and today’s renters are tomorrow’s buyers. The rental market used to be and should remain a stepping-stone to homeownership. But given how widespread rental affordability problems have become, the rental market could be acting more like a barrier to buying.”
The Fastest Growing Markets
This January saw some new editions to the nations fastest growing rental markets, including cities such as Charlotte, Kansas City, Denver and Portland.
As for the growth of home values nationwide, we’ve seen a continuing trend towards leveling off, with the index showing a slight increase of .2% from December to January. Median home value is currently sitting around $180,000, with values only expected to rise about 2 percent between now and the beginning of 2016.