Will Florida’s Population Growth Accelerate Home Buying?

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

Will the fact that Florida increased sharply in population in 2010 rev up home buying? Florida was the eighth fastest growing state in 2010, based on the 2010 census. The state’s population rose by 17.6 percent to 18.8 million from 15.98 million in the year 2000, an increase of 2.82 million people.

The 10 states with the biggest rates of increase in population are the following:

1.     Nevada – 35.1 percent
2.     Arizona – 24.6 percent
3.     Utah – 23.8 percent
4.     Idaho – 21.1 percent
5.     Texas – 20.6 percent
6.     North Carolina – 18.5 percent
7.     Georgia – 18.3 percent
8.     Florida – 17.6 percent
9.     Colorado – 16.9 percent
10.     South Carolina – 15.3 percent

Among these 10 fastest-growing states, Florida is the second largest in population, posting 18.8 million. The most populated in this list is Texas, posting 25.15 million. The eight others range from only 1.57 million to 9.5 million. Compared to all other states, Florida is fourth in population. California, Texas and New York are the most populous states.

Based on the 2010 census, the six most populous states are:

1. California – 37.25 million
2. Texas – 25.15 million
3. New York – 19.38 million
4. Florida – 18.8 million
5. Illinois – 12.8 million
6. Pennsylvania – 12.7 million

Florida also posted the third largest numeric increase in 2010. California and Texas had the biggest increases, posting increases of 4.3 million and 3.4 million, respectively.

In the chart for the ten fastest-growing metropolitan areas, Palm Coast, Florida was No. 1. Its population shot up by 92 percent from 49,832 in 2000 to 95,696 in 2010. Another Florida metro area – Cape Coral-Fort Myers – was fifth on the chart, posting an increase of 40.3 percent, from 440,888 in 2000 to 618,754 in 2010. The Las Vegas-Paradise area was third, posting an increase of 41.8 percent, from 1.38 million in 2000 to 1.95 million in 2010.

Based on 2010 population, one Florida metro area – Miami-Fort Lauderdale-Pompano Beach – is among the 10 most populated metro areas in the country. It’s ranked seventh, with 5.56 million people. The New York area is the most populous, with nearly 19 million people living in the area.

Now, will this nearly 18-percent increase in Florida’s population translates to an increase in home buying?

The residential real estate market hopes so. But it would depend on the main reasons for the population increase. If the increase arose mainly from the arrival of new immigrants to Florida or from residents relocating from other states, then these people certainly need homes, most of which would be buying a home. On the other hand, if most of these additions are babies, then it would take more years before the increase makes an impact on the housing market.

If you’re planning to move to Florida’s Tampa Bay area, contact Tampa4U.com, a team of Tampa professionals who have been selling Tampa homes for several years.