Overview of the Residential and Commercial
Real Estate Market in Florida
With a subtropical climate across the northern section of the state and a tropical climate in the southern region, Florida has the longest coastline in the contiguous United States, stretching 1,350 miles and making Florida the only state that borders the Atlantic Ocean and the Gulf of Mexico. According to the U.S. Census, Florida is the 4th most populous state with 19,552,860 people. Seventy-five percent of them live within 10 miles of the beach. The median household income is $47,309 and the median value for an owner-occupied home is $170,800. Florida is the 8th most densely populated state and 30 percent of Floridians live in multi-unit structures. With 842,583 people, Jacksonville is the largest city. It has a median household income of $48,143 and a median home value of $157,200. Miami-Dade County has a population of 2,617,176. The median home value is $221,900 and 47.2 percent of residents live in apartments or condominiums. The poverty rate is just over 19 percent. By the end of 2008, Florida had the highest percentage of homes in some stage of foreclosure, with 7.8 percent delinquent by at least 60 days. Floridians spend about 49 percent of their personal income on housing cost to cover high real estate prices and high homeowners insurance.
Orlando draws more people than any other amusement park destination in the United States. World-class beaches, Everglades National Park, and other attractions bring in 60 million tourists and $67 billion in revenue to Florida. Restaurant space, retail locations, and office space are always in high demand in Florida's nineteen metropolitan areas. Florida has more than 350 people per square mile. Miami-Dade County has 1,315 people per square mile. The dense population, high real estate prices, and need for affordable housing all combine to keep demand for apartments high.
Office Rental and Executive Suites in Miami, FL
How to Become a Realtor in Florida
Under the Florida State Department of Business and Professional Regulation (DBPR), the Florida Real Estate Commission (FREC) oversees all real estate agents in the state. The FREC consist of five real estate agents who have been licensed for at least five years, and two people that have never held a real estate license. They require applicants to be at least 18 year old and have a high school diploma or equivalent. Applicants have to provide a copy of their fingerprints and a copy of their police history that is no more than 60 days old. They must successfully complete 63 classroom hours covering Florida real estate. Applicant must then pass the state exam with a grade of at least 75 percent. An agent wishing to become a real estate broker in Florida must have at least 12 months of active experience as an agent in the 5 years prior to applying for broker. They also need to successfully complete 60 classroom hours of approved Florida real estate courses. Brokers and sales agents have to complete 14 hours of continuing education classes every two years.