Lakeland, FL
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Key Stats
About
Lakeland, FL, offers many opportunities for investors, with its small-town charm and economic growth. The area is vibrant with colleges, professional sports, and a low cost of living, giving real estate investors many opportunities.
Lakeland has had a positive population growth trend, with a 3.24% change over the past year, reaching a total of 736,229. This area’s population changes are due to various factors, including the area's economic opportunities, affordable housing, and quality of life.
The real estate market in Lakeland has shown remarkable stability. The median home price in Lakeland is $313,845. In the last year, those prices changed by 1.5%. The median rent here is $1,910, a 2.0% change from last year. Lakeland’s rent-to-price ratio is 0.6%.
The area has approximately 292,000 households, with an average household size of 2.6 members, slightly higher than the national average. Approximately 29% of homes in Lakeland are rented, compared to 35% nationwide, and 64% of the units are single-family, offering various investment opportunities.
The median household income in Lakeland is $60,901, but around 40% of Lakeland residents make $50,000 or less. The cost of living is 10% lower than the national average, and it's 14% less expensive to live in Lakeland than other areas of Florida.
Lakeland's economy is stable, with an unemployment rate of 4.1%. The metro is home to major employers such as Southeastern University, Florida Southern University, Lakeland Regional Health, and FedEx Corporate Services. These companies help the area's economic stability and provide a consistent flow of potential renters and buyers for real estate investors.
Many people move here from New York, California, and New Jersey to enjoy the beautiful weather. The temperature in Lakeland hovers in the mid-50s during the winter months. This attractive climate is a significant draw for potential residents, increasing the area's appeal for real estate investors.
Lakeland, FL, is great for real estate investors because of its unique selling points. Its low cost of living, affordable houses, and robust economy are attractive, but its small-town charm and large college presence are what sets it apart. These factors present many unique opportunities for real estate investors, making it a remarkable choice in the market.