About the Cape Coral / Ft Myers Housing Market
Situated between Tampa and Miami on Florida’s Gulf Coast, Fort Myers is a growing city. The “City of Palms” has long lured vacationers with its year-round warmth, lush flora, waterways and proximity to white sand beaches. These qualities have attracted such notable seasonal visitors as Thomas Edison, Henry Ford and Harvey Firestone, and help lure new residents to the area, as well.
Prior to the devastation of Hurricane Ian, Fort Myers and Cape Coral was the fastest growing area in the country. In fact, Florida nearly swept the board of fastest-growing cities, earning six of the top 10 spots and leading the pack with the Cape Coral – Fort Myers metropolitan area. These cities are located on a peninsula in southwest Florida, surrounded by coasts that attract tourists and new residents alike.
Fort Myers ranked second overall for largest population growth, and Cape Coral wasn’t far behind in fifth place. Both cities also ranked second for new residential building permits, indicating that the cities aren’t expecting growth to slow anytime soon.
Median Household Income: $58,462
Metro Population: 882,453
11-Year Population Growth: 22%
Median Home Price: $401,000
Median Rent Per Month: $2,500
1-Year Equity Growth: 16.7%
1-Year Rent Growth: 13%
8-Year Rent Growth (January 2014 – December 2022): 48%
Job Growth: +18,700 CES jobs created over the last year
1-Year Job Growth Rate: 5%
Unemployment Rate: 2.8% (24% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Strong job market
Affordable cost of living
Significant economy growth
Growing population
What to Watch Out For
Lack of diversity
Traffic congestion
Risk of flooding
Pests
– Fort Myers is the sixth fastest-growing city in the US, according to the Census Bureau. Over the course of its history, Fort Myers’ population has increased enormously.
– Tourism: The area is a popular tourist destination, with many visitors coming to enjoy the beaches, water sports, and other outdoor activities. This has led to growth in the hospitality and tourism industries, as well as in real estate development.
– The Cape Coral-Fort Myers metro area approved 11,020 single-unit residential building permits in 2021 – a whopping 61% increase from the previous year.
– Fort Myers ranked second overall for largest population growth, and Cape Coral wasn’t far behind in fifth place. Both cities also ranked second for new residential building permits, indicating that the cities aren’t expecting growth to slow anytime soon.
– Quality of Life: Buckeye offers a high quality of life with a warm climate, access to outdoor recreation, and a growing arts and culture scene. The city has invested in new parks, trails, and community facilities to support its growing population.
Fast growing city
The city keeps expanding and prospering. The residences of Edison and Ford are now accessible to the public and are well-liked travel destinations. In addition, the city offers a large number of eateries, shops, nightclubs, and, of course, stunning beaches that draw in new residents and visitors every year.
Strong job growth
The area has a strong job market with many opportunities in healthcare, education, technology, and tourism. Many people move to the area for job opportunities or to start their own businesses.
Affordable cost of living
Compared to other parts of Florida, Cape Coral and Fort Myers have a lower cost of living. Housing costs, in particular, are more affordable than in other popular Florida destinations like Miami or Naples. Many retirees are attracted to the area for its warm climate, outdoor activities, and affordable cost of living. This has led to a growth in the retiree population, which has in turn driven demand for services like healthcare and entertainment.
Purchasing Property in Cape Coral / Ft Myers
From quality seafood, historical sites like the Edison and Ford estates, island hopping to ample job opportunities, Fort Myers creates a tropical suburban oasis for its residents and visitors alike. Fort Myers saw a significant population increase from July 2020 – July 2021 with a 6.8% rise in population.
Infrastructure improvements: The local government has invested in infrastructure improvements, including road and bridge expansions, to accommodate the growing population and make the area more attractive to businesses and residents.
Overall, Cape Coral and Fort Myers have experienced significant growth in recent years due to a combination of factors, including a strong job market, affordable cost of living, and attractive lifestyle amenities. This growth is expected to continue in the coming years as the area continues to attract new residents and businesses
Cape Coral / Ft Myers, Florida
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