In this article, we will list 12 up and coming neighborhoods in Florida. If you want to skip our discussion about migration within the United States, go to 5 Up and Coming Neighborhoods in Florida.
The American Community Survey (ACS) defines migration as living in a different house or apartment than one year ago. According to a report by ACS, 2019 saw the lowest mover rates in the United States since 2006 at 13.7%. However, Florida came out to be one of the states with the highest mover rates in 2019 at 15%.
The report depicts a correlation between population in states and the mover rate. The most populous states in the country, including California, Texas, Florida, and New York had the highest mover rates. Florida received the highest number of movers from other states at approximately 62,000, followed by Texas and California. California was also the state with the highest number of movers to other states at approximately 654,000, followed by Florida and New York. It is also worth noting that the states responsible for sending most movers to Florida were Georgia and New York.
While the United States saw a decline in mover rates in 2019 compared to 2006, recent data from the US Census Bureau indicate a notable increase in interstate migration in 2021 compared to 2019, as nearly 7.9 million people relocated between states in 2021, up from 7.4 million in 2019. The surge in state-to-state migration occurred during the COVID-19 pandemic and was influenced by factors such as remote working opportunities and changes in financial circumstances. It is also interesting to note that in the case of Florida, a substantial portion of outbound movers moved to Georgia.
Many people are still looking to move to Florida. However, cities like Miami are already overpopulated with inflated property prices. Yet, there are some cities and neighborhoods in the state, which are relatively affordable but the property will appreciate in the foreseeable future.
These up-and-coming neighborhoods in Florida typically have a low but steadily growing population, specifically among young and working professionals. This population growth leads to a steady appreciation in property prices and the establishment of bars and cafes, among other infrastructural developments. It also helps that property rates in the United States are resilient to macroeconomic factors such as interest rate hikes that usually hurt property rates throughout the world. This is also corroborated by the recent report from the International Monetary Firm (IMF) that suggests that real estate prices in the country have remained mostly stable even among the recent Federal Reserve rate hikes.
While the real estate sector is grappling with elevated mortgage rates this year, resulting in diminished demand within the housing prices so far, the long-term outlook looks positive. In addition, some segments within real estate remain underinvested, which presents an opportunity for investors looking to capitalize on potential market rebounds.
As such, investing in real estate stocks remains particularly lucrative as shown by our analysis of the best real estate and realty stocks to buy according to industry experts.
One such stock is that of American Tower Corporation (NYSE:AMT). According to our analysis earlier this month, the stock had an average analyst price target of $231.93 with an upside potential of 14.95%. American Tower Corporation (NYSE:AMT) is a telecom tower REIT based in Boston Massachusetts. According to our data, currently, 56 hedge funds long American American Tower Corporation (NYSE:AMT) in the fourth quarter, of 2023, with a total stake value of $3.2 billion.
With that backdrop, let’s look at 12 up and coming neighborhoods in Florida.
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Methodology
In our methodology for 12 up and coming neighborhoods in Florida, we considered small cities in the state rather than actual neighborhoods, because publicly available data based on neighborhoods in the state was not available. The cities or towns we selected had very few neighborhoods, so each neighborhood is likely to have the same characteristics.
We selected all cities with populations between 50,000 and 80,000. These are all small towns but have a growing population as they are on their way to becoming medium-sized cities. For each city, we checked its latest average property appreciation in 2023 from Zillow. Then we ranked the cities according to property appreciation as it represents several things that make the neighborhood up and coming (cafes, bars, infrastructure, schools).
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12 – Sanford City
Population – 61,272
Average Real Estate Appreciation in 2023: 4.5%
Sanford City is home to some of the up and coming neighborhoods in Florida. Its proximity to Orlando, Florida, and Orlando-Sanford International Airport makes it an attractive residential location. The city offers easy access to Orlando via major roadways, making it a suitable choice for those who wish to live near Orlando. It offers a mix of urban amenities and natural beauty, including attractions like Lake Monroe. In addition, its downtown is a historic area with local shops and breweries. The downtown also hosts some major festivals like the Sanford Jazz Festival and features a marina and lakefront walking trail.
11 – Wellington Village
Population – 61373
Average Real Estate Appreciation In 2023: 4.8%
Wellington Village is 11th on our list of the 12 up and coming neighborhoods in Florida. It is located just west of West Palm Beach in Palm Beach County, Florida. The village is known for its equestrian community and offers several recreational opportunities.
Wellington Village is home to a vibrant downtown area with art galleries, a historic theatre, and unique shops. The village also has a growing microbrewery and craft cocktail scene. Visitors across Florida are also attracted to the village because of events like Saturday morning Farmers Market and Alive After 5 street parties. Wellington Village also hosts the Winter Equestrian Festival, featuring top riders in show jumping and dressage. Its location also provides its residents easy access to nearby beaches.
10 – Palm Beach Gardens City
Population – 59088
Average Real Estate Appreciation In 2023: 4.9%
Palm Beach Gardens city is located 77 miles north of Miami. It is part of the Miami metropolitan area. Palm Beach Gardens City is known to be the headquarters of the Professional Golfers Association (PGA) and hosts legendary professional golfers at The Honda Classic annually. It has a vibrant downtown featuring an open-air shopping experience and inviting eateries. The city is also home to some of the finest hotels and best recreational activities in Florida. It also offers convenient access to nearby beaches, such as the John D. MacArthur Beach State Park and Ocean Reef Park.
9 – Doral City
Population – 74891
Average Real Estate Appreciation In 2023: 5.7%
Located in Miami-Dade County, Florida, Doral City is one of the top ten up and coming neighborhoods in Florida. It is a suburb of Miami and was incorporated in 2003. It is also conveniently located just one mile from Miami International Airport and twelve miles from Downtown Miami. Its proximity to downtown Miami makes it an excellent choice for those who work in Miami but cannot afford to live there. Doral City features a diverse and well-educated community, with 55% of its residents holding bachelor’s degrees. It is also home to several multinational corporations and the Miami Free Zone, one of the largest privately owned and operated foreign trade zones in North America.
8 – Weston City
Population – 68029
Average Real Estate Appreciation In 2023: 5.9%
Weston is a relatively new city built along the edges of the Everglades. The city offers convenient access to Fort Lauderdale and Miami. The city is described as an affluent and suburban oasis inland from the east coast’s population centers. Weston City is not a beach town, but it offers several waterways with golf courses, public parks, and upscale shopping. The city is located in Broward County just west of Fort Lauderdale and 31 miles northwest of Miami. It is known for its picturesque setting. Weston City also hosts several popular events and festivals like Weston Concerts, a series of concerts showcasing local talent.
7 – Tamarac City
Population – 71578
Average Real Estate Appreciation In 2023: 6.3%
Tamarac City is another entry in our list of 12 up-and-coming neighborhoods in Florida, which is located in the Broward County of the state. It is a part of the Miami metropolitan area and was incorporated in 1963. The city’s motto is “The City For Your Life” emphasizing its commitment to high quality of life. It is also home to some of the most affordable neighborhoods, including the Mainlads of Tamarc Lakes with a median price of $217,317. Another affordable neighborhood in the city is Cypress Grove, known for its low-income apartments with monthly rental prices starting at $948.
6 – Lauderhill City
Population – 73987
Average Real Estate Appreciation In 2023: 6.5%
Lauderhill City is 6th on our list of the 12 up-and-coming neighborhoods in Florida. It is also located in Broward County, Florida, United States, and offers a host of services and amenities to its residents including public transportation services. The city offers free shuttle services to increase public transit accessibility to destinations like Tamarac Community Center and Inverrary Falls Publix. The city is home to various neighborhoods which provide affordable housing to the residents.
Click to continue reading and see 5 Up and Coming Neighborhoods in Florida.
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Disclosure: none. 12 Up and Coming Neighborhoods in Florida is originally published on Insider Monkey.