The National Association of Realtors recently identified 10, of the 379 metro areas in the U.S., that remain undervalued real estate markets.
These “hidden gems,” as the agency calls them, have relatively affordable homes given the market fundamentals and are expected to see stronger price appreciation in 2022 than the rest of the country, which seems poised to slow down.
The Space Coast was placed 6th in the Top 10 Most Undervalued Real Estate Markets in the U.S.
To qualify as a hidden gem, the median home price to median family income ratio must be at the low end of the ranked metro areas, while the market as a whole must be in the top half of metropolitan cities in seven categories: wage growth, job growth, ratio of the change in population to the sum of housing permits, population growth, net domestic migration, percentage of the population ages 25 to 44, and the percentage of households with broadband service.
The Space Coast area has had the second highest pace of wage growth over a 3-year period, at 27.2%. It has the highest share of households with broadband services, at 78.3%, making it attractive place to live in for workers who want to work from home. Its population is relatively older, with the population ages 25-44 years old making up just at 22.2% which is below the US share of 26.7%.
The influx of retirees and workers is expected to bolster the demand for housing and home
prices for this metro area in 2022.
Jobs on the Space Coast
The Space Coast has seen an explosion of new jobs in the area, from government contractors to locally-owned businesses, which is why the Space Coast was recently ranked #2 in the Milken Institute’s Best Performing Areas in the United States
From start-ups and mid-sized enterprises to high-tech goliaths, the Space Coast neighborhood hosts an impressive group of innovative organizations in a variety of sectors.
The Space Coast is a hub for rapidly expanding industries:
- Aerospace and Defense
- Business Services
- Environmental Services
- Financial Services
- Information Technologies
A few of those new businesses coming to the Space Coast include Space Perspective, which recently announced their new headquarters & bringing 200+ jobs by 2026, Terran Orbital Corp., which will invest $300 million in a satellite manufacturing facility that will create 2,100 high-wage jobs, and GenH2, a hydrogen manufacturer, which recently announced its new headquarters in the old Eckler’s building on US1.
The Growth and Opportunities on the Space Coast have arrived, heralding in a New Era for the Space Coast as, most notably, the Space Industry is making a comeback.
If you’ve been thinking about moving to the #SpaceCoast, be it for enjoying your retirement, or you’re moving to the area to start a career, it’s the best time to #LaunchFromTitusville
If you’d like to learn more about the area from a locals view, have questions about buying a home, or anything else, please feel free to send us a message below