Over the past decade, we’ve had several clients ask “Why Ocala?”
EPIC is available state-wide. We provide turn-key rental properties for clients of Elder Law Attorneys throughout all of Florida, and the families of our clients live in many other states and countries.
But the majority of the properties our clients purchase are in and around Ocala and Marion County, Florida.
We have strategically concentrated most of our rental properties in Ocala and Marion County, because focusing on one geographic region lets us know our market better than anyone else, and it lets us efficiently manage properties, while keeping tenants happy.
But just as importantly, Ocala is a wonderful place to live, and a great place to invest in rental properties.
Located in the Heart of Florida, the area’s expansive farms are famous for thoroughbred horses, with rolling hills similar to the Kentucky bluegrass region.
Ocala is also known for nearby Silver Springs, the site of one of the largest artesian spring formations in the world and one of the earliest tourist attractions in Florida.
Ocala has a vibrant arts scene, with a world class art museum, symphony orchestra, international film festival, artist’s exchange, downtown art walks, and fine arts exhibitions.
Ocala boasts two nationally recognized hospitals, hosts manufacturers representing an array of industries, and has recently added multiple regional distribution centers for global logistics companies.
From an investor’s standpoint, property prices are very affordable, and rental returns are much better than other parts of the state and nation.
According to Zillow, the median home price in Ocala is $133,000, while the state of Florida overall average is $216,000, making Ocala homes 38% cheaper!
At the same time, annual gross rents in Ocala are 10% of the median single family home price, while overall the state average gross rent is only 7.5%, making rental yields in Ocala about 25% higher than average.
This means investors pay less for the same house… while getting better rental returns!
And what about potential appreciation?
In the past year, Ocala home prices have gone up 11.7%, which is 60% higher than Florida’s average of 7.3%.
Zillow predicts Ocala prices will rise 4.7% in the next year, which is almost double the state’s average expected increase.
In 2017 Ocala had the fourth best price climb of all metro markets in the US.
As Forbes Magazine puts it, Ocala has a “very low home price to rent ratio that is very favorable for single-family rentals”, and at the same time, “Ocala’s cost of living is 6% below the national average”.
Forbes also projects Ocala as one of its “Top 10 Metros for Future Job Growth”.
Sperlings Best Places reports that Ocala has the second-lowest crime rate in all of Florida.
Located in the middle of the State, Ocala escapes most of the hurricane damage suffered in coastal regions.
In summary, Ocala, Florida is a great place to live… and a great place to invest.
SOURCES:
1. https://www.zillow.com/ocala-fl/home-values/
2. http://www.orlandosentinel.com/classified/realestate/os-bz-florida-home-prices-20170816-story.html
3. http://www.bestplaces.net/docs/studies/crime4.aspx
4. https://www.forbes.com/sites/ingowinzer/2016/12/20/the-sunshine-state-shines-again-northern-floridas-best-investment-opportunities/
5. https://www.forbes.com/places/fl/ocala/