All over the country, people are moving from high-tax states to low-tax states. For example, you may consider escaping the high-tax burden state of California, to move to “The Equality State” of Wyoming where you can benefit from no personal or corporate income tax along with no estate or inheritance tax.
Changes to the U.S. tax code have encouraged an increasing number of people to move and take their cash to lower-tax states like Florida. A $10,000 cap on state and local tax deductions has caused residents to move from states like New York, Connecticut, and California, where tax burdens are becoming even more outrageous – to low-tax states like Florida, Texas, and Nevada.
The U.S. Census Bureau showed that Florida received more movers than any other state last year. Here at The Listing Real Estate Management we’re seeing tremendous amounts of new residents moving from the North East. New York's outflow alone to the Sunshine State was the highest with 63,772 people last year. One reason being high net worth individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida. These new residents want the tax benefits that come along with living in such a beautiful state.
So, with this new information & data, we decided to cover the five best Downtown Orlando, Florida neighborhoods. Whether you are making a move to avoid high-tax states or wishing to invest in the Downtown Orlando market, these neighborhoods are worth a look.
Is a vibrant neighborhood located just outside of downtown Orlando. This neighborhood gives residents a small-town feel while also being recognized as one of the most prestigious areas in Orlando. College Park features some of the best local retailers and award-winning restaurants just off of Edgewater Drive.
Located at the core of Bumby and Curry Ford in Orlando, just south of Lake Como and northeast of Lancaster Park, the Hourglass District is designed with locals in mind. It is a neighborhood with artistic blend of contemporary architecture, local merchants, community events, and neighborhood pride. Don’t forget to stop by Foxtail Coffee as you enough this new developing area, it is sure to bring tons of new residents to this part of Orlando.
The Milk District is a cultural hub with a progressive lifestyle, music and arts scene, featuring diverse culinary experiences, colorful murals, recreational sporting and music venues, unique shopping destinations, community gardens, award winning bars, coffee shops and more. No matter who you are, The Milk District in Orlando has something for you!
Delaney Park and Lake Davis quiet neighborhoods located just south of Downtown Orlando. Residents love the walkability of the area and the many parks located here including Delaney Park (one of Orlando's oldest parks), Coith Park and Wadeview Park. These parks are great spots for picnics on sunny days or participating in recreational flag football, soccer, and baseball.
Thornton Park is a high-end neighborhood in Orlando Florida that's home to up-scale restaurants, high-end shopping, and some of the most expensive condos in Orlando. This area has become very attractive to many young professional renters due to it's growing nightlife environment. This is a neighborhood where millennials want to be.
By purchasing single-family homes in these Downtown Orlando neighborhoods, you can enjoy the tax benefits of Florida as a primary resident. Or if your purchasing a property as an investment in these areas. You can be confident that you’ll have a healthy supply of prospective renters looking to live in these highly desired neighborhoods.
If you are an out of state real estate investor (or local real estate investor), and would like recommendations on where to buy your investment property be sure to reach out to The Listing Real Estate Management. We are a full service property management company here in Orlando, our goal is to save you time, resources, and money for your real estate investment here in Orlando and throughout Central Florida.