05/06/2025
DFY's Citrus County market continues to flourish!
Here's a message from Ryan, our market agent:
Here are my 5 bullet points for Ocala MSA (including Citrus County), Florida:
1. Ocala is the fastest-growing metro area in the U.S., growing at a rate of 4% or 16,000 people in the last year. Link to US Census article from March 13, 2025 (image attached). Furthermore, population growth is the # predictor of home price appreciation over time. U-Haul named Ocala the top U-Haul Growth City for 2025 due to its high inbound migration.
2. Ocala has the LOWEST cost of living index in Florida, and the lowest homeowners' insurance rates. This is great for landlords who can manage expenses well on their homes and hold longer for more appreciation and equity gain. Further, these low costs make it very attractive to migration from within the state of Florida. Ocala is becoming the low cost alternative to places like Miami, Orlando, and Tampa, with much of the migration from these areas settling in Ocala.
3. Ocala Metro is the most insulated metro area in Florida from Hurricanes. Elevations in Ocala are substantially higher than the majority of the state's population, as well as being further in-land, leaving very limited risk of damage from Hurricanes (thus the low insurance cost)!
4. Ocala is experiencing rapid income migration, a major predictor of rent growth. People moving to Ocala are making roughly 22% more than people living there already. The average person moving to Ocala is 8 years younger than those moving there. People moving to Ocala can afford rents higher than the current rental market. Based on these factors, rents are very likely to continue growing, increasing your cash flow over time (in a growth market!).
5. Ocala is located less than 2 hours from 8 million people. - This is key. At 430,000 people in its metro area, it has become the number one location for people relocating from Orlando (1 hr, 13 mins) and Tampa (1 hr, 27 mins). This strategic location has made Ocala a rapidly growing hub for distribution as well as an easy place to relocate to. We saw a similar situation play out in Lakeland where that county's population.