As CEO of the Orlando Regional REALTOR Association (ORRA), I witness every day all that the City Beautiful has to offer. From our thrilling theme parks to our warm, sunny weather all year-round, it’s no surprise that we have more than 1,000 people moving here every week – that’s right, each week.
According to census data, in 2022, Florida’s population became the fastest growing state in the country – for the first time since 1957.
As Florida’s population grows, Orlando’s economy also continues to prosper. Last year, ORRA Realtors sold over 37,000 homes. The National Association of Realtors estimates that one job is generated for every two home sales – that's over 18,000 jobs created in 2022 alone.
This growth shows no real sign of slowing down.
Our vibrant melting pot of a community consists of people moving here from across the nation. Whether it’s for a job opportunity or taking advantage of the state’s low taxes, there are thousands of people coming to Orlando who need a place to live. Likewise, many existing residents are now ready to purchase their first home, or are in need of a larger home as they expand their family.
With so many hoping to take advantage of all Central Florida has to offer, the need for housing is tremendous – and not just housing in general, but specifically affordable housing.
A huge step toward an affordable Central Florida happened last week. On Wednesday, March 29, ORRA was represented as Governor Ron DeSantis passed and signed Senate Bill (SB) 102 into law.
SB 102 is a bill designed to address the needs for affordable housing in Florida. Dubbed the “Live Local Act,” the $711 million bill will provide more financial opportunity for affordable housing throughout Florida, while reducing local government rights to deny a project – changing the way affordable housing is developed. It also provides incentives for private investments in affordable housing and offers flexible housing regulations that encourage developments in commercial areas.
One of the most notable parts of the bill is the $100 million going to the Florida Hometown Heroes Housing Program. This program provides down payment and closing cost assistance to first-time home buyers with a focus on teachers, health care providers, law enforcement and other first responders, as well as active and retired military.
Every day, Orlando Realtors hand keys over to a new homeowner. This bill makes it possible for even more people to experience home ownership here in Central Florida so they can continue to enjoy what we all know as the best place in the country.
Orlando’s housing market spent the last two years in a frenzy – sellers had multiple offers on homes in what seemed like minutes. Coming out of the pandemic, our housing market continues to strengthen. Compared to other parts of the country, Orlando’s housing market is becoming more balanced.
With this balance comes the opportunity to assist those who have spent the last two years struggling to find affordable inventory.
The time is now. ORRA applauds the Florida legislature for signing this bill into law. With the flexibility of housing regulations and incentives in mind, we’re confident that this bill will encourage developers to build more affordable housing units to address the demand.
Orlando is a top place to live – there’s no doubt about it. But we need to continue to ensure we can provide attainable and affordable housing for all the residents who make our community so special.
Cliff Long, CEO
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