Marion County, where the city of Ocala is located, has seen burgeoning growth, and it continues to rapidly rise till the present day, and is dramatically changing the face of the county. Nowhere is that more evident than on State Road 200, where commercial and residential development moved at a fever pitch. In 1995, Ocala was named the fifth best place to live in the U.S. by Money magazine.
The city was named an All-America City earlier in the year, and moved up in the national rankings from 78th place in 1994. It was also named the second best mid-sized metropolitan area in the nation and the second best city in the South. The city offers investors with not just lovely horse farms and estates, which Ocala is famous for, but also an assortment of industries and employment opportunities ranging from electronics, aerospace development, manufacturing, real estate and tourism.
Affordable Housing
Marion County, as well as Ocala, offers several affordable housing programs for income-eligible households. The County provides medium-income families a State Housing Initiative Partnership or SHIP, and the Community Development Block Grant or CDBG for home purchase or rehabilitation outside of the city limits.
In Ocala, the CDBG Housing Rehabilitation Program, which utilizes federal funds, along with the s5B4tate-funded SHIP program is offered to income eligible residents who wish to buy homes within the city limits. Each year, several home events are also hosted by the city, expose potential buyers to the area's developers.
Two of the city's major annual events are the annual spring Parade of Homes and the Fall Showcase of Homes. The Marion County Building Industry Association sponsors both events. Homes usually range from the more affordable end of just over $100,000 to those considered in the luxury price range of over $500,000.
Tips For Ocala Home-seekers
The local local realtors association is a good first step in looking for a nice home. Most local brokers suggest stopping by the local Chamber of Commerce for those new to the area and looking for a house. They note that a wealth of information is available to help make the search easier. In addition to contacting a local property broker of choice and getting referrals from peers, they also suggest getting in the car and driving around town, to better learn the area.
For the second quarter of 2007, the median prices of homes in Marion County was pegged at $170,900, which represents a slight jump from $169,500 for the same period in 2006. The National Association of Realtors reported a U.S. median home price of $223,800 for the second quarter of 2007 compared to $227,100 in 2006. Statewide, the median price for the period was $221,200, down from $243,300 in 2005A56.
Most major housing indicators show the market in Ocala is leaning toward the area of being a buyer's market. Housing analysts say this is being driven by the increasing inventory of both new and existing homes. During 2006-2007, Marion County reported 2,698 permits for construction of single-family homes, which is down from 6,355 in the 2005-2006 fiscal year.
As for construction of multi-family homes, which include condos, town homes and apartments, there was a slight increase in 2007 with 48 permits versus 37 permits in 2006.
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