INTRODUCING THE CITY OF VENICE, FLORIDA

 INTRODUCING THE CITY OF VENICE, FLORIDA

The city of Venice, Florida, located in Sarasota County, is a little pearl on the west coast.

This small town of a few tens of thousands of inhabitants is surprising in many ways.

This is what we will see through anecdotes and the major data to remember regarding its real estate market.

The city of Venice in figures

→ Population: in 2022 is 27,272

→ Industry = the 3 largest employers:

1 – health care and social assistance,

2 – Retail trade,

3 – professional, scientific, technical services

→ Education = 96.8% high school graduate and 43% have a bachelor's degree or higher

→ Median household income: $65,478.00

→ Citizenship: in 2020 96.4% of residents are US citizens which is higher than the national average (93.4%)

→ Poverty rate: 6.83%

→ The unemployment rate is 4.5%, which is lower than the national average.

→ Medical coverage: 94.5% of the population has medical coverage

What you need to know

1 – Named after its most famous Italian namesake, Venice, Florida, is a city on the water. Separated from the mainland by the Intracoastal Waterway, this coastal city has several bridges and is often referred to as "Venice Island."

2 – During World War II, the 27th Service Group relocated from Tampa and established Venice Army Air Base in 1942. After the war, the air base was acquired by the city.

3 – The city of Venice has 12 structures listed on the National Register of Historic Places, including the Hotel Venice and the Levillain-Letton House. It also has three designated historic districts: Venezia Park, Eagle Point, and Edgewood.

4 – Hotel Venice opened in 1926 and is the city’s first hotel.

5 – The Venice Theatre is the largest community theatre per capita in the United States. It has been a non-profit organization since 1950 and has an operating budget of nearly $3 million.

6 – Are you familiar with aquatic paleontology? Simply put, it involves observing fossils in an aquatic environment.

In Venice, you can find large shark teeth, the Megalodon. Caspersen Beach is known for offering numerous opportunities to find treasure.

Real Estate Figures in Venice, Florida

The main facts you need to know about the Venice real estate market.

First median property value is $282,700 (figures for 2023)

The distribution between owner and tenant is as follows:

78.3% of the population are homeowners.

Which is higher than the national average (65.8%).

65% of these same owners are through a mortgage loan

Venice's migratory flows:

Particularly revealing of the attractiveness of a city (or even a region), it is fundamental to understand demographic fluctuations.

To measure this, a good metric is the migration trend.

With Venice we understand two things (figures from a Redfin.com study ):

Nationwide, 1% of homebuyers sought to move to Venice.

New Yorkers are the number one demographic looking to move to Venice, followed by Chicago and Boston.

Between April 2023 and June 2023, 63% of Venice residents looking to leave sought to remain in the Venice metropolitan area. More than half of those leaving are therefore looking to stay in the area.