City Size And Why It Matters..
You would probably be surprised to know that Orlando, Florida is not a large city. By classification, it is considered to be a medium sized city. Now, you may ask, how do you figure that out? The size of a city is not determined by its square footage or reputation. It is determined by its population. Take a look at the parameters below.
Small City – population < 100,000
Medium City – population > 100,000 but < 1,000,000
Large City – population > 1,000,000
This is why the city of Orlando, Florida is only a medium sized city since its population is only 243,195. Now you may be saying, “That’s not right, their population is over 1 million people!”. You are thinking of their metropolitan population, which is not included when determining city size. When determining the city size, you only look at the city proper population, which means only the people who live in the actual city. The metropolitan population includes that, but also includes the surrounding areas, which gives us more information than we need.
Why does this all matter in real estate? Well, city size plays a huge part in things like list price, lot size, and sometimes, even amenities and attractions in the area. Large cities, due to the large demand to live there, normally have smaller lot sizes, higher list prices, and usually more attractions and amenities in the area. This is the opposite from a small city, which normally have larger lot sizes, lower prices, and less amenities sometimes. This information is important to know when buying or investing in real estate, because you have to know what you want and the effects it will have on you when you want to sell. Like everyone says, real estate is all about “location, location, location!” That location search will always start with your desired city size!
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