Altoona is a small Florida town with a surprisingly rich history.
Altoona was founded by Thomas J. Hinson in the mid-1800s. As a homesteader who brought his family along from Georgia, Hinson may have taken some inspiration from his home state’s Allatoona Lake when choosing the name for the new town.
Altoona residents built a Methodist church in 1881. The town was incorporated six years later, in 1887. Soon enough, Altoona was flourishing — it got a post office, municipal buildings, and other amenities. But a deep freeze in 1895 drove most settlers out of Altoona and in search of warmer lands down south.
Don’t let Altoona’s humble beginnings fool you, though. Today Altoona’s real estate market looks poised to take off!
Altoona’s Economy at a Glance
Altoona is a 301-acre community that finds itself in the Orlando-Kissimmee-Sanford Metropolitan statistical area. Altoona’s economy may be small, but that’s not necessarily a bad thing — it affords the area an unusually low cost of living. Let’s look at the stats.
- Altoona’s unemployment rate of 5.3%, which is slightly below the U.S. average of 6%
- Job growth over the next decade is projected at 51%, higher than the U.S. average
- Altoona’s job market has increased by 3.9% over the last year
- Altoona’s income tax rate is 0%, far below the U.S. average
- Altoona’s sales tax rate is 7%, slightly below the U.S. average of 7.3%
- Altoona’s median home price is far lower than most other areas in Florida
All in all, Altoona’s combination of high job growth and low living costs makes its future bright. A newspaper clip from the Altoona area’s initial development seems almost prescient in predicting the town’s potential:
There is a Presbyterian Church here. Lake Dorr or Golden Pond is a beautiful sheet of water one and three-quarters by three miles in area. There is a good opening here for a general store. Inducements for immigrants are health for the sick, wealth for the poor, contentment for the rich, and pleasure for all…
Less than an hour from downtown Orlando, Altoona offers residents quite the win-win scenario: It’s close to all of the city’s attractions, yet still retains a peaceful, rural feel. Altoona’s property values will likely rise in tandem with the greater Orlando area’s expansion.
Icon Makes Purchasing Property in Altoona Simple!
Are you interested in purchasing property in Altoona or surrounding areas? If so, Team Icon is here to help. Whether you’re buying for yourself or for future renters, Altoona may very well present a wise investment.
And don’t think that buying a house in Altoona has to be stressful. At Team Icon we take the stress out of homebuying by putting you in control of things. We’ll help you identify the best options for your goals — and then help you close on a great deal. Our local expertise enables us to effectively navigate today’s hot housing market.
Contact us here if you’re ready to get the home you deserve. Altoona’s leisurely feel and bright economy are waiting!