People often say that real estate is all about location. Here are a few cities that will make an excellent choice for real estate investment in the coming years.
Home prices are consistently going up in Boise. This is driven by the thousands of people moving to Idaho to take advantage of its cheaper taxes and low cost of living. There is also growth that is driven by companies fleeing high tax states. Getting in now will ensure that you reap the rewards of a booming housing market. The other huge upside to the city is the inventory of houses keeps drying up.
This means demand will keep going up, and there won’t be enough supply to fulfill it. This is what is happening even during the pandemic. Job growth in Boise is about twice the rate of the national average. The population growth is almost triple what we have in the nation. Things are happening in Boise, and getting in on the ground floor is something that most real estate investors cannot afford to pass up.
The growth in Jacksonville is based on how strong the economy is currently doing. Jacksonville is a major seaport and trading hub. It also hosts a major naval base. These factors and a strong job market have contributed to Jacksonville slowly becoming a behemoth in Florida. Rents are rising consistently, and the value of houses is expected to increase by about 2.1% for the year.
Florida is also a very tax-friendly state, and this is a major reason why Jacksonville has a bright economic future. People are flocking to the state, and they don’t have enough supply of houses to meet the demand.
Orlando is the next city that you should be investing in. The major driver of population growth in Orlando is the tourism industry. Orlando is home to some of the most popular theme parks in the entire world. Parks like Disney World and Universal Studios are only a stone throw away from each other. Orlando is also home to the University of Central Florida. This drives fluctuations in the population. However, the population continues to grow at about 2.4% annually. The average house price is growing at about 3.4%, which is exciting for people who are looking to invest in real estate. Being that it is in Florida, Orlando has the benefit of being in a tax-free state. This makes it an attractive landing spot for people who are on a fixed income. This is a market that is mainly based on renters, so you can invest in apartments and other rental units to have a reliable monthly income. The job market is also growing consistently, and the area has a low unemployment rate. All signs point to Orlando being an exciting place to invest in real estate.
Scottsdale real estate is heating up. There are a few reasons that the Phoenix area of Arizona is so prevalent right now. It is a great landing spot for people on the West Coast who are looking to escape high tax states. It is the same reason that many companies are fleeing to Phoenix. Scottsdale real estate continues to be a desirable option that has steadily rising home values.
Arizona is also a tax-friendly state, so it is attractive to people who have a fixed income. It also has a much lower cost of living compared to the west coast states. Despite the cost of living being so low, you can be confident that you will still enjoy a higher living standard in this area. There is also the benefit of having many short-term rentals from Airbnb. This is because there is no government intervention, and the rental units are controlled at the HOA level.
The next city on this list is Fort Lauderdale. It shares many similarities with Orlando and Jacksonville. This is because Florida is an overall attractive place for many different types of people. The weather is excellent, and there is a growing economy with lots of jobs and opportunities for almost everyone. Another significant advantage that Fort Lauderdale has is its proximity to the beach.
There is a lot of steady competition for beachfront condos and other homes near the water. Rental income for investors has risen about 10% in the last year. The household growth in this area is also 2.1%, and it will continue to grow steadily in the coming years. Fort Lauderdale is a place to buy for a steady return on your investment. It is made even more impressive by the fact that there is a steady growth in the population.
The Dallas-Fort Worth area was the number one Metro for job growth. The population is growing at a rate of about 1.7%. It will continue to grow at that pace in the coming years. Single-family homes appreciated at about 10%, which is quite impressive if you are looking to get into buying these types of homes. They make exceptional rental income, and the growth should continue as it always has. This area also has steady job growth, and profits from the oil industry will continue to help.
It is one of the few places where renting is more affordable than buying, and you can find great deals on rental units here. There is a steady supply of people looking to rent, and the economy is booming. You won’t regret owning real estate in the Dallas-Fort Worth area.
There would be no list complete without including Las Vegas. If you know what you’re doing, Las Vegas can be a very profitable and stable place for you to invest in. It is known as sin city, and there are millions of tourists visiting every year. This fact gives you an excellent opportunity for a stable and predictable rental income.
The way that businesses are moving to the city means there will be a sharp increase in the demand for housing. On top of that, Las Vegas will see a professional football team moving there. The rents have risen about 10% in Las Vegas, and that means you will see considerable returns as a real estate investor.
The economy is also highly diversified, which means you can expect that the growth will be constant and reliable. A low unemployment rate of about 3.5% is also a massive reason for the growth in Las Vegas.
The last entry on this list is Tampa. As you can see, there is a significant amount of growth happening in Florida. This is why there are so many Floridians cities on this list. Real estate is affordable, and it will continue to grow in the coming years. The growth is driven by a significant uptick in demand for housing.
Thousands of people are flocking to Tampa to escape from other states with high taxes and strangling regulations. There are a lot of companies moving to Tampa, which also means many high net worth individuals are moving there. Investing in Tampa means a higher rate of return for a long time.
Home values are consistently going up, and the median value for homes in Tampa is around $250,000. You could potentially purchase a rental property at a lower rate, and enjoy a healthy return by renting that property to all the people moving to the city.
The economy of Florida will continue to grow, and that growth will drive millions of people to the state. A significant portion of them will be coming to Tampa, so you can expect things will continue as they are now.