The decision to purchase a home for any kind of investment purposes is one that needs a great deal of thought. If you are buying a primary residence from which to make your home, you’ll want to make sure that area can support the kind of lifestyle you have in mind in every way. For many, this means thinking about the kind of places that will allow them to access all sorts of amenities. It also means thinking about the kind of places that are likely to have a large selection of homes for sale in every possible price range.
This process is also true for the investor. All those who want to make the leap and invest in real estate need to keep several factors in mind as they search for the ideal investment property. Location, in this case, is even more crucial. The investor needs to make sure there’s a steady flow of buyers for any property they want to redo. They also need to think about how best to ensure there’s a lot of tenants who are willing to pay the rent they have in mind. This is why so many investors pay close attention to the places that are experiencing lots of rapid growth. An area that has a lot of growth is one that will likely see a great rate of return on the funds the investor is choosing to put into any property.
These five locations are united by several factors. They are relatively young American cities. They’re also in states that have experienced growth as a whole. In addition, each city listed is one that has room for physical growth. It also has access to many cultural attractions and large institutions that are drawing people from other parts of the country. As such, each listed city is one that anyone can find a congenial place in which to settle down and invest money in local real estate.
Boise, Idaho is booming and has been for some time. In the past decade, this city has continued to be the single fast-growing city in the United States. There are many reasons why people have been drawn here and continue to find it a congenial place to live and work. Professionals have been pushed out of places like San Francisco. They find it much easier to buy a home in the area as prices are far more affordable. The average home price in Boise is about $350,000, making it much easier for many working people to afford a home. There’s also a thriving tech scene that has drawn in a highly educated population. Many entrepreneurs have found this a business-friendly area that encourages people to open a business and start to hire employees. Under these circumstances, it is no wonder that so many people in search of a home are choosing to make this place their own. If you are thinking about moving here, consider renting for a while. This will give you a feel for the local housing markets before you buy anything on your own.
Maricopa County, Arizona
Another top five when it comes to growth, Maricopa County (where the majority of Arizona’s population lives and includes the Scottsdale/Phoenix area) is a favorite with many different groups. Retirees love the warm weather. The central location makes a great stop for those heading off to Texas or on to California. It’s no wonder this has been the fastest-growing county in the United States three years in a row. Any investor can count on the fact that more than two hundred people move to this part of the world every single day. That’s a huge potential tenant base that makes it possible for any investor to pick and choose from many potential renters. In addition, the area is noteworthy in a great many other ways.
Low property taxes keep all housing costs on the low side when compared with many other municipalities. As a result, any investor can easily pass on part of this savings to their tenants. This makes for a much larger pool of tenants than can be found in many other parts of the country. Many investors have also found this one part of the country where they can try out investing with an attempt an AirBnB. Renting out a single room in your home is a great way to find out if investing in real estate is a good option that you want to continue to pursue. If you happen to be looking to buy a home in this area The Kay-Grant Group can help you out.
Charlotte, North Carolina
Laidback and utterly charming, Charlotte North Carolina has been attracting people for a long time. Those who know the city’s many delights are not surprised it continues to do so today. In fact, it was not only the fastest growing city in the state but also one of the fastest in the United States. Growth here has been about thirteen percent per year in the last few years. This makes it possible for any investor to find tremendous opportunities in the area now and as they look to the future. With a population of over 800,000 people, it’s a thriving place that is home to many people of lots of varied backgrounds. As such, it’s easy for any new resident to find lots of different neighborhoods. It’s also easy for them to find many different kinds of housing.
Housing investors will discover a relatively low per capita housing price of about $188,000. As such, it is at the lower end of the price scale, making it easy to buy a home. An investor will also find a city with a low unemployment rate that is highly friendly to those with aspirations of starting an AirBnB business of their own.
Fort Myers, Florida
Lively Fort Myers lies in a central Florida location. It’s a great place to enjoy the mild weather and easy access to many Florida attractions from beaches to amusement parks. Those who are thinking about moving here will find housing prices to their liking. At roughly $190,000 for the median home price, many people find this a congenial place to start a life and have the home they’ve always wanted. This is one of many reasons why this area has been at the top of the growth charts. Unemployment rates are low compared to other parts of the south with a correspondingly strong economy. Investors will find a great place that is happy to welcome an influx of dollars and those who are willing to open an Airbnb to help cope with the need for temporary housing from visiting tourists.
San Antonio, Texas
San Antonio, Texas has been settled for centuries. Today, it is one of the fastest-growing cities in the country. The local population has increased by nearly a third from 2000 to about one and a half million people. The city has a mean housing price of about $185,000, making it affordable to many residents. Unemployment stands at well under five percent so there are many jobs for all who want them. Costs of living in the area are about thirteen percent lower than the rest of the country. Many people have come here from other places searching for a good place to start a family and find a career. They’ve found a friendly community happy to have them. Local municipalities allow residents to start an Airbnb if that’s what they want to help keep housing costs even lower. This a good place for investors to test the waters and create a housing investment portfolio of their own.