The location of a property has long been considered the very most important aspect of investing in real estate. Each year, various trends affect the housing market and the very best place to buy real estate will be contingent on where people are likely to move and why.
There are a few things to consider when deciding where to buy real estate. You will want to consider what cities have the most job growth and population growth. When a potential renter thinks of moving to a new town, they are certain to consider the affordability of living there.
If you are thinking of investing in properties to rent out for travel such as Airbnbs, you should take the states that are likely to have the most tourism and temporary residents into account.
Once you decide what market you want to invest in, you will want to decide on the neighborhood in which to buy your property. Finding out where the next up-and-coming neighborhood will be is often the key to making a killing in the real estate market. Prosperity is contagious when it comes to both commercial and residential real estate. When one neighborhood’s real estate becomes more valuable, the neighborhoods nearby will often follow suit.
There are a few real estate markets in the country that are considered to be especially hot right now.
Boise, Idaho
Although it may not be the cultural center of the universe, people are fast discovering the charm of this Pacific Northwest burg. It is a midsized city, with a population of about 228,790.
Boise was ranked number one by Realtor.com for 2020. They based this on the fact that houses in this market are appreciating at a rate of about 10% annually. The increase in property value is attributed to a rapidly growing job market, population growth, and an unemployment rate of only 3.2.
South Florida
South Florida is a great place to invest in real estate if you are looking to rent out your property as an Airbnb or other home-sharing service. South Florida is a popular place to travel and it has a growing job market. Airbnbs are a viable alternative to hotels for travelers.
The popular temporary housing service has an outstanding occupancy rate in Florida. Miami Beach alone saw a 64% occupancy rate last year and that percentage is expected to grow.
West Palm Beach real estate is also a solid investment. The allure of this opulent barrier island makes it the perfect place to spend a vacation and the perfect place to own an Airbnb.
Dallas, Texas
Glamorous and filled with job opportunities, Dallas is the fourth most populous city in the country. The lack of government regulations makes it an attractive place to do business for companies and the low cost of living leads many people to the Big D.
The median rent here is $1,624 and the cost of a 3-bedroom home has appreciated by 81% over the last 7 years.
No matter where you decide to buy real estate, remember to use a realtor with a stellar online reputation and one who is in good standing with the local real estate commission.
Buying real estate is still one of the best investments you can make. Knowing where to buy that real estate can make it even more lucrative.
