For anyone looking for a house, one determining factor to consider is the home’s location. However, for people looking to invest in property and venture into real estate, the perspective is different. For real estate owners, the location is a selling point for your investment. Location is no longer the determining factor but an element that determines your market. Also, the place you end up investing in is tailored to meet your investment objectives.
2021 has been adversely affected by COVID 19. Some noteworthy trends include a preference for suburban areas and more rental spaces/apartment inquiries. Market trends couple with location determinants will help you decide where to invest. Here’s a list of growing cities where your investment can wow you with returns:
Dallas is situated in the Northern part of Texas and ranks fourth in metropolitan areas’ population. The population growth rate of Dallas is twice as fast as the average growth rate in the US. The growth rate is helped by the abundance of employment opportunities and a versatile job market. On average, property in Dallas is worth $263,688, with a monthly median rent of $1,563.
Apart from its vast market, Dallas has an affordable cost of living and is one of the best business’ cost-friendly areas on the list. Dallas is home to diverse backgrounds and is a place rich in culture. Last year, as the rest of America dealt with a 6% decline in job growth, Dallas’ rate declined by 3%. Those statistics highlight the strength and attraction ability of Dallas to your property investment.
San Antonio, Texas
Currently seen as the most stable market location for rental properties for cash home buyers, San Antonio is steeped in potential. The city’s growth in the coming years will be exciting to see. The population of San Antonio is made up of millennials and the younger generation. It is seen in its potential market’s age group.
Based in the central areas of Texas, the majority of its rental spaces are owned by generation Z. San Antonio’s economy and city’s potential make it ideal for real estate investment. Its population is rising and is attributed to the low tax rates and cost of living. I highly recommend San Antonio for you if you’re looking to invest in the rental market. The rental range for San Antonio homes is $900-$4,800 monthly.
Boise is the capital city of Idaho and is earning a reputation as the latest technology hub of the US. Last year alone, many people migrated mainly from posh areas of Washington and California to Boise. For the residents in Boise, this is down to the high-end quality of lifestyle familiar with the place.
Boise’s growing population is embracing its hype yet low-key entertainment amenities. For most people working at home, the chance to go out represents leisure, and Boise offers just that. The area offers the optimal conditions for long-term real estate investment. Its growth rates for population and jobs are almost triple that of the national average. For people living in Boise, unemployment levels are just at a mere 3.5%.
Ranked first by Realtor.com’s best property location 2020, Boise’s prices are steadily skyrocketing ever since. The high property prices and overall “perfect” way of life mean demand also remains high—the best news for any property investor.
Over the last decade, the population in Atlanta has soared to a growth of over 14%. In the Southeast region, Atlanta is the third-largest metropolitan area. The boom in population has attracted companies to set up in Atlanta increase employment rates annually by 2.5%. All of that, coupled with the affordable cost of living in Atlanta, make it a hotspot for property investment.
The average purchase prices in Atlanta are low at $190,000, with monthly rental prices at $1,434. Atlanta presents itself as an opportunity to grow your equity at a well affordable investment. The buzzing creatives and art scene in Atlanta are also highly attractive to celebrities and sales of high-end homes.
For Denver, its stable economy provides it a stable foundation and a place on your list. There has been a spike in demand for property in Denver over the last few years. Room to supply and cater to this demand remains, making it an attractive investment opportunity.
Located just close to the Rocky Mountains, tourism is one of the economic pillars of Denver. In addition to that, employment availability makes it a super attraction, with the unemployment rates well below 3%.
Where you choose to make a property investment should be in line with your personal investment goals. With that in mind, target locations with a stable market population and high job growth rates.