5 Great and Not So Great Markets
According to a survey by PWC, Austin TX is one of the most favorite real estate investments destinations. The city has a unique and popular lifestyle and a serious commitment to real estate development. The city’s strong economy which includes major tech companies like Google and Apple offers many high tech jobs which attract top dollar to the city.
The city has a long history of real estate success especially due to its music industry. It boasts of one of the lowest unemployment rates standing at 2.6% which means there is enough liquidity to sustain a vibrant investment sector. The city’s economy is also on the rise with a wide variety of investments which adds to the safety of investors. It has a high population which hit 626,000 in 2019 adds to the allure of the city as a lucrative real estate investment destination.
Utah - Ogden
Utah state is one of the best places to live in the USA. Home prices are not the highest but are expected to grow at a rate of 10% in the next year and by up to 29% in three years. In addition, jobs are also projected to grow at 5.7% in the next two years. Any real estate investor would like to bet his money on this opportunity.
Los Angeles, California
With 13 million people, Los Angeles is the second most populous city in the US after New York. It has a well-established economic base supported by major investments in entertainment, aerospace, tourism, and technology. Due to its high cost of living, 64% of the population live in rental properties which means that demand is always high.
Orlado – Florida
The City of Orlando is centrally located in Florida which is home to Disneyland. Home prices are expected to grow by 9% which is one of the highest returns for the real estate market in recent times. Jobs are expected to grow by 7% in the next 2 years meaning more people will be searching for rental homes. Population is also projected to grow by 8% in the next 3 years adding to the need for more properties.
Not so Great:
San Francisco California
The city is loved for its coastal climate and scenery but not for real estate. Home prices are one of the highest hitting $1078 per square foot. Crime rate is also high at 62.48 incidents in 1,000 residents. That’s pretty high for any risk taker.
As one of the bigger cities in the US, home prices are hefty, there is hushed growth plus you will need to convince your clients to live in the crime prone city. Property crime rate is at 47.66 incidents per 1000 people.
New York is a great place to visit but not to invest especially if you are looking for quick turnover. Homes are fairly expensive at $704.89 per square foot and the value can hardly increase. The value might only change at a mere 0.7% per year.
Salt Lake city
The city has one of the highest home prices at about $394.900. Crime rates are high and not many are willing to spend in the city’s real estate market especially with the availability of cheaper options in the neighboring states.
Being the US capital city, home prices are fairly steep hitting $546.96 per square foot. There was no appreciation in home value last year. Crime rates are also above those of surrounding cities and now stand at 10,05 incidences per 1000 residents.