The real estate market in the United States is bouncing back and that means increasing housing prices and rising mortgage rates. Unfortunately, this also means homes are becoming less affordable, making it difficult for first-time homebuyers to break into the market.
However, there are a number of cities that are ideal for buying property based on their local real estate market and how affordable and positive their economic environments are. If you’re looking to buy a home or invest in a rental property, here are a few cities you should consider checking out.
Dallas/Fort Worth, Texas
The metropolitan area in Texas is growing quickly, both in terms of its economy and population. The low cost of living, low cost of doing business, and strong labor market growth makes this city an attractive spot to live and work, not to mention the thriving arts and cultural scene. The demand for rental properties is increasing, so if you’re looking to become a landlord or rent out your home on Airbnb, Dallas/Fort Worth might be the right place to start.
Aspiring agents should also consider earning a Texas real estate license. It’s a perfect opportunity for those looking to make moves in real estate.
Raleigh, North Carolina
The Raleigh/Durham area is growing as well, and the strong employment growth they experienced over this past year is expected to continue into 2020. It has a historically stable and balanced housing market, making it a safe choice for property investors. There has also been an influx of younger people moving into the area as millennials are looking to start their careers straight out of college. It’s an attractive place for this demographic because of the strong job base—a lot of leading high-tech companies are based in Raleigh—and cultural events in the city center. It even ranks higher than New York City and Washington, D.C. as a top spot for young people to live and work.
The Villages, Florida
The central Floridian city is a short distance from Orlando (which is also another top city to invest in property in) and is one of the fastest-growing U.S. cities, ranked by the Census as such two years in a row. It’s also been listed as one of the best places to retire in the country by Forbes magazine and is known as an incredibly friendly city. Plus, since the winters are quite warm down south in Florida, it’s a perfect spot to get away from the cold each year. Knowing all of this, why wouldn’t you want to have property there? To get a good idea of the real estate market, visit TOTV – the Villages Florida and see if it’s the right investment for you.
Aside from the gorgeous landscapes in Denver, it’s a sought-after city to move to because of the vibrant economy and strong housing market while still maintaining affordability. The strong job market, thanks to the hospitality, finance, healthcare, biotech, defense, aerospace, and cannabis sectors, means there is an incredibly low unemployment rate. It’s an attractive city for millennials as well since there are plenty of job opportunities as well as the bustle and culture of the downtown area. Whether you’re looking to buy a home to move into or buy an investment property to rent or list on Airbnb, Denver has a high return on investment from properties, especially rental properties.