Investing in real estate takes a lot of research, planning, and financial savvy. The U.S. housing market has become a lot more competitive in recent years, so it’s important to know which cities are worth the money. Here are the best cities to own property across the country that’ll get anyone a good return on investment.
Many people are moving away from highly populated and costly cities to settle in Phoenix, Arizona. Within recent years there has been a shortage of homes, but an increasing number of real estate sales.
Investors who are worried about paying too much shouldn’t worry in Phoenix because the median home price is $269,175.
Lafayette, Indiana is one of the top choices for real estate investing in 2022. Their home values are mostly under $200,000 with a home value appreciation of 53 percent.
The city has very low property tax rates and high rent to home value ratios, rental vacancy rates, and rent to income ratios.
Those who are looking towards the east coast should consider investing in real estate in Portland, Maine. According to Realtor.com, the city has a predicted home price growth rate of 10 percent.
Portland is known for its beautiful waterfront coastline and is a top summer tourist destination. U.S. News even ranked it as one of the top 10 places to live in America.
Durham, North Carolina
Durham, North Carolina is most famous for being the location of Duke, University, but it also has a great housing market.
People have considered investing in real estate in Durham because of their solid economy and increasingly high rental demand. Their median home price is $256,993 with a growing population rate.
Not only does Memphis, Tennessee have a lively night scene, but they are also a top choice for real estate investment in 2022.
A typical home in Memphis is valued at about $126,889 with a 71 percent home value appreciation. The city also has a high rent to home value ratio, rental vacancy rate, and rent to income ratio.
Providence, Rhode Island
Providence is the capital of Rhode Island and it happens to be its most populous city. This makes it a perfect place to buy real estate in 2022.
The home prices have been growing at a high rate of 9.5 percent and the Rhode Island Association of Realtors found that many of the buyers are from out-of-state.
One of the most populous and affordable cities in Alabama is Birmingham. Those who want to invest to rent out their property should consider buying in Birmingham.
The city is home to several universities, which give it a large prospective renter pool. Also, the median home price is only about $64,840.
While Youngstown, Ohio is a relatively small city, it’s pretty close to other metropolitan areas including Cleveland and Pittsburgh.
The home prices are some of the lowest in the country, but they have a high rate of appreciation. Youngstown is currently part of a rebirth with many new businesses being headquartered there.
Salt Lake City, Utah
Salt Lake City is the capital of Utah and is one of the best places for those who love taking part in outdoor activities.
According to Realtor.com, home prices are expected to increase by 8.5 percent, so now is a perfect time to buy real estate. Also, their population is supposed to reach 1.7 million by 2056.
One of the top tourist destinations in the United States is Orlando, Florida. They have tons of amusement parks such as Walt Disney World and Universal Studios, so it makes sense that people would want some real estate there.
Those who are anxious about investing should know that Orlando has been one of the best long-term places to get real estate over the last 10 years.
Detroit is the largest city in Michigan and remains the center of the United States automotive industry. Their home prices average to be about $58,213 with a home value appreciation of 103 percent.
The city also has a high rent to income ratio, rent to home value ratio, and rental vacancy rate.
Just about 50 miles from Boston is the quaint city of Worcester, Massachusetts. It was given the nickname “Heart of the Commonwealth” because of its central location.
People should consider buying real estate in Worcester because the home prices are set to grow about 8.2 percent and it’s the second most populated city in Massachusetts.
Those looking to invest in the American Southwest should look no further than Dallas, Texas. There are more homes to choose from and the rental rates are higher than average.
Something that should get new buyers excited is that the Dallas population is expected to double over the next 15 years.
One of the largest steel-manufacturing towns in America is Pueblo, Colorado. There are tons of fun things to do such as art galleries, museums, and physical activities in nature.
Investors should know that the home value appreciation rate in Pueblo is about 80 percent with homes valued at around $263,343.
Atlanta, Georgia has become increasingly popular over the last decade or so. The population has increased by 14 percent and there are many employment options available.
This city has one of the top rental markets in the United States and many of the properties have been renovated. Also, Atlanta’s economy happens to be eighth in the nation.
Buffalo, New York
After New York City, the largest city in New York is Buffalo. Their home values are relatively low at about $195,767 and they have a high rate of appreciation.
Buffalo is a great option for those looking to buy real estate in 2022 with high rent to home values and rent to income ratios.
Las Vegas, Nevada
It’s a no-brainer that Las Vegas, Nevada would be a perfect place to buy real estate in 2022. Las Vegas has been a popular tourist attraction for decades and they have a pretty affordable housing market.
The average townhouse or condo is about $200,000 with prices expected to increase by 11 percent.
While Spokane, Washington has a relatively small population, the real estate market has been booming. According to Zillow, Spokane’s housing market has been doing better than Seattle’s.
There are so many things to do with over 87 parks, aquatic centers, and trendy shops. Also, owners of both single-family homes and rental properties are seeing a good return on investment.
Chicago, Illinois is the third-largest metropolitan city in the United States with a demanding housing market. The large population and economy make it a suitable place to buy real estate in 2022.
Since over half of the Chicago population rents, it would be an excellent choice for a high return on investment.
One city that is proving to be a top choice for a long-term real estate investment is Boise, Idaho. The population and job growth are more than triple of the national average.
While there is high appreciation, home values are expected to increase because there is a strong demand for housing.