The Top U.S. Cities To Buy Real Estate In 2022
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.
Phoenix, Arizona
Many people are moving away from highly populated and costly cities to settle in Phoenix, Arizona. There has been a shortage of homes within recent years but an increasing number of real estate sales.
Investors worried about paying too much shouldn't worry in Phoenix. According to Realtor.com, the median home price is $450,000.
Lafayette, Indiana
Lafayette, Indiana, is one of the top choices for real estate investing in 2022. The single-family home value in the city is around $195,000, according to Realtor.com.
The city has very low property tax rates and high rent to home value ratios, rental vacancy rates, and rent to income ratios.
Portland, Maine
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 17.7 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 $365,000 with a growing population rate, according to Realtor.com.
Memphis, Tennessee
Not only does Memphis, Tennessee, have a lively night scene, but they are also a top choice for real estate investment in 2022.
According to Realtor.com, a typical home in Memphis is valued at about $169,000. 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 16 percent, and The Providence Journal also states that the median single-family house prices were around $375,000.
Birmingham, Alabama
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 $150,000, according to Realtor.com.
Youngstown, Ohio
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 appreciation rate. According to Realtor.com, the median price of homes in Youngstown is $90,000.
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 around $500,000 and are expected to increase by 15.6 percent, so now is a perfect time to buy real estate.
Orlando, Florida
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.
According to Realtor.com, the median listing price of single-family homes in Orlando is around $340,000.
Detroit, Michigan
Detroit is the largest city in Michigan and remains the center of the United States automotive industry. According to Realtor.com, the home prices in Detroit average to be about $78,000, with the costs going up an average of 11.4 percent year after year.
In February 2022, 75 percent of homes were sold under 25 percent of the original asking price.
Worcester, Massachusetts
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, according to Realtor.com, the home prices grow an average of 15.6 percent a year, and it's the second most populated city in Massachusetts.
Dallas, Texas
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.
According to Realtor.com, the median listing for houses in the Dallas area are around $400,000, a price that is bound to go up with the city's growing popularity.
Pueblo, Colorado
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.
According to Realtor.com, investors should know that the home value is around $265,000 in Pueblo, a price that is expected to trend up 23.3 percent year after year.
Atlanta, Georgia
Atlanta, Georgia, has become increasingly popular over the last decade or so. The city has one of the top rental markets in the United States, and many of the properties have been renovated.
According to Realtor.com, Atlanta is relatively affordable, with median housing prices being listed around $395,900, a price that is expected to trend up 8.5 percent each year.
Buffalo, New York
After New York City, the largest city in New York is Buffalo. According to Realtor.com, the home values are relatively low at about $160,000, 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.
According to Realtor.com, the median price of an average-sized single-family home is about $406,000.
Spokane, Washington
While Spokane, Washington, has a relatively small population, the real estate market has been booming. According to Realtor.com, the median listing price for a single-family home is around $400,000.
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
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.
According to Realtor.com, the median listing price for a single-family home is around $325,000, with the median selling price around $318,500.
Boise, Idaho
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 the national average.
While there is high appreciation, home values are expected to increase because there is a strong demand for housing. According to Realtor.com, the median housing price in Boise is $549,900.
