Several cities are ripe for investment in the real estate sector. They are in all different parts of the United States and have been seeing growth in recent years. Below are some of the most energetic cities for real estate investment.
Austin has been a great place to invest in real estate in recent years. This is because it is growing very quickly and the demand to live in the city is high. The emergence of huge festivals like South By Southwest and Austin City Limits has brought the city a great deal of exposure on an international level. There are also several other large festivals and conferences in the city.
Austin is also becoming a tech hub, as companies like Facebook, Oracle, Dell, Indeed, Apple, and Google all have offices or are based there. Just recently, Elon Musk and Tesla announced that they will open up their next factory in the city as well.
The cost of living is also significantly lower than in cities on the coasts like New York and San Francisco. Finally, Austin has a large student population as it houses the University of Texas, and also a large number of government employees as it is the state’s capital.
Nashville is also seeing a surge in its real estate. This is because it possesses a strong economy with many job opportunities and has the lowest level of unemployment in any city with more than one million people. Nashville is strong in the areas of education, technology, health, service, and manufacturing. The city also has a high quality of life and has several areas that are being revitalized.
The city is also home to a large concentration of universities. This includes Lipscomb University, Tennessee State University, Aquinas College, Belmont University, Fisk University, and Vanderbilt University. This factors into making Nashville home to a younger than average population, with the average age being just 33 years old, which is 7 years younger than the average of most cities of 40 years old. This data is courtesy of Norada Real Estate, which provides a full picture of the city’s real estate market.
There is also a significant amount of tourism that comes to the area. The city has built a reputation for its country music scene and other attractions. Like Austin, Nashville is also quite affordable when compared to other cities and the housing market is relatively stable there.
3. Salt Lake City
Because of the large Mormon population found within the city, there is a larger demand for 3 or 4 bedroom houses than the average city. This has certainly created a strong market in this niche.
In addition, the city has been seen as an alternative to many businesses based on the west coast, and has even been nicknamed “Silicon Slopes”. Forbes even had the city first on its list of the next tech hotspots in the United States.
Salt Lake City also boasts a low crime rate and a very low cost of living. It is cheaper than the country overall. The fact that many new units are opening up or being built is no surprise.
The housing demand in Seattle is also quite strong. One major reason for this is that Seattle is also a large tech hub in the Pacific Northwest, with companies like Microsoft, Amazon, Boeing, F5, and Real Networks based there. The enormous growth especially of Amazon is the primary reason that the real estate is booming in the area.
Like many of the businesses that are opting to move to Texas, Seattle has also proved to attract many large startups and businesses that were formerly in California. Both the proximity in location and a more similar culture are the main reasons for this.
Seattle is also home to more than two dozen colleges and the influx of young workers has been consistent, making the city a popular destination for youngsters. In addition, there is a large international contingency in Seattle from places like Asia and nearby Canada. Many foreign investors have looked at Seattle as a more affordable market than the nearby Vancouver.
5. Phoenix / Scottsdale
Phoenix and Scottsdale have both seen a recent boom in real estate too. One reason for this is because the city offers policies that are business-friendly and a large number of high paying jobs have come in. Not only that, Arizona is a state that is very tax-friendly.
There is also a shortage in the amount of Phoenix homes for sale that has in turn caused a rise in the values of property in the region. The city also has a large number of people who are considered “snowbirds” or individuals who come to the area to get away from the cold winter elsewhere in the country. This has created a great market for short term rentals like Airbnb and VRBO.
Finally, Phoenix and Scottsdale have a low cost of living in comparison to the larger coastal cities, while at the same time having a higher living standard. The area is well known for its retirement community who live there for these precise reasons as well as the hot weather. This all creates an ongoing surge in people searching for Phoenix homes for sale.