Best cities for real estate investment

If you’re looking to invest in real estate in 2022, now is the time. Just as important as the “when” is the “where.” You’ve probably heard it before, even if it’s your first time investing in real estate, but we will say it again: It’s all about location, location, location. 

Whether you’re looking to rent or flip, you want to look for a few things before investing in a property. In addition to the location, you’ll want to consider the value of the property and the investment purpose, and of course, do your research. There are many cities – some surprising, some not-so-much – that are ideal for real estate investment. 

Here are a few of those cities you’ll want to consider, and the perks each one has to offer: 

Central PA

Central Pennsylvania is one of the best spots for real estate investment. As a larger region, there are three cities that’ll give you the best bang for your buck:

  • Harrisburg: As the capital city in PA, the job security in Harrisburg is booming. In fact, it was booming even when the rest of the country was hitting a recession. Jobs in this city include state government, healthcare, shipping and transportation, manufacturing, and construction – just to name a few. Plus, the estimated cost of living is about 43% less than the national average, making it a desirable place for people to live. You’ll have no problem finding buyers for any home you rent out or sell here. 
  • Lancaster: With affordable entry home prices and up-and-coming areas, Lancaster is a fantastic place in Central, PA for real estate investors to consider. With employment and economic growth booming, a lot of industrial markets – including tourism, machinery, food products, and more. The average home price in Lancaster is about $250,000. With the industrial markets, tourism, and up-and-coming areas, many people are looking to buy or rent in this area. 
  • York. Rich with history, York has many attractions and benefits of a small to midsize town. However, it’s only an hour away from Baltimore, giving it the feel of a quaint town that is still close to the city. The overall cost of living in York is affordable, as well as housing costs, making it one of the best cities for real estate investment. The median average home price in York is about $210,000. 

South Utah

The more people within a state, the easier time you’ll have finding a new tenant. St. George, Utah is located in Southern Utah and is one of the most populated areas. The population has increased nearly 4% within the last year – possibly due to the fact that it is a fantastic place to retire. With its stunning nature and endless museums, parks, and golf courses, St. George is a highly sought-after state. The value of homes in the area is increasing, too. Within 1 year, homes have appreciated by 15.9%. Between that growth and the increase in population., Southern Utah is a fantastic spot to consider investing in real estate.  

South Florida

With an expected population increase of almost 26 million people by 2030, South Florida is going to be a key player in the real estate investment game. In fact, a lot of residents from areas of high tax (like New York) are looking to South Florida to invest in real estate. After all, there is an overwhelming amount of cities to choose from – over 100, including Miami, Fort Lauderdale, West Palm Beach, Boca Raton, North Miami and more. Between the increasing population and a booming job market, South Florida is one of the best places for real estate investment. 

Central North Carolina 

Good news for real estate investors: Rents and home values in North Carolina are increasing. After all, with the favorable weather, affordable cost of living, and excellent job growth, it’s a great place to live. You may want to explore cities like Durham, Charlotte, Raleigh, Asheville, and Cary. Durham has a population of almost 300,000, which makes it the fourth city on the list of most populated cities within North Carolina. The median sale price is about $250,000 here. However, Charlotte is in a close second, with a quickly-expanding metro area. The median sale price for homes in Charlotte is about $260,000. The other cities – specifically Raleigh and Asheville – are popular amongst the younger generation, as these cities are the hotspots for healthcare, education, research, and up-and-coming entrepreneurs.  

South Idaho

With a blossoming housing market and affordable cost of living, Idaho is quickly becoming a favorite for real estate investment. Two cities you’ll want to consider: Boise City and Twin Falls. In Boise City, there is a rapid appreciation rate to keep an eye on, as it ranks within the top 1% within the country. Same with Boise – the values in Twin Falls have gone through a serious amount of appreciation. Plus, the city’s rental vacancy rate is within the top 10% in the country. If you’re considering a city where you will be able to rent out your real estate property, it would be easy to find tenants in Twin Falls. This area draws a lot of people, especially from nearby cities, thanks to hiking and outdoor adventures. With such an appeal, you likely won’t have any issues finding buyers or tenants for your property. 

Contact Honest Home Solutions There’s one thing for sure – it is a buyer’s market. Now is the time to invest, especially if you’re looking to increase your wealth. Remember: As a real estate investor, you have many different options available. You could rent out the property to a long or short term tenant, or even buy a fixer-upper to remodel and sell for more than the purchase price. We know it can be a lot to consider with all your different options; we’re here to help. If you’d like more tips on the best way to invest in real estate, contact Honest Home Solutions today! As a leader in the real estate industry, we can help you make the best moves for your future.

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