Investing in real estate has always been a good way to maximize your returns, but sometimes, finding the right market can be elusive. Real estate has always been about location. The right location depends on your own personal goals. If you’re looking to invest in real estate, finding cities that have three main elements are important:
- Job growth
- Population growth
Once you identify a market that is expanding that is also affordable, the potential real estate market is usually a good investment. You still have to do your due diligence to find the best real estate investments. Here are six cities that have a lot of potential for real estate investors.
Las Vegas, Nevada
Las Vegas has been named as one of the most affordable cities to live in. There’s no shortage of renters thanks to a thriving tourism and convention industry. Rent prices are increasing. The population of Las Vegas is growing. The job market is thriving.
The Midwest states are attracting millennials who are currently living in high-priced markets. Indianapolis is the second-largest city in the Midwest, and it’s very affordable. The city has poured millions of dollars into revitalization, improving the downtown area. The job market is much higher than the national average, even though growth slowed in 2020 with the onset of the coronavirus. Housing prices remain low, which translates to a lot of potential in the invest in real estate market.
The job market in Phoenix is taking off, bringing in many people from higher-priced real estate markets. There’s a demand for rentals and single-family homes. The cost of living in Phoenix is a little above the national average, but it’s still much lower than Los Angeles, San Francisco or New York City.
Dallas – Fort Worth metro, Texas
Over the past decade, many major companies have relocated to the DFW area because of its lower cost of living and affordable real estate. Texas is business-friendly with lower taxes, fewer regulations and lower costs of doing business. For employees, DFW has a good public transportation system, entertainment, sports and education opportunities. The job growth rate looks good. The population is growing, but it still remains affordable.
This theme park city may have had stagnant job growth in 2020 due to COVID-19, but it’s still one of the most affordable cities in Florida when it comes to the housing market and livability. As the country reopens, the job market will rebound. Investors can find affordable properties in the area. In this city, more people tend to rent than buy.
Albuquerque, New Mexico
Albuquerque may not be one of the biggest cities in the United States, but it’s a beautiful, culturally rich community with many private tech companies and home to Kirtland Air Force Base. Real estate is affordable. The population is booming. Like Dallas and Phoenix, people are moving here to get away from the higher-priced markets while still having the amenities of a larger city.
Are you interested in the best real estate investments in Las Vegas? Contact Platinum Real Estate Professionals to acquire investment properties in the area.