Real estate is all about finding the right location. An investor should carefully look for the best location before investing in real estate. A good location should have high rental occupancy, high rentals relative to your mortgage repayments, and a low tenant default rate. Here are the top real estate markets to invest in this year.
Boise City, Idaho: Boise stands out as one of the best long-term real estate investments in the country. Boise metro area housing market has a persistent tight inventory and a low 30-year fixed mortgage rate. This has increased the demand and prices of houses. It has an annual real estate appreciation rate of about 10%, which means that sellers are bound to make a profit.
Austin, Texas: The Austin housing market has improved a lot with home values. It has almost doubled in the past ten years. There has been an increase in the employment rate in Austin in recent years. It is a viable location since Austin’s economy is strong and diverse. Austin has an annual real estate appreciation rate of about 6.8%.
Durham, North Carolina: Durham housing market has made substantial improvements since the housing bubble burst of 2006. It has a strong population growth and a thriving economy, which creates demand for housing. An increase in new apartments has increased the rent prices by 10% in the past four years. Durham has an annual real estate rate of 4.03%.
Seattle, Washington: Seattle has great economic prospects and a large labor market. The population of Seattle has increased consistently, leading to an increase in housing prices. Tech companies in this area have led to a 50% price growth in the market. It also among the top real estate market to invest this year because of the diverse population. It is also a good environment for migrants to settle.
Phoenix, Arizona: Phoenix is becoming a great destination for people living in an expensive area like Los Angeles because of its affordable rent options. It has favorable living conditions, a growing economy, and strong housing growth. Phoenix has one of the highest annual real estate appreciation rates in the country.
Colorado Springs, Colorado: Colorado Springs real estate market has appreciated higher than many markets in the country. The market is affordable, and the economy is thriving. Colorado Springs’s annual real estate appreciation rate Is 4.08%.