Investing in property remains to be a priority for many people. Being a valuable asset, owning a piece of real estate can indeed provide great benefits for yourself and your family.
Purchasing a house or investment property today is not limited to one’s specific location. In fact, it is possible to invest in areas outside of your locality or even abroad. In the U.S., statistics show that three percent of the country’s population are real estate investors.
It should be noted, however, that several factors need to be considered before making a buying decision. While many people prioritize location, real estate experts recommend other criteria such as strong job growth over the past year, high affordability, low vacancy rates, more inbound home searches and large percentage of millennials.
If you’re one of those interested in putting your money into real estate in the U.S., here are the best investment areas for 2016. While this year may not be a good one for first time buyers owing to the rising house prices, investors still have an opportunity in the rental property market.
The Grand Rapids area of Michigan is a top investment place. Prices of homes here are at an average of more than $154,000. Following its economic struggles, the state has recovered well and its real estate market has been showing a solid performance.
Despite being labeled in the past as a dying city, Grand Rapids has strongly bounced back. Research has shown that it’s a great city to raise a family, among the best places to live with low unemployment rates and increasing real estate investor interest.
Those planning to live in the southern part of the U.S. should consider Orlando, Florida. The average price of homes here is at nearly $203,000.
More than having the famous Disney World, Universal Studios, Sea World and outlet malls, Orlando has also become a preferred property investment destination. Local property experts point out the city’s position as research and development (R&D) and tech hub as a come-on for property buyers particularly those from the U.K.
The cowboy state of Texas is another ideal place to invest in real estate. San Antonio is the best part with the average home price pegged at more than $200,000.
Several factors make San Antonio a great place to invest in real estate. Firstly, it has a strong job growth even when real estate markets are down. Secondly, it has a diverse job base such as in the manufacturing sector and military bases. Thirdly, it has a large population of blue collar workers which has led to a rise in demand for rental properties and owner finance properties.
Charlotte in North Carolina is also an investment haven. The average home price here is pegged at more than $220,000.
Buying a home in Charlotte is more affordable than renting. Homeowners also enjoy a new set of tax benefits notably for those with home loans up to $1 million and there are even certain homebuying programs that require a low downpayment from only three to five percent.