Buying a house is an exciting concept, but when you’re trying to decide where to buy, it can be quite difficult. When considering cities to purchase homes in, there are few places which stand out above the crowd more than the others when all factors are analyzed. For those looking to purchase rental properties for investment reasons, these factors are even more important.
These cities are ripe with tourism, leading to an influx of job availability and high rental demand. Housing prices are average in comparison to the national average, with median prices reaching approximately $202,000 for a 3-bedroom, single-family home.
Average housing prices in Indianapolis equate to $137,300 with a forecasted appreciation of 3%. Government jobs provide a solid foundation for economic health and lower housing prices allot for a solid profit for both private residences and investment properties.
Las Vegas is yet another tourism city. For residents, Las Vegas provides a steady stream of work opportunities. For investors, Las Vegas gives the perfect rental environment. Home prices average at $219,200 with an approximate annual appreciation of 4.8%.
With homes in the mid $150,000, San Antonio draws in people due to its great weather and affordable housing options. The city provides a diverse economic growth with industries from oil and energy to finance and aerospace.
This historic city has a growing tech industry with a large quantity of restaurants and bars. The city’s annual appreciation is approximately 2.5% with the market average price ranging in the mid $130,000.
Quickly becoming a hot spot for Millennials, Atlanta’s average value is approximately $175,800. With a forecasted appreciation of 3.1%, Atlanta is clearly on this list for a reason.
Detroit has climbed to the top of the charts when it comes to places to purchase a home. Prices are extremely enticing, cost of living is at the bottom of the ranks nationwide, and multiple billion-dollar companies have begun to invest in the motor city. Detroit provides the best return on investment for both private buyers and investors.
Despite many opportunities across the nation, the cities included on this list have steadily been ranking in real estate market studies across the board. Purchasing a home in one of these areas will lead to increase return on investment and lower output costs, helping to provide a profitable transaction regardless of the reason for the investment.
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