(ThePennyWatcher.com) – Being a real estate entrepreneur is exciting, but it takes some research and strategy to make sure you are in the right market where things are “hot”.
Of course there are many cities to choose from, but we have boiled down the hot states that are sizzling right now.
Real estate has outperformed the stock market by a long shot, with an average annual return of 10.71%, compared to just 7.1% for the S&P 500.
Really since the beggining of modern day time, real estate has always been the big winner. There is no better asset class that holds and increses its value more than the houses we live in and the buildings we work in.
Sure there are ups and downs in the market, but it always remains on top. The fact is people will always need a place to live, be it renting or owning physical property. Either you rent it to someone, create passive income and equity, or perhaps just own it and create equity.
Both are a win win in the long run.
Factors To Consider
Job Growth is important. As new companies setup shop in your area, so do new development projects around apartments and commercial space.
And think about general population increases. As the demand for that area goes up, so doesn’t the real estate in the area. It’s more valuable! It comes down to supply and demand.
Demographic shifts are also important to look at. When a particular area experiences a demographic shift, such as an influx of young professionals or retirees, demand for real estate can increase significantly.
This can result in higher rental rates and property values.
Also, neighborhoods that are undergoing revitalization or experiencing investment in infrastructure is a telling sign that new projects and money is flowing into that area. It may be your time to jump on something that is a great deal and allows for exceptional growth!
Ok, let’s take a look at some hot states.
Florida
Orlando, Florida has seen some impressive growth, with its population shooting up by over 20% in the last decade. The job market in the city has been booming, and even though it has been popular for some time and attracted tourists from all over the world, it still has some solid areas of new growth.
Tampa is another fast-growing city in Florida, with a population increase of close to 15% since 2010. The city’s job market has remained very steady, and is a hub for a variety of industries in the bay area.
Tampa has a median home price of around $280,000, which is far below the national average. Tampa may give you all you need in either an investment or a new life there, so check it out!.
Texas
Everything is bigger in Texas as they say, and it remains a strong choice for many folks migrating from their states today. In recent years many have migrated to Texas for its laid back laws and regulations, and overall quality of life.
Austin, TX continues to be a hot market, with many tech based companies flocking there over the last few years. It’s music scene is a huge buzz these days, and lower cost of living for a fairly large city make it very attractive.
Many celebrities like Joe Rogan and Elon Musk have moved to Austin, and they commonly boast about how they wouldn’t have had it any other way.
Rogan opened a large Comedy Club there as well, and along with its music its emerging as quite the vemue for well known names in comedy.
Tennessee
Music cit as they call it. Nashville is one of the country’s hottest real estate markets, with a median home price of $342,000, up over 6% from last year.
Nashville has major local universities and hospitals that continue to attract young professionals and more established families. You can get alot for your money just a bit outside the city and feel like you own your own farm.
Networking is certainly key when looking for good opportunities, and sites like Bigger Pockets among others allow you to connect and speak with real estate pros and aspiring investors to target the best market areas.
Look into where you think you would like to invest or move, and connect with like minded others doing the same and you will be on your way to getting that dream property, investment or not.
