Looking for the best places to buy investment property this year? Just not sure where to begin your real estate investing?
If you were to ask any investor or a real estate agent, he/she would tell you a profitable income property is all about ‘location, location, location’. Real estate success stories are all about buying an investment property under market value in a prime location. This is the secret recipe, ladies and gents, if you can keep this in mind you should be good to go. Now, it might take you months to find an investment property with all the right prerequisites, but the key is to look in places with the highest real estate potential in terms of high returns, high cap rate, high cash on cash returns, and an appreciation in the value of the property over time. Many investors across the country tap into real estate investment opportunities to reap off the financial benefits and if they can do it, why can’t you? We look at the best places to buy investment property across the country for the year 2017, so let’s get started.
Top 10 Best Places to Buy Investment Property This Year
1. Dallas, Texas
No surprise here, if you are looking to invest in the best places to buy investment property this year, Dallas should be on the top of your list. Why? Simply put, job and economic growth are major contributing factors to the city’s strong housing potential. Moreover, home prices are considered undervalued compared to other cities. According to Forbes, 3 year price growth is estimated to be 31%, while average home price is $233,000. Employment growth is set to be 3.9% with an annual home appreciation scale of 9%. Everyone is vying for owning rental property in Dallas, competition is fierce, go get ‘em!
2. Jacksonville, Florida
Second on the list for the best places to buy investment property is none other than Jacksonville, Florida. With a booming economy and population growth, Jacksonville home prices are undervalued by 8% and averaging around $225,000. According to Forbes, job and population growth are 4.1% and 5.1%, respectively, and with an annual home appreciation rate of 9%. If you are looking to buy rental property this year, Jacksonville might be the way to go.
3. Orlando, Florida
Florida is a top contender for real estate investing this year, and Jacksonville is not the only city which made the cut. Real estate investing is booming in strong economic markets and Orlando is no exception. According to Forbes, Orlando is considered one of the best places to buy investment property this year and here is why: job and population growth are set around 4.4% and 7.2%, respectively. Moreover, with an annual home appreciation of 9%, home prices are undervalued at $219,000. Whether it is a single family home or a multi family home, Orlando should be on your radar for real estate investing this year.
4. Seattle, Washington
Seattle makes Forbes’ list for the best places to buy investment property with a whooping average home price of $416,000. Prices rose 12% year over year in correlation with a strong home appreciation rate due to a significant increase in economic and population growth. Owning rental property in Seattle is not easy because of the high demand in the area this year. Nevertheless, owning rental property in Seattle is the way to go in 2017.
5. West Palm Beach, Florida
According to Forbes, Palm Beach is the third city in Florida worth investing in this year. Why is Palm Beach considered one of the best places to buy investment property in 2017? In a nutshell, annual job and population growth have increased by 1.9% and 4.7%, respectively. Annual home prices have grown by 11%, but fret not, home prices are still undervalued which means you can get your hands on owning a rental property in Palm Beach with a reasonable price (i.e., $313,000) that is not as expensive as Seattle for example. Consider West Palm Beach a place to buy rental property today.
6. Salt Lake City, Utah
With an average home price of $277,000 and an annual home appreciation of 8%, Salt Lake City tops the list for the best places to buy investment property in the US. Job growth has increased by 3.3% year over year, while population grew by 4.1% over a three year period. Hurry and head over to Mashvisor for finding the best reasonably priced properties in Salt Lake City right now.
7. Tampa-St. Petersburg, Florida
Tampa-St. Petersburg is the last city in Florida which made it to top list of best places to buy investment property today. Home prices are undervalued, averaging $213,000 with a 9% annual home appreciation. Job and population growth look sunny side up, with an increase of 2.6% and 4.5%, respectively. There are many positive indicators to make Tampa-St. Petersburg one of the best places to buy rental property in 2017.
8. Nashville, Tennessee
Considered one of the fastest growing cities, Nashville is amongst the best places to buy investment property this year. With a 2.7% job growth and 9% annual home price increase, Nashville is eighth on the list averaging $249,000. Home prices are undervalued by 7%, that is good news for investors. Do not wait too long, however, prices are quickly on the rise.
9. Fort Worth, Texas
Fort Worth, Texas made the list for the best places to buy investment property today, averaging home prices of $206,000 with an annual home appreciation of 9%. According to Forbes, job and population growth increased by 2.3% and 5.2%, respectively. Home prices are very much undervalued, which makes this city great for real estate investing opportunities.
10. Grand Rapids, Michigan
Grand Rapids is the last city to be amongst the best places to buy investment property and one with the lowest priced and most undervalued homes. Home prices average around $166,000. Talk about a bargain! If you are tight on cash, consider owning rental property in Grand Rapids this year.
Once you’ve settled on which is your real estate investment choice among these best places to buy investment property in 2017, head over to Mashvisor to start your real estate investing right now!