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Phoenix
If you’re reading this guide, you’ve picked the right city! Phoenix real estate is expected to be the best place to invest in real estate in 2017. Why? Let’s start with the economy. The number of jobs in Phoenix is double than the national rate. It’s not just millennials that are moving to Phoenix, but also baby boomers, making the demand for Phoenix properties rise. Phoenix has always been a popular choice for relocation by retirees but now all generations are moving there.
Why? Phoenix real estate is more affordable. The average home price is slightly above $200,000. It’s not just homebuyers who benefit from home affordability but investors too. The city’s home price to rent ratio is 20, which is lower than many other big cities. Usually, a property should be rented when the ratio is above 20 and buy the property when the ratio is under 15. This ratio is just on the border, allowing an investor to gain a ROI sooner but still affordable for renters.
Vacation rentals also work beautifully in this city thanks to the tourism Phoenix receives and to the 2016 bill which legalized short-term rentals.
If you’re planning on investing in Phoenix real estate, do it now because mortgage rates are expected to continue to increase.