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Memphis
Not many people would think of Memphis real estate when thinking about investing in real estate. But there are a couple of reasons why investors, particularly absentee investors, should consider buying an investment property in Memphis.
Firstly, Memphis real estate is more affordable. The median home price (of all properties) is $78,000, which is well below the national average. Secondly, there is a large population of millennials not buying property and having to rent property. Thirdly, time is running out as inventory is starting to decrease, so now is the time to buy an investment property in Memphis.
It is not only millennials who are renting property, but people from northern states are moving to Memphis in search for a city that offers family-friendly atmosphere and home.
Memphis also receives a good amount of tourism. Although Nashville is the mecca for country music, over half a million national and international tourists visit Graceland Mansion in Memphis, the home of Elvis Presley. Mashvisor’s projections show that an Airbnb investment property in Memphis can be very lucrative. Check Memphis’ rulings on short-term rentals.
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