Are you looking for a place to set up your real estate business? Worry no more. We have gathered facts that show the best places where you will reap massive profits. Read on to this article for more details.
Durham/ Raleigh, North Carolina
Due to a large part of the rising technology jobs in the region’s Research Triangle, the Raleigh/Durham location is one of the most significant regions to engage in rental property in the coming year.
The high student population and the youthful workforce contribute to the higher rental rates in Raleigh and Durham compared to the national average of about 33%.
According to Ofirio, house prices in Raleigh (at $340,303) and Durham (at $304,217) have risen substantially over the past year. The job market in the Academic Triangle is robust; only Austin, Texas, has more IT jobs than Raleigh. The most frequent type of dwelling in the United States is the single-family detached house.
The unemployment levels in Raleigh and Durham are substantially lower than nationally recorded, and the average yearly income is also higher than the standard rate.
For example, Raleigh’s average monthly apartment rent is now $1,287, up 3% from the previous year. In addition, Raleigh saw a 1.19% growth in population and a 1.60% increase in average household income during 2017 and 2018.
Austin’s housing market is booming for all the obvious reasons: little supply, great demand, price inflation, and a robust economy.
In addition, due to the city’s generous tax incentives, several major corporations, including Tesla, Samsung, and Apple, have established significant operations in the area. As a result, Austin saw 45% fewer movers in 2021 than in 2020, yet Lone Star State still saw a net gain in population.
The unemployment rate in Austin is comparatively low, hovering at about 4.2 percent. Due to its low unemployment rates, Austin has a far more affordable living cost than San Francisco.
Rental fees are rising, but the average is still manageable at $1,431 monthly. If you want to make a long-term investment, Austin’s housing market is a safe bet: home prices there have risen by nearly 90% since 2012. In the Austin-Round Rock metro region, housing prices will increase by 37.1% between May 2018 and May 2022.
Las Vegas, Nevada
While the rest of the country was recovering from the economic crisis, Las Vegas suffered one of the worst busts. However, the low price of living, the absence of state taxes, and the diverse economic environment have all contributed to the city’s spectacular rise to prosperity. Moreover, those in California who can work from home can relocate quickly.
The city of Las Vegas has seen a population boom like never before. Their population has grown by 14.53 percent since the 2010 census. Over 2 million people live in metropolitan areas.
After years of relying on the hospitality and tourism industries, the city has branched into other fields like healthcare technology and commercial real estate.
The government levies no personal or corporate income tax, and there are fewer other taxes on commerce here than in other areas. The one-bedroom apartment rent in Vegas is $1,196 monthly, up $9 over the previous year. Regarding selling a home, Las Vegas is among the best US markets right now.
Dallas’s mixed economy, with opportunities for workers at all skill levels, is one of the city’s greatest strengths.
Renting is more cost-effective than owning; therefore, the city has one of the lowest owner rates in the nation, and the demand for rental housing has skyrocketed in past years. Frisco, fifteen minutes north of Dallas, is ranked No. 6 on WalletHub’s list of the fastest-growing cities in the United States.
The national average is 33%; however, in this city, 52.9% of people are renters. A combined 15.7 percent increase in sales and price rise is projected for the Dallas–Fort Worth metro area in 2021.
Based on the data provided by Ofirio, the median rent price in Dallas is $2,730 per month. Dallas’ median home price of $259,621 is lower than the national median but up 12.3 percent from a year ago.
Charlotte, North Carolina
In recent decades, Charlotte’s population and several jobs in the banking and technology sectors have grown substantially. Thanks to the region’s 25 colleges and universities, it also has a young workforce. It has lower property taxes than competing tech clusters, making it more affordable to buy a home there.
Despite a 16.4% annual increase, the average home price is still a reasonable $302,570. House rents have increased by 6% to a median of $1,259.
Charlotte has been recognized as a top place to live in the United States by World Report making it an excellent real estate market. There are both homeowners and renters in the area, with a sizable 49% of the populace living in rented homes.
Charlotte’s private and public sector employment increased by 2.3% during 2018 and 2019. Over the next decade, work there is expected to expand by 45.2%, surpassing the national rate of 33.5%.
When choosing a location to set up your real estate business, finding somewhere you are sure to get your returns is best. But remember, to maximize your chances for success when buying or selling a home, being well-informed and keeping up with current trends is crucial.