The Best Cities to Buy Real Estate in America
The volatility of the stock market is back and investors are now focusing more on real estate. If it is on your mind as well, you must be wondering which cities are the best to purchase real estate.
Cities such as Washington DC, LA, Seattle, New York City and San Francisco have become very crowded and the prices are ridiculous. The constant traffic doesn’t make things any better.
Most people are now able to work remotely because of technology. The current coronavirus pandemic could also push people further into the remote working trend.
People with families also prefer a much bigger space with safe streets for kids. You can barely get land in a city like San Francisco—and if you do, it will be crazy expensive.
Where to Buy Real Estate
First, here are the best states to purchase real estate (arranged in order, starting with the best):
- South Carolina
- Vermont
- South Dakota
- Tennessee
- Arizona
- Idaho
- Texas
- North Carolina
- Florida
- Oregon
- New Mexico
- Washington
- Delaware
- Washington, DC
- Nevada
The following are the best cities according to ULI (Urban Land Institute).
Austin
Austin is a favorite for many people as far as real estate investing goes. The benefits include passionate commitment to business, reasonable prices for real estate, no state income taxes and high-quality lifestyle.
However, the pressures of housing affordability are going up and traffic is starting to become a problem. The population growth is also expected to be very high in the next five years.
Raleigh/Durham
The multifamily family and suburban office sectors have seen impressive investment over the recent past. The city has a high concentration of educational institutions making it an intellectual capital center.
The Research Triangle Park has placed Raleigh/Durham in third place after San Francisco and Silicon Valley in the tech industry.
Nashville
The city has a high-spirited mood and there are expectations for continued development and investment.
Corporation-wise, it has Smile Direct Club, an operations center for Amazon and Alliance Bernstein’s headquarters.
Charlotte
The Bank of America has its headquarters in this city. It has been a hub for the banking sector for more than 20 years.
1.2% of the country’s real estate investment was in Charlotte (2016 to 2018). In 2019, the number went up to 1.5 %.
Orlando
Orlando attracted 1.3% of USA’s real estate investment (2016 to 2018).
Its population is expected to rise by 71,000 in the coming five years. Despite this, it was rated a multifamily “buy”, according to ULI’s survey.
Lastly, it doesn’t have state income tax.
Cities of Interests, According to CrowdStreet
CrowdStreet focuses primarily on 18-hour cities when it comes to investing. According to them, here are four cities they consider interesting.
- Milwaukee, Wisconsin – the cost of doing business is lower here.
- Columbus, Ohio – many educated millennials have been moving to Columbus, giving it a high population of workers in their prime.
- Charleston, South Carolina – the city is vibrant and the job growth is great.
- Kansas City, Missouri – everyone loves the growth of job opportunities and low cost of living.
