Five Great Cities for Investment Properties in 2019
Are you thinking about buying an investment property to create another income source? Investment properties can be a great way to earn money, build equity on a second property, and more. Whether you want to buy a place to rent out long-term, or you’re looking to create a short-term rental (like an Airbnb), location is an important factor in making sure you maximize your return on investment.
If you’re looking to buy an investment property, here are some locations for you to consider.
Not only does Orlando have a favorable year-round climate, but it also attracts many tourists looking for short-term rentals. The median home price in Orlando is $241,200*, putting it exactly in line with the national median home price. Orlando’s population continues to grow, meaning more people will be looking for housing in the city. While tourism is the city’s main source of income, Orlando has seen an influx of jobs in the finance, manufacturing, construction, and technology sectors too.
Fort Worth, Texas
With year-over-year increases in population and business growth, Texas is an in-demand location. Fort Worth is a great location for investment property owners because of its proximity to colleges that attract a large number of students who are looking for a place to rent throughout their educational career. With a median home price of $197,400*, Fort Worth falls below the national average home price, making it an attractive and affordable place to buy a second property.
Along with its thriving country music scene, Nashville also boasts low unemployment and a low cost of living. The city’s strong local economy attracts big businesses and a population of potential renters. The low cost of living in Nashville appeals to young professionals looking to build a career in a growing location with a multitude of opportunities. The median home price is $323,700* and home values are expected to continue rising.
Although the medium house price in Denver ($424,700*) is well above the national average, Denver is considered a great place to buy an investment property because the city’s population continues to grow as many large companies move their headquarters to the Mile High City. Denver’s quality of life, proximity to the mountains, and great weather provide an environment that’s great for long and short-term rentals.
With a high demand for housing and low supply, many people in the Phoenix area are looking to rent. Home values have been on the rise for the last several years, and the median home price ($242,600*) hovers below the national average. As one of the most popular places for short-term rentals, investment properties in Phoenix has the potential to create an additional revenue stream for homeowners.
Are you thinking about buying an investment property? Get in touch with us today to talk about your financing options!
*Median home price data from Zillow.