Investing in property is a fantastic way to maximize your returns, and knowing where exactly you would want to invest in property is an important aspect you should factor in. Thanks to the international world order, countries have begun opening up to international investments as well. Real estate is among the hottest markets for said investments. To ensure that you are being smart with your investments, factors such as housing demand, prices, and prevalent market trends per state should be considered. You will also find things like home occupancy rates and state regulations which are bound to affect the profitability of property investments regardless of the location, crucial knowledge in this new venture.
Here are some of the states that are the best for property investments.
1. Idaho
The state is situated in the northwest United States and is popular for its beautiful outdoors as well as protected landscapes. It has a high median property price of around $414,490 with a property value appreciation of roughly 34.6% in the past year. It is a huge prospect for investors mainly due to the low mortgage rates and general cost of living, which is about 2% cheaper than the national average. Seeing that the population is growing rapidly and the occupancy rate is at about 87%, it is likely that you will see a continuous demand from buyers and renters.
2. North Carolina
Located in the Southeastern region of the United States, the state has a warm Atlantic coastal plain at the east and a cool mountainous region at the west, making it a perfect area for anyone looking to invest in real estate. North Carolina has a median home price of around $254,525 and the property value appreciation rate is about 17.4%. When compared to the national average, you will find that the cost of living is roughly 9% lower. The state also has cities such as Raleigh and Charlotte which are prospering with job opportunities for younger professionals.
3. Florida
It is the eight-most populated state in America and has a population of around 22 million. It is a popular vacation and retirement destination, yet you will still find that buying a property in the area is still quite affordable. The median home price in Florida is roughly $305,266 and the property appreciation rate is roughly around 18%. The home price is about $6,000 more but the cost of living is cheaper by 2%. This then leaves you with the option of outweighing the pros and the cons and deciding which is of more value to you.
4. Delaware
Delaware is located in the Mid-Atlantic region, as it borders the Atlantic Ocean to its east. It is the second-smallest and the sixth most densely populated state. The climate is usually moderated by the ocean since the state is located along the Atlantic coastal plain. The environment supports a wide variety of vegetation which promotes an ideal area for potential investors. Anyone interested in investing in property in Delaware can check out the Delaware statutory trust which offers a free property list as well as an information kit.
5. Georgia
Georgia is known for being the ninth state with the lowest cost of living. It houses the headquarters of large companies such as Delta Airlines and Coca-Cola, which creates a growing demand for single-family rentals. The median home price is at around $251,514 and the rate of the property value appreciation is around 17.1%. The peach state also has an occupancy rate of 88% which proves how the area is a hot market for anyone looking to invest. The state also has a relatively high job growth rate in the mining, agriculture, and tourism sectors.
These states are some of which you are encouraged to look at and consider if interested in property investments. Given that now you know which factors you are required to consider, the decision of choosing the most ideal state for you is made easier. It should be noted that it is important you conduct property research by scouting the properties and taking your time before concluding on the one you are interested in purchasing. This will help you avoid mistakes that you might otherwise overlook and reduce your chances of making rash decisions.
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