There is little doubt that one of the strongest factors in making a successful real estate investment is location, location, location.
This certainly doesn’t imply that there is only one good location to invest in real estate. If that were true, there would be an overwhelming surge of investors snapping up every available property for sale in that one location.
However, there are specific US cities that have proven themselves worthy of your careful consideration if you are in the market to purchase real estate in the near future. Let’s take a look at the eight best US cities to buy real estate in 2021.
1. Scottsdale, Arizona
One of the best cities in the US to buy property in 2021 is Scottdale. The city has experienced a high influx of well-paying jobs and several companies have recently moved to or opened branches in Scottsdale because of its business-friendly policies.
If you are looking to purchase rental property, Scottsdale condos for sale would be an excellent choice in part because it has extremely Airbnb-friendly laws and policies.
Also, the Scottsdale/Phoenix area is experiencing a housing inventory shortage, which has resulted in a very steady rise in house values.
Additionally, Arizona is a tax-friendly state and offers a lower cost of living when compared to California and New York, but with a higher standard of living, with plenty of museums, nightlife, shopping, and restaurants to choose from in a relaxed atmosphere.
2. Raleigh, North Carolina
The Raleigh/Durham area is known for its Research Triangle, the heart of one of America’s high-tech job markets. But the city also houses some top-notch technology institutions and a notable arts and cultural scene.
The city’s population growth is strong and the number of high-paying jobs is growing. The rental market in Raleigh is affordable and attractive to a younger influx of high-skill workers.
Its progressive outlook has drawn business leaders, scientists, and creatives to call the city home, resulting in a varied and high quality of life for its residents.
3. Tampa, Florida
By far, most real estate experts have high expectations for the Tampa market, predicting that 2021 will be a very good year for this gulf-coast city. Housing prices have only increased even during the pandemic. Tampa has enjoyed steady job growth for the past five years, with good salaries for workers, resulting in an even higher demand for better housing.
There’s steady job growth being created by higher-paying professional and business services coming to Tampa. In turn, these business expansions are spurring economic growth in the city. However, the cost of living in Tampa is 5 percent lower than the national average.
Tampa is also simply a great place to call home, with its mild winters and picture-postcard weather throughout most of the year. Summers can be hot but then that becomes the perfect time to head to the gulf beaches, a mere 20-minute drive from the heart of Tampa.
With its strong economy and inviting climate, Tampa should be on any real estate investor’s list of cities to check out.
4. Nashville, Tennessee
Nashville’s low unemployment rate coupled with a growing job market has propelled the city into the top places to invest in real estate in 2021. It’s the capital of Tennessee and the most populous in the state. It is a hub for transportation, manufacturing, education, and healthcare. The financial services industry is also growing in Nashville.
The city is mostly known for its music scene and in fact, its nickname is “Music City.”
Its high population growth is expected to be ideal for a higher demand for rental housing and more and more businesses are moving to the city. Rents in Nashville have increased by 9 percent year-over-year and rental property accounted for 46 percent of total occupied housing units in the city.
5. Boise, Idaho
WalletHub ranked Boise number 1 on its list of best places to buy a house based on 24 key indicators of attractiveness and economic growth and for good reason. It has a great reputation as being one of the top long-term real estate investment locations in the US.
High demand and lower supply continue to result in an increase in property prices in the city, even during the pandemic. The tight inventory combined with historically low rates for 30-year fixed mortgages has caused demand to soar.
The appreciation rate for real estate in Boise is a whopping 10 percent annually, which will result in a nice profit when it comes time to sell.
Population growth in Boise is three times that of the national average, so there will be no shortage of families and individuals seeking new homes.
6. Austin, Texas
Austin is a charming city in the heart of Texas and serves as the state’s capital. The city has a diverse population of college students, artists and musicians, high-tech workers, and government employees. It has a strong economy and has become a center for technology and business with an abundance of high-salary jobs in technology and education.
The city houses many highly regarded dining, shopping, and entertainment hangouts.
The home values in Austin benefit from a huge scarcity of homes for sale in the city, which has not kept pace with the influx of people moving there.
7. Dallas, Texas
Dallas has experienced impressive growth over the past 10 years and that trend is expected to continue well beyond 2021. Most real estate investors anticipate that Dallas will become one of the top cities for relocation and for investment in property.
In addition to being a hub for business, the city offers many forms of entertainment, dining, and shopping, and sports and recreation.
Dallas’ population has seen 20 percent growth in the last 10 years, which is over twice the national average.
8. Colorado Springs, Colorado
The Colorado Springs real estate market has continued to appreciate much faster than average for US cities due to a solid local economy and low mortgage rates. However, one notable aspect of the Colorado Springs area is its affordability, especially when compared to other nearby markets, such as Denver, where the average home price is over $500,000.
Home values in the city have increased by 7.6 percent in the last year, but the average price is still an affordable $323,000. Single-family homes are the most popular type of housing in Colorado Springs.
Overall, the real estate market is hot in the US at present and there are many opportunities for you if you are looking to buy property. However, you could do very well by looking into these 8 best US cities to buy real estate in 2021.