With a new year, new investment opportunities arise, and one thing every year people look to expand is their property portfolio.
2019 is going to be another bumper year for buying property and there a number of cities across the US which are well worth exploring over the next 11 months.
Like every year, the Emerging Trends in Real Estate has unveiled a number of areas where property is worth investing in, and with some fantastic mortgage rates currently around, it could be your time to dip further into the property market.
There are a number of lenders around currently offering great deals with the best interest rates on 30-year fixed rate mortgages down 4.46% this month.
But where should you be investing? We take a look at the cities which should be at the top of your house hunting list…
The Fort Worth area and in and around Dallas is the number one place to invest in property this year with a booming economy currently.
The low cost of living is seeing more and more people flock to the Texan city as the number of jobs begin to increase.
The demand for rental properties is increasing and will continue to do so, which makes it the perfect city to buy to rent. The average rent prices are are around $1,500, with property coming in at around $300,000 to buy.
It’s a great opportunity in a thriving city, with its musical and sporting culture also making it a really appealing prospect.
Brooklyn has gentrified hugely in the last decade and continues to do so at a rate of knots. Buying in New York naturally doesn’t come cheap but the rewards can be lucrative if you have the capital to invest.
There’s a high occupancy rate in Brooklyn and New York City as a whole and with rental prices high, you can enjoy some tidy profits, even more so if you’re looking to rent out as Airbnb.
The average property will set you back over $1.1million currently in Brooklyn and you’ll tend to take away around $3,250 in rental fees should you take that route.
The smart money is currently going on multi-family property to increase that rental income, while the government are also looking at further opportunities for property in Brooklyn to meet demand, which will be well worth monitoring.
Raleigh in North Carolina is expected to do really well over the next year. Over the years it’s remained a stable market and with jobs expected to rise in the city in the coming year, we’re going to see an influx in investment.
The percentage of people under the age of 45 in Raleigh is large, making it an extremely appealing area to invest in and rent out to the younger generation. Here you can expect to receive on average $1,500 in rental fees, with property costing just short of half a million dollars.
The real estate market in Raleigh is most certainly going to continue to grow throughout 2019 as affordable housing and jobs combined make it a real hotspot for the younger generation and those wanting to start a family.
That’s clearly highlighted by the number of days property is currently staying on the market for, just a little over two months.
The Florida tourist hotspot has long been a great place to invest in property, not least for its rental fees out to holidaymakers.
However, it’s becoming an extremely popular place to live, with the population having grown 3.2% in 2018 alone. Jobs are also growing with an annual increase of 4.4%.
That combined with the nice weather, picturesque location and quality of life makes it one of the nicest places to live in the entire country.
It’s perhaps no surprise Orlando has featured in the top five places to invest for the past three years and that isn’t going to stop anytime soon.
You can purchase a property for an average of $320,000, with rental prices around $1,500 per month and with the population continuing to grow, you won’t be short of people wanting to move in.
Nashville is well known for its culture and it appears more and more people are wanting to get a taste of the Kentucky city. The city has built more new homes than anywhere else in the country over the last year and there’s a huge demand for renting both long term and short.
Unemployment in the city is incredibly low, the lowest in any area with more than a million residents, producing the perfect market for buy to rent.
2019 will likely see more people flock to the city to live and work, so property is being snapped up quickly. You can earn just short of $2,000 per month when renting out property, while the tourist trade can also see you make significant cash through the likes of Airbnb.
What’s more, property is much cheaper on average than the likes of New York and Orlando, making the city an investment seriously worth considering.