Property investing can be a lucrative and exciting endeavor, especially when you invest in markets that are rising — or are going to rise — in value. The key is identifying those growing markets. The following are six up-and-coming markets that you should consider when property investing. Market values shift, of course, but these areas are certainly on the rise and should only continue in that direction.
Over the last year, median home sales in the Cleveland metropolitan area have gone up 12 percent ($7,800), according to analysis done by Trulia. A strong market coupled with a vibrant cultural center makes Northeast Ohio a very stellar market to invest in right now. Prices are going to continue to rise based on the trends of the last few years, so this area is a great place to invest for the future.
Grand Rapids is on a lot of people’s radars right now, and it is not hard to see why. It currently sits at the 14th most affordable city to live in, and it was 22nd in job growth over the last year. Combine an affordable city, a high employment rate and a vibrant local culture, and you get a very desirable real-estate market for property investing.
This market is still on fire! In 2015, it was Forbes No. 1 market to invest in for property. In 2016, it has fallen to number two, but property investing in Charleston is still a strong move to make. Charleston is a popular tourist destination, it has the sixth highest rate of job growth in the United States, there are a lot of world-renowned restaurants, and there is the ever popular Charleston Food and Wine Festival that will be celebrating its tenth year in 2016. If you needed anymore reasons to invest in property around here, the scenery and nature are absolutely breathtaking.
Austin is an extremely popular spot for property investing right now. Austin is considered the live music capital of the US, with more live venues and bars than any city in the country — making it a popular destination with millennials. Besides a vibrant art scene that hosts South by Southwest (SXSW), one of the largest and most renowned art festivals in the entire world, Austin is also home to a number of Universities including University of Texas at Austin. The job market is booming, property values continue to rise, and there are a number of nature trails and other activities for those who want to get away from the hustle and bustle of the city.
Much like Austin, Baton Rouge is another capital city on the rise. With one of the largest universities in the country, Louisiana State University, right in its own backyard, there are a number of great property investments in this city. Finally emerging from the shadow of New Orleans, Baton Rouge is home to a surging job market and a growing arts scene, making it a great spot for property investing.
We’re going back to the Lone Star State! San Antonio saw the largest influx of millennials than any other city between the years of 2010 and 2013. There is a beautiful river walk, it’s a completely bike-friendly city, the properties are more affordable than Austin, Houston or Dallas, and still San Antonio is able to boast big city attractions like professional sports, art museums and cultural sites. San Antonio is definitely one spot you’ll want to keep on your radar for 2016.