The COVID-19 epidemic left many people financially vulnerable, yet the real estate market thrived, making real estate investors and homeowners the winners in these difficult economic times. In fact, between September 2019 and September 2021, homeowners with mortgages saw a cumulative $1 trillion rise in their equity in the United States.
The epidemic has impacted both the demand for and availability of homes. Mortgage rates fell, lowering the cost of borrowing money to buy a home and increasing demand. With that in mind, here are some of the greatest areas to invest in real estate in 2022 and beyond.
Charlotte, North Carolina
Charlotte has seen substantial employment development and population increase in the IT and finance sectors. Furthermore, its 25 universities and colleges support a youthful workforce, and its cheap property taxes make it an attractive site to invest in real estate when compared to competing tech clusters.
Overview
The average apartment rent has increased by 6% to $1,259.
The median price of a property is $305,570, which is a reasonable figure considering the 16.4 percent gain over the previous year.
As the second most powerful banking hub in the United States after New York, its financial supremacy encourages IT investment.
Charlotte has a mix of renters and owners, with renters accounting for over 48 percent of the population.
Charlotte was ranked one of the greatest places to live by U.S. News & World Report.
Charlotte's job market is improving, with a 2.3 percent rise in employment between 2018 and 2019. Its estimated employment growth over the next decade is 45.2 percent, much greater than the national average of 33.5 percent.
Dallas, Texas
Dallas' economic variety is one of its assets since the city offers work for individuals of various income levels. It has one of the lowest homeownership rates in the nation since renting is more inexpensive than purchasing, and demand for rental apartments has risen dramatically in recent years.
Overview
52.9 percent of Dallas residents rent their houses or flats, compared to 33 percent nationally.
The population of the city is continuously increasing. According to WalletHub, Frisco, which is just 20 minutes away, is rated sixth in the nation's fastest-growing cities.
The average rent for an apartment in Dallas is $1,2176, a 2% rise over 2020.
This city's median house price is $259,621, up 12.3 percent over the previous year but still below the national average.
Las Vegas, Nevada
It's no secret that the Las Vegas market has been highly volatile, with one of the country's worst collapses during the Great Recession. However, it has made an astonishing rebound, thanks to a variety of reasons such as the lack of state taxes, a cheap cost of living, and a diversifying corporate climate. Furthermore, it is a simple transition for Californians who can work remotely.
Overview
In Las Vegas, there are no state taxes for firms or people, and there are few other types of business-related taxes in comparison to other cities.
Long powered by its hospitality and tourist businesses, the city has expanded into high-tech, health, and commercial real estate.
Las Vegas' population continues to rise at an unparalleled rate. According to the latest recent census, the city's metro region presently has over 2 million citizens, a 14.53 percent growth from 2010.
The city is experiencing one of the nation's hottest seller's markets.
Austin, Texas
Rising prices, strong demand, little availability, and a thriving employment market contribute to Austin, Texas's housing market boom. The city has provided various tax benefits to corporations who relocate to this region, and companies such as Apple, Samsung, and Tesla have taken advantage of these offerings. Tesla moved completely, while Apple established big operations in the city.
Relocations to Austin were 45 percent of what they would be in 2020, and Texas continues to attract new inhabitants.
Overview
The Austin real estate market is a smart investment in the long run. Since 2012, housing prices in the city have increased by over 90 percent.
Rents are progressively increasing, but the typical monthly rent is still an affordable $1,431.
Austin's cost of living is substantially cheaper than that of San Francisco.
Austin's unemployment rate is around 4.2 percent lower than the national average.
Raleigh/Durham, North Carolina
The Raleigh/Durham region is one of the finest destinations for real estate investment in 2022, thanks partly to the area's high-tech employment in the Research Triangle. While over one-third of Americans rent their houses, Durham has a rental rate of 52%, and Raleigh has a rental rate of 43%. This is mostly owing to the enormous number of students in the region. It's also because of the young people who have migrated to the region for jobs.
Overview
Raleigh's population increased by 1.19 percent between 2017 and 2018, but the median household income increased by 1.6 percent to $65,695 from $64,660.
The average rent for an apartment in Raleigh is $1,287, a 3% rise over 2020.
Raleigh and Durham have lower unemployment rates than the national average, and their average yearly income is greater than the national average.
The most typical kind of housing in this region is single-family detached dwellings.
There are many work prospects in the Research Triangle — Raleigh is second only to Austin in terms of technological job options.
Raleigh and Durham had median house prices of $340,303 and $304,217, respectively. These figures have consistently risen during the previous two years.
To see why you should invest in real estate, please visit: https://energimine.com/where-should-i-invest-in-real-estate-now/
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