Real estate is a popular investment for millions of people all over the world. There are many great reasons to do it and it continues to be a great way to build wealth and diversify any portfolio. Whether you are going to live in the house, fix and flip the home, or rent it out, you need to find ways to add value in order to achieve the best results in real estate investing.
There are several ways to add value to a home. This includes renovating the kitchen or bathroom, adding modern and efficient appliances, or even outfitting the yard with some water ponds. However, arguably the most important thing to keep in mind when investing in real estate and judging value, is location.
Where you buy, flip, sell or rent homes can have a significant impact on the success or relative failure of your investment. Some cities are certainly more prosperous and have more potential than others. You want to choose somewhere with strong population growth and one with a strong economy.
In an effort to help you out, this blog post is going to go over some of 2021’s best and worst places when it comes to investing in real estate. While there could be good investments hidden everywhere, choosing the right place can often increase the profit potential of a property.
The Best Places to Invest
Frisco is located around 20 or 30 minutes from Dallas and is a wonderful place to invest in real estate. It is one of the fastest growing cities in the country, and like most of Texas, has a fairly strong and diverse economy. It is the perfect bedroom community for those looking for a more quiet Texas lifestyle, but also is convenient for those who work in and around Dallas.
A seemingly unlikely choice, Boise actually has one of the strongest real estate markets in the country. Not only is there a growing number of home sales in the city, but prices are expected to rise. This means your investment could pay off more quickly than in many other cities. Real estate appreciation is high and there is constant demand for quality homes.
With some of the best weather in the country, it is no surprise to see Orlando, Florida come in as one of the best places to invest in real estate. It has a strong, stable economy, the population is growing, and there are expanding job opportunities. In addition to selling or renting your home to families, Orlando is also a great place to turn your real estate into a vacation rental for those who are escaping the cold in the winter and need a place to stay for a few weeks.
The Worst Places to Invest
St. Louis, Missouri
St. Louis has seen one of the biggest population declines of big cities in the USA over the last few years, losing thousands of residents annually. In fact, the city has had a steady decline in population for decades. Home values in the city are still increasing, but at a lesser rate than many others. Also, the annual employment growth rate of under 1% is disappointing to investors looking to buy, sell and flip properties.
Milwaukee is another city that has seen a shrinking population over the last few years. In addition to that, the employment growth is quite weak as it only grows around 0.8% annually. All this means is that the city isn’t growing or prospering enough for many to consider it as a strong investment opportunity. While the rental market in the city is solid, it is often offset by the aforementioned negatives.
San Francisco, California
Although it is among the most desirable places to live in the country, real estate investments in San Francisco will often struggle. While the population is growing and the job market and employment numbers are improving, the buy-in for a place like San Francisco is a difficult pill to swallow. With the median price of homes at well over $1 million, investing in property here just isn’t worth it in most cases. Even with some of the highest rent in the country, it could still take a real estate investor decades to pay off their home. You are better off looking for somewhere with affordable housing and good growth potential.
In conclusion, these are some of the best and worst places to invest in real estate throughout 2021.
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We hope you found this blog post 2021’s Best & Worst Places to Invest in Real Estate useful. Be sure to check out our post Top 5 Best Cities in the United States for Real Estate Investing for more great tips!
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