The Best States to Buy a Rental Property In August 27, 2021
It’s no secret that property investment is a worthwhile venture. It may become even more profitable when you know the best locations to invest in. It’s worth mentioning that smart investors always consider contributing factors such as price, market trends, and housing demand before making a decision. It doesn’t end here, as several other variables, such as home occupancy and state regulations, may also impact the profit generated from property investment.
If you’re considering investing in a property, here are the most lucrative states to maximize your profits.
The Best States to Buy a Rental Property
Located in the heart of northwestern US, Idaho’s wild landscapes and pristine outdoors make it a popular place. The state has had the highest value appreciation and median property price over the years. That makes it a practical prospect for people looking to invest in property.
The low mortgage rates have increased real estate values drastically in Idaho. Plus, the living cost is 2 percent cheaper compared to the national average. Here are a few other facts that make this state one of the best choices to buy a rental property.
- Median home price: $414,890
- Median income: $55,800
- Value appreciation: 34.6 percent
- Population growth rate: 14 percent
The median property value in Georgia is 16 percent lower than the rest of the country. The World Population Review named Georgia as the ninth state with the lowest living cost. Plus, the state has a significantly high employment rate in most of the sectors, including mining, agriculture, and tourism. Here are the stats revealing why you should invest in Georgia.
- Median home cost: $251,514
- Median income: $58,700
- Value appreciation: 17.1 percent
- Population growth rate: 9.6 percent
With a total population of 22 million, Florida is the 8th most populated state in the U.S. In fact, it’s one of the most sought-after vacation spots and destinations in the country. Interestingly, purchasing a property in Florida is relatively easy and affordable.
That is to say; homes in Florida are around $6,000 more expensive compared to the national average. Although it’s more expensive, the cost of living is 2 percent cheaper there.
- Median home cost: $305,266
- Median income: $55,660
- Value appreciation: 18 percent
- Population growth rate: 14.2 percent
North Carolina is a stunning state with lots of mountainous regions and warm coastal plains. This might sound surprising, but the cost of living here is 9 percent lower than the national average. Moreover, its cities, including Raleigh, Durham, and Charlotte, offer thriving employment opportunities to millennials and young professionals.
- Median home cost: $254,625
- Median income: $54,600
- Value appreciation: 17.4 percent
- Population growth rate: 10 percent
In conclusion, these are the most profitable and lucrative states in the U.S. for making real estate investments. The vital metrics and features make these states the best places to invest in a rental property.