As someone who has talked to many real estate investors all over the US through my podcast, I can attest to some of the cities on this list. But to be frank, I think most places are decent right now, except the West Coast, some other major cities in landlord unfriendly states. Sure, the strategy that you would want to acquire and then exit the investment might be different from area to area, but there are always deals to be done. You just have to look for them and be ready to jump when you find a good one.
According to a recent article on Yahoo Finance, there are several cities where both the price and the market are right for those in a position to buy or invest in real estate. The article reached out to real estate agents and investors to get their thoughts on where they suggest buying a home if you're looking to build wealth. These are the best cities to invest in real estate agents say are the best to invest in real estate if you want to get rich.
List of the best cities to invest in real estate in 2024
Gagan Saini, a real estate investor and director of acquisitions at JiT Home Buyers, said his top pick for where to buy real estate if you want to be wealthy is Austin. He believes that the booming tech industry, rich culture, and rapid population growth in Austin promise property appreciation and thriving rental opportunities. In his opinion, Austin isn't just a home; it's an investment in tomorrow.
While Austin is Saini's number one choice, he also suggests Tampa for those looking for something a little farther south. He believes that Tampa, driven by its expanding job market in tech and healthcare, is quietly becoming a spot for real estate growth. The promise of new career opportunities and a growing urban core make it a wise investment for the near future.
I can attest to this one. I live about an hour and a half north of Tampa. This entire region is exploding and doing very well.
Rogers Park, Illinois
For those looking for new homes or investment opportunities in the Midwest, Rogers Park is a great place to start. Alex Caras, a Realtor at Magellan Realty LLC, explains that Rogers Park is a neighborhood in Chicago where investors can flourish. The area is walkable and has plenty of older homes that need updating. For those looking to flip a home, this is an excellent area. Alternatively, buying a property and turning it into a rental can provide a great source of long-term income due to the relatively low price points.
Charlotte or Raleigh, North Carolina
Erin Hybart, a real estate agent based in Louisiana, suggests keeping an eye on South Carolina and North Carolina for investment opportunities. She believes that both states offer a good cost of living, good jobs, great weather, laid-back atmosphere, and proximity to diverse outdoor activities. Specifically in North Carolina, she highlights Charlotte and Raleigh as great cities for purchasing homes, especially for residential use. Each area has its own unique offering regarding amenities, access to outdoor activities, and overall energy and feel.
Another prime location in Texas for those looking to build wealth through real estate is Houston. Sebastian Jania, owner of Ontario Property Buyers, explains that one of the best places to purchase real estate if you want to be wealthy is Houston. He believes that the city has some of the largest net migration in the USA, meaning there is a high demand for people to move to Houston. Additionally, Houston offers some of the least expensive real estate in the top net migration cities, providing a lot of growth potential and wealth generation opportunities.
While choosing the right location is a good way to get started with investing or building wealth, there are other factors to consider as well. It's important to look at different neighborhoods within a specific city and consider factors like safety, crime, education, and walkability. Checking home values in different communities and understanding how they've changed over time is also crucial. The type and purpose of the property, as well as having a clear budget and understanding expected returns, are all important considerations.
In conclusion, if you're looking for the top cities to invest in real estate and build wealth, consider exploring cities like Austin, Tampa, Rogers Park (Chicago), Charlotte/ Raleigh (North Carolina), and Houston. These cities offer promising opportunities for real estate investors, each with its own unique market and potential for growth. Remember to thoroughly research the market, consider the location and type of property, and make sure to have a clear budget and investment strategy in mind. With the right approach, real estate can be a profitable investment for building long-term wealth.