Investing in real estate is by far one of the best ways to make money, particularly since interest rates are so low. But real estate is never a guaranteed win. You need to make sure you’re investing in the right places. Right now these are the top three states for investing in real estate.
Texas is booming. It has the second largest economy in the country, so there’s always a demand from buyers. Cities like Dallas have huge tech industries and oil is always a reliable income generator for the state. There are no state income taxes and real estate throughout the state is cheap.
The size of the state means that you’ll find some of the lowest property prices in Texas. But that doesn’t mean the properties are bad. They’re of extremely high quality and many of them are new builds. On a side note, did you know that Dripping Springs has the highest property appreciation rate of anywhere in the nation? This is together with huge population increases and job growth rates.
Florida is another state that boasts of an incredible property market. For example, the average property price in Jacksonville is going up by 9% per year. And Florida is a state that’s always going to have a lot of demand.
With great weather and Florida serving as the most popular retirement destination around, Florida can provide you with a great long-term investment option. It also has good job growth rates. However, it doesn’t compare with Texas in this respect. The long-term outlook is not as promising as Texas, but Florida still offers some great investment options.
Big spenders should absolutely consider buying in Washington State. The city of Seattle has grown into one of the most vibrant cities in the nation. That means people want to live there, which is pushing up real estate prices. It should be noted that Seattle is an extremely expensive city to buy property in, and it’s only going up.
This has been triggered by the tax on foreign buyers in Vancouver, Canada, which has cooled the property market. Price increases along the west coast are only going to keep happening, so Washington State can offer a great investment option for those with some extra money in their pockets.
Last Word – But Where Should You Buy?
Texas is by far the leader in the United States right now. Prices are lower than Florida and Washington, and the level of growth is expected to be sustained for much longer. Texas also has perks for residents that you’re not going to find in other parts of the country, such as no state income taxes.
Before you make a purchase, consider the various charges and taxes you’ll need to deal with. Don’t just look at the prices of real estate and potential growth. If the market changes you don’t want to get stuck in a state with high property taxes.
Which state do you believe offers the best real estate investment options?