Many cities are often overlooked or disregarded in the national radar for places to buy homes to rent. When looking at locations that are often real estate hot spots you see the same cities listed over and over again: New York City, Los Angeles, or Vancouver.
Based on economics, what cities would be the best places to invest in real estate tomorrow? Of course, buying houses in order to rent and/or sell doesn’t just have to do strictly with money but whether there are enough factors to draw people into that area.
Here are three American cities and two international cities that are burgeoning real estate areas, even though at times they are unnoticed as living hotspots.
1. Austin, Texas, United States
Austin and Texas, in general, has one of the healthiest housing markets at the moment. According to the US Census Bureau, Austin is the third fastest-growing city in the US and it has been ranked as “the Next Biggest Boomtown” by Forbes. However, housing is still incredibly reasonable.
This college town is going through one of its largest floods of young and new residents due to its reputation as being a center for hip, intellectual creative types.
What all of this means to those that are looking to buy homes is that there are people looking to rent/buy; due to the influx of people jobs are being created there, and everyone is looking for a home.
Average Housing Price: $150,000
Average Rent: $1,403
2. Raleigh, North Carolina, United States
This North Carolinian college town was recently ranked as both the number one city for business and careers and the fastest growing job market in the US by Forbes.
It’s a delightful city that is home to short commutes, new jobs, and most importantly affordable and available housing.
The US Census Bureau has ranked it recently as the fastest growing city in the country and college students, families, and people looking for new jobs in the growing job market would make it the perfect place to buy homes.
Average Housing Price: $200,000
Average Rent: $946-1900
3. Detroit, Michigan, United States
Detroit has recently been in the news for less glamorous reasons but it is by far one of the best places to buy houses in America. It is 70% cheaper to buy a house than to rent one in Detroit, making it the perfect location for those looking to buy to rent.
Younger people and families are moving into the city due to new jobs like Quicken Loans and the burgeoning college and creative atmosphere in Midtown.
Optimism in neighborhoods like Woodbridge and Corktown, who have many community programs and local small businesses, keep the atmosphere in the area positive and attractive to millennials looking for a new home.
Detroit is poised for an eventual comeback, making now the best time to buy houses there.
Average Housing Price: $50.500
Average Rent: $716-1200
4. Corfu, Greece
This Greek island in the Ionian Sea is both one of the most affordable places for finding houses to purchase and one of the most attractive for people looking to rent and/or buy.
Corfu is home to many sea-front properties and locations with historic and cultural significance, this town is attractive to vacationers, college students, and those looking for jobs in one of the largest port of calls in Greece.
Corfu was listed as one of the Telegraph’s Best Places in Europe to Make Money from Property.
Average Housing Price: £785,000
5. Berlin, Germany
Berlin was once a struggling city but in recent years has become extremely trendy. The house prices have yet to catch up with Germany’s economy, but values have been rising.
Buying housing investments in Germany can be relatively hassle free due to efficient German management companies.
With little sign of recession and a growing rate of people looking for homes in this historic and forward-moving city, Berlin would be a great place for those in real estate looking for new investments.
Average Housing Price: £148,750
Dave Landry Jr. is a traveller, blogger, real estate enthusiast and financial advisor who frequently contributes to National Debt Relief (a BBB Accredited Organization) to provide people who are financially struggling with the assistance and advice that they need. Dave hopes you enjoy this article and that it helps you in determining your next real estate purchase!
Article provided by Dave Landry