March 6, 2016
When looking to purchase a new home, everyone always wants to make sure that they are making a good investment that will ultimately lead to an even better return. Home prices are currently on the rise nationwide, however, wages are not, which can make it tricky for home-buyers to have the funds necessary to make such a big purchase. While there are plenty of loan options available that require very low down-payments, affordability still presents as an issue, making the need for a home purchase to be a promising investment even more important. Furthermore, for investors looking to buy rental properties, these economic conditions point to a growing strength in the rental market.
Local Market Monitor, a North Carolina-based data company that tracks home prices and economic factors in more than 300 housing markets, teamed up with Forbes to determine 2016’s Best Buy Cities, the top 20 locations where investors are predicted to get the most bang for their buck.
Florida dominated the list, occupying seven of the 20 slots among the rankings. The seven Florida cities that made the list are Orlando (No. 2), Fort Lauderdale (No. 8), Cape Coral (No. 10), North Port (No. 12), Tampa (No. 14), Jacksonville (No. 18) and West Palm Beach (No. 19). All the cities that made the list boast healthy job growth, strong population growth, and anticipated home price appreciation. Most of the cities on the list are considered undervalued, and cities with the strongest employment growth did best on the list.
Florida’s rise makes sense, given that the state attracts a lot of retirees, second-home buyers, and investors. Plus, the large number of tourists and vacationeers are great for the rental market, as well as the tourism economy, which includes a boost in seasonal job hirings.
For more details and for the complete rankings list, check out the article at forbes.com.
