Best States To Invest In Real Estate

Best States To Invest In Real Estate – Whether you want to buy a home for your family or invest in a commercial or residential property that will appreciate, you should know the best states for real estate. Each state has different growth rates, property prices, and property taxes. Here is a comprehensive list of the best states for real estate in 2023.

Idaho is located in the northwestern part of the United States and is known for its pristine natural landscape and protected forests. The total real estate appreciation rate for the last two years was 47.64%. Over the past decade, Idaho has seen a real estate appreciation rate of 162.85%.

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The extremely high rate of appreciation is driven by the increased demand for real estate in Idaho. With a cost of living 2% lower than the national average and a low mortgage rate of 2.9%, more people are looking to Idaho as a place to move their family or invest in real estate.

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Arizona is in the southwestern region of the United States and borders California to its west. Arizona’s overall property appreciation has been 40.29% over the past two years and 27.99% over the past 12 months. Because of this, Arizona has realized some of the highest rates of real estate appreciation in the United States.

Although the cost of living in Arizona is similar to the national average, Arizona features low mortgage rates. This is why Arizona is one of the most profitable markets for real estate investors. Furthermore, Arizona experienced the nation’s third-fastest recovery of jobs lost from the pandemic. Forecasters expect more than 700,000 new jobs to be added by 2030.

Job growth is a good indicator of a growing real estate market because new workers will need a place to live. The state of Arizona also has great landlord jobs. Some Arizona cities that do better than the state average include Chandler, Oro Valley, Gilbert, Tucson, and Flagstaff.

Maine, located in the northeastern corner of the United States, has also seen high real estate growth rates. Over the past two years, Maine’s real estate appreciation rate has been 30.98%, and 20.59% over the past 12 months. Although Maine has a lower median income level than the national average, it has a lower cost of living and a low mortgage rate of 2.9%.

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Many people from New England and elsewhere around the country are choosing to retire in Maine. Furthermore, real estate investors see Maine as a great opportunity to purchase lower priced property in an efficient market with the ability to charge above average rental rates. As a result, Aroostook and Washington counties have seen the highest growth recently.

Like Idaho, Utah is a state known for its wildlife and natural parks. The overall real estate appreciation rate over the past two years in Utah was 39.25%. Over the past decade, real estate has appreciated by 134.63%.

Utah’s above-average median income is driving this high growth. As an above-average income state with low mortgage rates, Utah is sure to be an attractive destination for real estate investors and new homeowners. The fastest growing cities in Utah include Park City, Vineyard, Montezuma Creek, Salt Lake City, and South Salt Lake.

Montana is a landlocked state in the Northern part of the United States that shares 14 border crossings with Canada. Montana’s real estate appreciation rate has increased 34.68% over the past two years and 89.63% over the past decade.

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This state features a low cost of living and low mortgage rates compared to the national average. Although the median household income of $72,100 is lower than the national average, Montana is a very affordable place to live, making it attractive for new homeowners and real estate investors. estate.

Many people are leaving California and moving North to Montana because of the booming real estate market, affordable housing prices, and lower tax rates. There are also few regulations on landlords in Montana and no statewide rent control. The highest appreciating Montana cities since 2000 are Jordan, Sidney, Fairview, and Scobey.

Washington is located in the northwest corner of the United States and has seen tremendous real estate growth over the past two decades. The real estate appreciation rate in the last two years was 21.03%. In addition, the real estate appreciation rate has been 223.40% over the past two decades.

Washington residents have access to more affordable health care and utility rates. However, the overall cost of living in Washington is higher than the national average. However, the cost of living is mitigated by a higher median income of $91,600. Along with low mortgage rates, Washington is one of the best states for real estate.

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Furthermore, Washington is one of eight states with no state income tax. While the pandemic has had a big impact on Washington, the job outlook looks better.

Located in the New England region of the United States, New Hampshire is one of the best states for real estate. New Hampshire has seen a 28.82% real estate appreciation rate over the past two years and 51.59% real estate growth over the past five years.

The cost of living in New Hampshire is slightly higher than the national average, but so is the median household income at $98,000 compared to the national average of $79,000. In addition, new Hampshire residents do not have state sales, income, or capital gains tax. These features have led to high prices for single-family homes as more people work from home.

Tennessee is another great state for real estate as people move to its best cities. Nashville and its four surrounding cities are expected to see a 50% increase in population by 2024. Long-term, 500,00 people are expected to move to the region by 2040.

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This inward migration is causing an uptick in Tenneessee’s housing market. As a result, the real estate appreciation rate over the past two years was 31.38%, and 22.47% over the past 12 months.

Although Tennessee’s median income is lower than the national average, an average home in Tennessee costs about $162,500 less than the national average.

Rhode Island is in the southeastern region of the United States and faces a booming real estate market from out-of-state investors and people looking to purchase multi-family residences.

The real estate appreciation rate over the past two years was 27.82% in Rhode Island. Furthermore, the real estate market has grown by 49.40% in the last five years. Rhode Island has a higher than average median income rate of $88,000 to account for the higher cost of living in the State. Rhode Island’s mortgage rate is also low at 2.9%

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Known for its natural beauty and attractions, Oregon is located beneath Washington in the northwest corner of the United States. The real estate appreciation rate over the past two years is 28.26%, and 116.57% over the past ten years.

Oregon’s thriving technology industry, dubbed the Silicon Forest, has brought many growth benefits to the state. As a result, higher-income individuals are moving to Oregon and purchasing above-average homes. As a result, Oregon’s median income is slightly higher than the national average at $81,200.

Ohio is one of the best states for real estate because its median home value is significantly lower than the national average. Although the median income is also lower, Ohio residents get access to a low cost of living and low mortgage rates.

The real estate appreciation rate in Ohio was 23.57% over the past two years and 44.66% over the past five years. These conditions create an ideal environment for those looking to purchase residential or commercial property in the United States.

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Located in the heart of the United States, Indiana is another great state for real estate. Over the past two years, Indiana’s real estate appreciation rate has been 25.14%, and 47.28% over the past five years.

Furthermore, Indiana’s median home value is lower than the national average. For this reason, you can find affordable property and see impressive returns as Indiana’s real estate market continues to grow. The best cities in Indiana for real estate include Indianapolis, Topeka, Shoals, and Montgomery.

For wealthier individuals, Connecticut is one of the best states for real estate. The median income in Connecticut is more than $100,000, which is higher than the national average. Since the cost of living in Connecticut is slightly higher than the United States average, Connecticut is a great place to look for real estate.

Connecticut’s real estate appreciation rate was 23.68% over the past two years and 16.10% over the past 12 months.

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Located in the northern region of the United States, South Dakota is a landlocked state with many real estate opportunities. South Dakota’s real estate appreciation rate was 25.34% over the past two years and 18.55% over the past 12 months.

With a low cost of living, median home values, and mortgage rates, South Dakota’s real estate market is a hidden gem in the United States.

Florida has a population of 22 million and is the eighth most densely populated state in the country. It is also one of the most popular retirement and vacation destinations in the United States. However, buying property in Florida is still affordable.

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