Top 5 Fastest Growing Real Estate Markets In North America
We all remember the failing real estate market in 2008. Falling with the rest of the economy, the real estate market looked like it would never return to normal. Over the past few years, the market is actually soaring again and new markets are growing everyday. The American dream of buying a home is still obtainable, you just need to know where to look. According to USA Today, the housing market bounced back at the end of 2015. The great part about this is that it is active again, although experts argue on which markets are growing the fastest. Some of the top choices are listed below.
Dallas, TX
For the past two years,Dallas, TX has been on the list as one of the places in America with a growing housing market. Having a strong price appreciation and strong rents relative to property values, investors earned 1.2 percent of unleveraged returns since last year. Their returns increased from 19.5 percent to 20.7 percent in one year.
Portland, OR
Portland has been under the radar for quite some time. With low housing costs, low cost of living, a high walking index, where people are not afraid to travel on foot, bike or public transportation, it is known for being one of the healthiest cities in America. For those who want to be close to California and Washington State, or anywhere near the Pacific Ocean, Portland is one of the best options to choose from. Last year, the housing prices jumped up to fifteen percent from last year. Coined as one of the weirdest cities in America, Portland does not seem to be too weird to buy a home.
Denver, CO
Sports enthusiast should love the fact that this housing market is booming. From land to water, all of your sports needs can be met in Denver. Beautiful scenery, four seasons and a mix of cultures, all make this destination great for buying a home. It also has one of the greatest universities in the United States. Colorado in general seems to be growing. Boulder, CO, not too far away, also had a significant rise in housing prices.
Miami, FL
Experts say that Miami was one of the hardest hit areas during the housing crisis. However, even then, the rents were raised by approximately 80 dollars. With new developments arising, there has been an increasing interest in the housing market of Miami, FL. Rental prices have risen almost eleven percent since last year and investors are looking to see at least 18 percent return on their investments. The ocean and nightlife of Miami is still drawing crowds of people who want to enjoy the excitement.
Houston, TX
Texas in its entirety is doing well in the housing market, but some places are drawing more crowds than others. Houston, TX is a place where property will appreciate quickly. This alone is a reason why investors are looking to buy property there. The condominium market has boomed and out done the single family home. Condo prices rose almost fourteen percent while the single family home only rose to nine percent last year. This could be a good time to get insurance for a condo. Houston is Texas’ most populous city and the fourth most populous in the United States. Investors saw around 15.6 percent return on their investments.
The areas listed are among the top markets, but many other cities have honorable mention. Austin, TX has been a creative haven for years, drawing artists from all over the world to enjoy this capital city and all that it has to offer. Nashville, TN has a history and landscape that many seem to want to enjoy. Atlanta, GA is growing economically and drawing more workers who want to live and work in the booming city. Some experts argue that you get more bang for your buck by choosing to live in smaller cities, but the larger cities are growing too.