When it’s about buying property In the US, it’s important to consider the bigger picture. Location is obviously one of the biggest factors, but so are economic opportunities, crime and safety, accessibility, growth, education and climate.
Right now, the average home sales price in the U.S. is $513,100, according to the Federal Reserve. Five years ago, that number was just $375,500. Although there were extenuating circumstances that led to this jump, prices are expected to continue to rise in the coming years.
If you are thinking about buying a property in the next five years, here are some US cities to consider, according to real estate experts.
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Riverside, California
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Typical home price: $643,521
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Price increase year after year: 8.6%
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Security Index: 59.76 (moderate)
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Climate index: 86.63 (very high)
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Crime and security classification: W-
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General evaluation: B-
“Having leased and sold millions of square feet in the Inland Empire, I can vouch for the rapid growth and growing appeal of Riverside,” said Joe Stance, broker and founder of Stance Commercial Properties.
The area could be a great place for investors and individual residents to buy. It is located near several major urban centers, including Anaheim, California; San Bernardino, California; Los Angeles; and, to some extent, San Diego. However, according to Stance, it still maintains a small-town community feel that makes it attractive to families.
“Riverside is poised for sustained growth,” he said. “The city’s dedication to the arts, innovation and new business development makes it a prime location for residential and commercial investment.”
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New Albany, Ohio
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Typical home price: $599,251
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Price increase year after year: 7.9%
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Safety index near Columbus: 50.66 (moderate)
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Climate index in Columbus: 71.29 (high)
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Crime and security classification: B+
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General evaluation: ONE+
Dimitri Zubrich, real estate agent with Re/Max Affiliates in Westerville, Ohiosaid New Albany is a hidden gem that is sure to become a hot spot in the next five years.
“This lesser-known location is on the cusp of a significant economic boom due to Intel’s new microchip factory,” he said. “The factory is expected to bring more than 3,000 jobs and $20 billion in investment to the area. This project is part of a larger initiative to create a ‘Silicon Heartland’ in Ohio. It will drive technological growth and economic development.
“Having worked extensively in the Columbus area, I have seen how these developments can transform communities,” he said. “The Intel project, combined with New Albany’s already low property taxes and excellent school system, makes it an ideal location for long-term investment.”
Pictured: Columbus, Ohio
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Atlanta
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Typical home price: $399,879
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Price increase year after year: two%
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Security Index: 36.02 (low)
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Climate index: 89.73 (high)
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Crime and security classification: W-
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General evaluation: A
For those interested in living in the South, Atlanta is another US city to consider.
“As an Atlanta real estate agent, I truly believe that Atlanta will be the best city for real estate investment in the next five years. Our city is an economic powerhouse in the Southeast, with large companies like Delta, Coca-Cola and Home Depot constantly expanding. These corporations, along with numerous technology startups, are generating job opportunities and attracting people from other states to Atlanta and surrounding suburbs,” said Jeremy Smith, a real estate consultant and real estate broker with Engel & Völkers.
“Compared to other major cities such as New York, San Francisco and Los Angeles, Atlanta offers a relatively affordable cost of living,” he said. “Our suburbs are growing, offering excellent schools and a much lower cost per square foot than other large metropolitan areas. Although housing prices are rising, Atlanta still offers more affordable options and promises a better return on investment over the next five years.”
Boise, Idaho
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Typical home price: $491,295
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Price increase year after year: 4.8%
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Security Index: 64.72 (high)
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Climate index: 65.11 (high)
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Crime and security classification: B-
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General evaluation: A-
While living in California, Stance also said he saw great potential in Boise.
“Boise’s rise as a center of economic and population growth cannot be ignored,” he said. “The city’s low cost of living and high quality of life… make it an attractive market.”
Stance also said that the city is likely to be a great investment opportunity, especially for those purchasing commercial space, such as office buildings. This is because the rental market is already high and buildings – residential and non-residential – have continued to appreciate in value over time.
Hudson Valley/Catskills Region, New York
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Typical home price: $446,241
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Price increase year after year: 7%
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Security Index: 49.22 (moderate)
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Climate index: 79.66 (high)
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Crime and security classification: B-
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General evaluation: B-
Several locations in the Hudson Valley/Catskills region could also be great places to buy real estate in the next five years, according to Angelica Ferguson VonDrak, associate real estate agent at Sotheby’s International Realty.
“Kingston is right in the heart of the Hudson Valley and has many advantages. The city is undergoing significant revitalization right now,” she said. “Catskill is really on the rise. It offers affordable housing and is close to the Hudson River and the Catskill Mountains. There’s a lot of revitalization going on downtown, which is attracting new businesses and residents.”
And the options don’t stop there. “Livingston Manor is another great location to see positive appreciation and is a perfect place for anyone who enjoys the outdoors,” she said. “It is situated in the southern Catskills and offers beautiful natural settings and small-town charm. In recent years, it has become a meeting point for the city’s tourists, which has stimulated the growth of the local economy.”
As for Germanton, VonDrak said it’s a hidden gem that has seen a steady increase in buyers looking to settle in a more peaceful, rural area. It also has a strong sense of community and a growing number of local businesses – a good sign for future property values.
Last but not least is Coxsackie.
“Coxsackie is a town that is really starting to catch people’s attention. Located on the banks of the Hudson River, Coxsackie has beautiful waterfront views and a charming historic downtown,” she said. “There is a lot of potential here, especially with the opening of new restaurants and stores, and the community is very welcoming. Property prices are still relatively low, so it’s a great time to buy before it really takes off. River towns don’t stay cheap for long!”
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Conclusion
Ultimately, where you decide to buy property is a personal choice. It’s important to weigh all the factors that are important to you, as well as understand your budget and your reasons for doing so.
Whether you’re buying for your family or for investment purposes, knowing these things and focusing on the bigger picture can help you make an informed decision and choose the best location for you.
All home prices and price changes were sourced from Zillow, all safety and climate index numbers were sourced from Numbeo, and all crime, safety, and overall ratings were sourced from Niche.
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This article originally appeared on GOBankingRates. with: Real estate experts say these will be the best US cities to buy property in the next 5 years
