Investing in real estate can be a successful way to boost your net worth if you know where and how to invest. If you are looking for a good location to put your money, consider the 10 cities below.
- Dallas, TX
The average house costs about $138,100 in Dallas, Texas. Dallas is a great place to invest if you’re looking to own in or near a big city. It’s a great place to be with its many restaurants and shops – why else would about 1.1 million residents live here?
- Indianapolis, IN
With job growth jumping from 1.8% to 2.3% in the last 6 months, Indianapolis is a great place to invest. The average house sells for $213,000 and can be rented from $800-1,000 a month. The excitement of the city itself is a bonus.
- Cleveland, OH
Job growth is on the rise while home prices decline. Cleveland is a great place to invest as it is not an overcrowded area, but still maintains the city feel at a great price. This is also home of the NBA’s Cleveland Cavaliers – basketball lovers rejoice!
- Memphis, TN
Memphis is home of some of the most influential musicians, giving it some pretty cool history, landmarks, and attractions. The average price of a home in Memphis is $190,000 and rents for about $1,000.
- Philadelphia, PA
An average home in Philadelphia has a mortgage of $487 and can be rented out for $1,200. If the difference in these costs isn’t enough to convince you to invest here, Philadelphia is also home of the famous Liberty Bell and other historical landmarks.
- Chicago, IL
Chicago is one of the most popular, sought-after cities to invest in – not only because of the excitement of the city, but because of the 9.13% median cash on cash return. What are you waiting for?
- Houston, TX
Houston’s relatively small downtown area provides a great amount of reason to invest. The average income is $53,000 while the average mortgage payment remains at $662.
- Fort Worth, TX
In Fort Worth, you can find homes for as low as $121,000. This is a great place to invest as it is one of the more affordable parts of Texas and has a job growth rate of about 4%.
- Warren, MI
Warren is a great place to invest as the houses are cheaper than other parts of Michigan, the crime rate is low, and the work force has maintained steady job growth.
- Fort Lauderdale, FL
Known for its beautiful beaches, this coastal city is a great place to invest. The average home costs $318,500 and home values have gone up 7% in the last year. The growth is expected to continue on this upward trend.
Investing can be a great way to build equity as long as you know where and when to invest. If you are still not sure where to start, call New American Funding today.