Real estate remains one of the best ways to generate passive income in the US, even in 2023. However, to make money, you first have to put in the leg work. Before you can find a dream investment, you need to learn where to look. With this in mind, here are the top eight real estate markets that you should be watching in 2023 if you want to make an absolute killing in the real estate game:
1. Columbus, Ohio
Young families are drawn to Columbus because of its diversified population and relatively low cost of living. But, it is also quite appealing to real estate investors in addition to young families. This is because Columbus offers great investment potential due to its cheap housing values and low rent-to-income ratio. These characteristics have strengthened the Columbus housing market, which has also experienced consistent population expansion during recent years. With excellent DSCR loan services or other unique loans, you can take advantage of the booming Columbus real estate market.
2. Orlando, Florida
Popular tourist destinations in Orlando, Florida, include Walt Disney World and Universal Studios. The Greater Orlando region, nevertheless, welcomes more people than just tourists. Every week, it is said that 1,000 new residents move in. The fact that 55% of these residents rent their homes is good news for real estate investors. This indicates that Orlando’s rental market will probably continue to expand past its present rate of expansion. Orlando’s place on this list has also been made possible by the recent rise in home prices there.
3. Boise, Idaho
For several reasons, Boise, the capital of Idaho, is growing in popularity among real estate investors. Real estate investors find Boise to be a desirable location because of the city’s robust job market, affordable housing options, expanding population, steady real estate market, and low property taxes. Boise is a tremendous opportunity for investors, whether they are wanting to buy a rental property or invest in real estate for capital growth.
4. Durham, North Carolina
One of the top cities in 2023 for rental property investments is Durham, North Carolina. Since the housing bubble burst, the housing market in Durham has significantly improved. Only two years after the 2008 market meltdown, Durham was regarded as one of the few good places to invest in real estate. Durham, North Carolina has a strong economy and a growing population, which is driving up demand for rentals. Durham, North Carolina, is a rapidly expanding city with a bustling cultural scene, a diversified population, and a solid economy.
5. Spokane, Washington
The city of Spokane, Washington, is regarded as one of the top locations for real estate investments for several reasons. They include the Spokane housing market’s affordability, the city’s robust rental market, expanding economy, and a wealth of outdoor recreation options. Along with having a flourishing arts and culture scene, a wide range of educational institutions, and a low cost of living, the city is also a desirable location for both inhabitants and investors.
6. Nashville, Tennessee
Nashville’s inclusion on this list of the finest real estate markets is mostly due to the city’s active real estate market, increase in home values, and robust local economy. Nashville is also the most populated city in Tennessee because it serves as the state’s capital. Due to this, the city has seen tremendous expansion in both employment and population over the past few years. Moreover, the median household income increased by 6.6%, increasing the possibility for rental homes to generate income.
7. Las Vegas, Nevada
There is also the Las Vegas rental market to anticipate. The rental outlook is quite positive due to the low vacancy rate and higher rent-to-income ratios. Together with these prospective rentals, Las Vegas’s commercial population has been growing. The out-of-state cash purchasers and investors are mostly to blame for the sharp rise in home prices in this area. Despite the market’s intense competition, many buyers have been forced to rent as a result of neighborhood competition. The demand for rentals in Las Vegas has been steadily rising as a result of this effort.
8. Chicago, Illinois
With about three million residents in Chicago and an additional 10 million in the surrounding metro region, Chicago is the third-largest metropolitan area in the United States. Chicago is home to a sizable population, a varied economy, and a steady market. Real estate investors find Chicago to be a desirable location because of its robust rental market, thriving downtown, presence of well-developed infrastructure, blue-collar neighborhoods with high rents, large population, investment opportunities in revitalizing neighborhoods, affordable housing, investment in public transportation, and thriving start-up culture.