To find the best budget-friendly places to invest, they looked at single-family homes that cost $232,500 or under – the median price of existing homes nationwide in April, according to the National Association of Realtors® (NAR). The analysis also included other factors, which is why some markets with lower appreciation appear higher on their list.
The top 10 cities for investors on a budget:
1.Jacksonville, Fla.: 3.6%
2.Tampa, Fla.: 4.4%
3.Orlando, Fla.: 3.7%
4.Chicago, Ill.: 4.2%
5.Detroit, Mich.: 3.1%
6.Las Vegas, Nev.: 4.7%
7.Cincinnati, Ohio: 3.4%
8.Phoenix, Ariz.: 4.8%
9.Cleveland, Ohio: 3.4%
10.Minneapolis, Minn.: 3.4%
HomeUnion also identified the following metros as where buyers can see the largest first-year rental returns as a landlord:
1.Cleveland, Ohio: 11.1%
2.Columbia, S.C.: 9.7%
3.Birmingham, Ala.: 8.5%
4.Pittsburgh, Pa.: 8.4%
5.Milwaukee, Wis.: 8.4%
Source: “The Best Cities to Invest in Real Estate on a Budget,” realtor.com® (July 25, 2016)
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