3 Fla. cities tops for budget real estate investing

3 Fla. cities tops for budget real estate investing

by DeVore Design, August 9, 2016
It’s a good time to be a real estate investor: Median prices on existing homes are expected to climb 6 percent this year, according to a new study by realtor.com and HomeUnion. And those looking to invest in real estate now can find lots of options if they’re willing to look past pricey big metro areas.

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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