Typically, growing up involves packing and moving to a home of your own. The cost of monthly rentals is on the rise in many cities, prompting younger generations to invest in purchasing real estate. Before that, you must check out net effective rent for better understanding
When young professionals (including millennials) decide to go out into the world, it’s in their best interest to explore the top cities on the market. One of the main reasons that many young professionals are choosing to relocate to popular cities is because there are more opportunities to grow.
We’ll discuss each of the following cities in detail to provide insights for those who want to move to and buy real estate in an exciting new city. If you’re looking for a change of pace, this list is perfect for you.
1) Scottsdale, Arizona
2) Austin, Texas
3) Orlando, Florida
4) Myrtle Beach, South Carolina
5) Denver, Colorado
6) Memphis, Tennessee
Why Are the Real Estate Markets Stable in These Particular Cities?
Skeptics of relocating within the current housing market are missing out on a few key indicators. Here’s a list of the main points that keep the real estate industry stable throughout each of the cities we’ll be referencing:
- These cities have a higher influx of jobs because of each city’s business friendly policies.
- Each city allows for short term rentals. However, this might be limited by HOA concerns.
- Cities on this list are located in tax friendly states. This lowers the cost of living when compared to states like California and New York. The result is higher living standards for residents.
- The housing inventory shortage in these cities has caused a steady rise in the value of homes.
Exploring Real Estate Investments in Scottsdale, Arizona
- Average Cost for Homes:The good news about moving to Scottsdale is that the real estate market is experiencing a healthy growth period. The value of homes for sale in Scottsdale is improving, so buying a house in this city is a good investment for any young professional who can afford the payments.
The average cost of real estate in this city has risen by over 6 percent, and the average cost for a home in Scottsdale is just over $500,000. Homes have been listed at over $600,000 on average. However, the average sale price for a home is just over $400,000.
This means that buying real estate in Scottsdale costs an average of $200,000 less than what the sellers were originally asking. Thus, young professionals moving to Scottsdale have a great opportunity to invest in this thriving community.
- Access to Transportation:When you fly into Scottsdale, you’ll probably land at the commercial airport located in Phoenix. However, Scottsdale has a small airport of its own. It also has trolley service that takes residents into the city of Phoenix.
The majority of people choose to take a car to get around in this city. The average commute from home to work in Scottsdale takes around 20 minutes.
- Attractions:Have you heard of Old Town Scottsdale? This area has been described as the heart of Scottsdale, Arizona. Old Town Scottsdale condos are great investment opportunities for young professionals who desire moving to a city with a vibrant nightlife. There’s plenty to do in the Old Town area: visit galleries, shop at local boutiques, or go to a wine tasting. If you’re looking for a classy night on the town in Scottsdale, you should browse the menus of the fine Italian restaurants, smokehouses, steakhouses, and sports bars. Old Town Scottsdale condos are close to historic areas as well, so residents have access to American Indian art galleries and southwestern style decor.
- Local Schools:The city of Scottsdale offers 44 different public school options, and there are over 100 private school programs.
Exploring Real Estate Investments in Austin, Texas
- Average Cost for Homes:The value of houses in Austin has been rising at 5.4 percent, and the average value is just over $400,000.
- Access to Transportation:Most people living and commuting in this city are taking their cars out for a drive. However, there are some people who prefer to use one of the 50 bus lines in Austin.
- Attractions:There are over 250 green spaces in the city of Austin, such as McKinney Falls State Park. Austin also has a vibrant nightlife and communities of musicians.
Exploring Real Estate Investments in Orlando, Florida
- Average Cost for Homes:The average value for homes in Orlando has went up, and current homes are valued at around $260,000.
- Access to Transportation:Although taking the bus is not usually practical for residents living in Orlando, the city has 50 bus lines, and there’s access to Amtrak. Most people in this city use a car to get around.
- Local Schools:Most residents of Orlando send their children to a public school in the district of Orange County Public Schools. There are several options for private education, including Saint James Cathedral School.
Exploring Real Estate Investments in Myrtle Beach, South Carolina
- Average Cost for Homes:The average value for homes in this city has gone up slightly in the past year. Homes are valued at around $167,000.
- Access to Transportation:Although many people own a beach cruiser bicycle, driving a car is the most popular mode of transportation. There are a handful of bus routes servicing this part of the coast.
- Attractions:Myrtle Beach is a relatively quiet area, and one of its biggest attractions is nature. Visit the beach, or dine at one of 500 places to eat.
Exploring Real Estate Investments in Denver, Colorado
- Average Cost for Homes:The average cost for a house in Denver has increased slightly over the past year. The average home is valued at around $465,000.
- Access to Transportation:Although Denver has over 100 bus lines, most residents prefer to use a car to get around town. It’s also a good city for people who prefer to walk places.
- Local Schools:The Denver Public School System services nearly all areas of the city. Their system includes 18 charter schools.
Exploring Real Estate Investments in Memphis, Tennessee
- Average Cost for Homes:In the past year, the average value of homes in Memphis has gone up more than any other city on this list. Homes in Memphis are valued at around $97,000.
While the average price for homes that are listed is currently around $105,000, the average price for homes that have sold is actually a few thousand dollars higher.
- Access to Transportation:Although most residents in this city carry out their daily lives by using a car, there are 42 bus lines serviced by Memphis Area Transit Authority. Walking is not practical for most people living in this city.
- Attractions:Memphis is a quiet city with around 100 green spaces for residents to enjoy. For people who enjoy nightlife, there are plenty of music venues, restaurants, bars, and more. Those who relish in cultural events will enjoy the myriad of historic recording studios and art galleries.