With many people moving out of NYC to a place with better COL, I wanted to see if anyone had some perspectives on the aforementioned places to buy a second home/investment property. Highlighted a few points on each below but wanted to get peoples thoughts on here as you all seem to have a good pulse on things.
Denver: best outdoor activity and consistently voted best places to live. Cost have been going up a lot and it is no longer as affordable as many other places. The percentage that home prices are increasing is starting to slow which leads me to believe it might be close to a plateau. Lots of homeless and city seems to me not as great as it used to but hey, NYC has been like that for decades now so who knows. Not sure if buying a place for investment purposes would yield a decent enough reward anymore.
Austin: probably one of the hottest real estate markets I am aware of. 19% increases for the past two years and voted one of the best places to live. Plus no income tax which is huge although property taxes are raising and already ~2.5%. Plus, no offense against people from Cali but tons are moving there and feel like prices and lifestyle will follow which makes it seem like this crazy hot market might be coming to an end in a few years. However, there are insane bidding wars on most properties and everything is going for over ask under $750Kish. Is this growth sustainable and if one was to buy now, would you still get the same returns over the next few years?
Raleigh: to be honest, I do not know much about it. Home prices seem decent, nothing too crazy. Seems like a mix of Austin and Nashville. They are raising anywhere from 5%-10% on average annual, which is decent. However, I honestly do not know enough about it to ensure that the property will start making some positive cash flow in the short term.
Anyways, would be curious to know peoples thoughts on the aforementioned cities and which might be the best investment as well as if there are any other cities that would make some great investments.
VP in Other, pure crickets, that's where I come in. Any of these useful?
More suggestions...
Fingers crossed that one of those helps you.
Bump
Raleigh all day long. Tbh Salt Lake City as well. Austin housing market is way to expensive. When a literal bungalow in East Austin is a million just because of the land there’s something wrong.
Salt Lake City? Have heard some pretty mixed reviews about it. Could you share more?
Denver but with Mormons, less booze, and better skiing.
Heard a ton of heroine as well due to the opioid problem. Is it a better culture experience than the others though?
Only if you're really in to skiing.
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