Real estate has always been a popular investment option for people looking to bring in some extra cash. Problem is, it can be difficult enough for most people to afford one home for themselves to live in, let alone have the ability to purchase multiple properties, especially in expensive cities like New York, Seattle, or San Francisco.
But who says the biggest, most expensive cities are the only places for someone to try their hand at becoming the next big-time real estate mogul? For anyone looking to start their careers in real estate investment on a budget, realtor.com and HomeUnion created a list of the top 10 cities for real estate investing on a budget.
According to realtor.com, in order to create the list, HomeUnion factored in metros where prices have not yet returned to their prerecession peaks, compared prices from the first quarter of 2015 to the first quarter of 2016, and forecasted future rent growth by looking at local economies, employment numbers, and previous rent hikes and drops.
After the accountants at HomeUnion tucked away their abacuses and slide rules, it was determined that Jacksonville, Fla. was the best city in the country for property investing on a budget. In fact, the weather isn’t the only thing in Florida that is hot; its real estate investing market is also scorching like the asphalt in a Piggly Wiggly parking lot. The top three spots on the list are all Florida cities as Tampa and Orlando took the second and third spots respectively.
The first non-Florida city was Chicago, followed by another Midwest city in Detroit in the fifth spot. Outside of Florida, Ohio was the only other state to appear more than once on the list with Cincinnati (7) and Cleveland (9).
For the complete list and for a second list of the top 10 metros for best returns on rental properties, click the link below.