Best Places to Buy Rental Property in 2024

Last Updated: April 15, 2024

Where are the best places to buy rental property this year? As a seasoned real estate investor who has been buying single-family and multi-family real estate for decades in the United States and abroad, this is a question I get asked a lot. To help you narrow down the best market for your real estate investment goals, we’ve rounded up the top choices for 2024 and into 2025.

Best Places to Buy Rental Property Quick Links

Before we dive into our best places to buy rental property for 2024, here are some tips for analyzing potential real estate markets.

3 FACTORS FOR ANALYZING A REAL ESTATE MARKET

Before researching and analyzing markets, you’ll want clarity on your real estate investment goals to avoid making impulse decisions. Ask yourself, “What do I want from my investment?” Knowing your goals and the answer to this question is critical to creating your best real estate investment strategy.

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I’ve found that the best cities to invest in have three factors in common: job growth, population growth and affordability.

1. Job Growth

Because population growth correlates with the availability of job opportunities, real estate investors should prioritize markets where job opportunities are expanding.

When assessing a location for a strong job market, here are key points to keep in mind:

Number of jobs. The amount of jobs in an area signifies which locations are experiencing growth and which are not.
Rise in median salary. The median salary is the midpoint of all wages. When it rises, it indicates a growing economy with a demand for skilled workers.
Job diversity. A strong mix of industries and workforce signifies an area is on an upward momentum.
Commercial buildings. When the economy improves, industries expand and more commercial buildings and towers are built.

2. Population Growth

Despite what the numbers on your pro forma may say, a rental property only brings in revenue if you can find someone willing to rent it. To determine the best places to buy rental property for 2024, look for areas with high population growth and housing demand.

To analyze a region’s real estate market, look for signs of increasing population, as this often equates to increased demand for housing. Real estate markets with growing populations also tend to have strong economies. When more jobs are available, more people can afford to pay rent.

When demand for houses outpaces supply, home prices rise and rents increase. When you invest in rental properties in an area with high population growth and housing demand, your investment should pay off over time as rents rise.

3. Affordability

Every housing market has its own pricing and market trends. When researching where to invest in rental property, different factors come into play. Here are three you’ll want to make note of:

Location. A property’s location, including the city and neighborhood, plays a big role in its current value, appreciation potential, and how long it takes to recoup your initial investment. At RealWealth, we suggest investors avoid high-priced markets like New York City, Los Angeles, or San Francisco and instead focus on markets with growing appreciation and job growth like Baltimore, Maryland, San Antonio, Texas, and Jacksonville, Florida.
Price-to-rent ratio. Investors use this benchmark number to gauge an area’s potential profitability. To find this number, divide the median home price by the median yearly rent. The calculated number lets you know if renting or owning a property is cheaper. A price-to-rent ratio of 15 or lower favors buying, while 21 and above means it’s cheaper to rent than buy. The higher the price-to-rent ratio, the worse the market is for real estate investing (rentals in particular). It also translates to lower cash flow potential. Conversely, an area with affordable real estate but increasing rents will almost always make for a good investment.
Fixer Upper. A fixer-upper in a popular or up-and-coming neighborhood can also be a good investment if you have the time, money and experience to make improvements that increase rent and property values.

When you find a market with all three factors – job growth, population growth, and affordability – you’ll likely be able to find good real estate investment opportunities for both cash flow and appreciation.

To help you with your market research, we’ve rounded up 25 of the best places to buy rental property for 2024 and into 2025. We’ll also explain why these markets are strong for investors.

WHERE IS THE BEST PLACE TO BUY RENTAL PROPERTY?

25 CITIES TO CONSIDER IN 2024 AND INTO 2025

Please Note: The following real estate markets are ranked according to our estimation of their cash flow and appreciation potential. We’ve made this determination based on insights from RealWealth Investment Counselors, who are highly experienced real estate investors who own property in many of these markets.

Using the expertise of our local property team networks, we’ve pulled together and analyzed current home value and rental data based on the current inventory, as well as metro area historical home value and rental data (dating back to 2014) using Zillow’s Housing Data spreadsheets. In addition, we’ve researched and calculated metro population growth for the last eleven years using Census.gov and annual job growth using data from the Department of Numbers.

We’ve completed months of research to update this article for 2024. However, please do your due diligence when deciding which real estate market to invest in and which property to purchase. This is the only way to ensure you make the best investment decision for your goals and financial situation.

#1 – Dallas, Texas

Often referred to as DFW or The Metroplex by locals, the Dallas–Fort Worth–Arlington Metropolitan Statistical Area is the bustling hub of North Texas. It covers 12 counties, with two main areas—Dallas–Plano–Irving and Fort Worth–Arlington—leading the economic growth of Texas.

It is anticipated to be America’s third-biggest metro area by 2030, with a projected population of up to 10 million residents. Currently ranked fifth for its economic size among other U.S. metro areas, Dallas had a gross domestic product (GDP) of approximately 688.9 billion U.S. dollars in 2022, clearly showing a continuing economic growth and stability trend in one of the best investment property locations.

About the Dallas Housing Market

Dallas’s real estate market has evolved thanks to forward-thinking development and a diverse economy. Although it was once known for cotton and oil, Dallas has expanded into other industries, such as tech and finance. This diversity has helped the real estate market stay strong. The Dallas housing market has remained stable, even during economic uncertainty, making it a good choice for investors.

According to a recent PwC/Urban Land Institute report, Dallas-Fort Worth ranked fifth in homebuilding prospects and third in overall real estate prospects nationally. These rankings highlight Dallas-Fort Worth as a key ‘Super Sun Belt’ city and a magnet for real estate investment.

With the most multi-family units in 2022 and a healthy vacancy rate of 6.1%, Dallas-Fort Worth has a well-balanced supply and demand. This means real estate in Dallas is still more affordable for investors than other large metro areas, making it one of the best cities to buy rental property.

Dallas Housing Market Statistics

Median Household Income: $82,823
Metro Population: 7.9 Million
12-Year Population Growth: 24.27%
Median Home Price: $366,326
Median Rent Per Month: $1,787 (0.49% rent-to-value ratio)
1-Year Equity Growth: 8.91%
10-Year Equity Growth (January 2014 – January 2024): 115.52%
1-Year Rent Growth: 4.07%
10-Year Rent Growth (January 2014 – January 2024): 43.19%
Job Growth: +144,399 CES jobs created over the last year
1-Year Job Growth Rate: 3.46% (106% higher than the national average)
Unemployment Rate: 3.3% (11% lower than the national average)

Dallas Housing Market Quick Facts

Home prices in the Dallas metro area have grown by an impressive 115.52% over the last 10 years at a rate of 8.91%, making it one of the fastest-appreciating housing markets in the country. However, Realtor.com ranks Dallas as the 96th top housing market for price growth in 2024, indicating that price growth has slowed.
Rents have steadily increased by 4.07% per year over the last decade. As of January 2024, the average rent for single-family rental properties in Dallas is $1,787.
Dallas’s economy is vibrant, diverse, and expanding, as reflected by a 3.46% job growth rate as of October 2023. Between October 2022 and October 2023, 144,400 new jobs were created.
The Dallas-Fort Worth metro area is one of the fastest-growing in the US, with a population growth of over 24% in the last 12 years, projected to surpass 8.2 million by the end of 2024
The Dallas metro area’s GDP grew by 12.8% to $688.9 billion between 2021 and 2022, highlighting the region’s economic strength.
The Dallas housing market is heating up, as evidenced by its market hotness rank change of -27 compared to other metro areas, indicating a significant rise in the market’s ranking.
Despite a recent slowdown with a 0.7% decline in home prices as of January 2024, the Dallas real estate market has shown signs of increased activity, with a 7.6% rise in active listings and a 2.9% increase in new listings.
The rental vacancy rate in the Dallas metro area stands at 6.1%, with 41% of metro households opting to rent.

Top 3 Reasons to Invest in the Dallas Real Estate Market in 2024

1. Resilient appreciation

Despite forecasts of home price stabilization, the Dallas housing market has consistently surpassed the national average, with an average yearly home price appreciation rate of 8.91% and an average rent appreciation rate of 4.07% over the last 10 years. This reliable growth offers promising investment opportunities, even during periods of price corrections.

2. Rapid urbanization and population surge

The Dallas-Fort Worth metro area is among the fastest-growing regions in the United States, with a population increase of over 170,000 people between July 2021 and July 2022. The city of Dallas has gained 100,000 residents in the last decade. This rapid urbanization indicates a strong and sustained demand for housing.

3. Diversified economic powerhouse

Dallas boasts a flourishing, diversified economy that goes beyond any single industry. As the fifth fastest-growing economy among the 50 largest metro areas in the U.S., Dallas attracts businesses, talent, and investment, driving job creation and supporting the housing market’s growth potential.

How To Purchase Investment Property in Dallas

Dallas has a robust and diversified economy with a significant presence in the technology, financial services, and defense sectors. The city’s population growth and job market are strong, contributing to a high demand for rental properties.

How to Purchase:

Research the market: Familiarize yourself with the different neighborhoods and their investment potential. Areas like Bishop Arts District and Deep Ellum are popular for their vibrant community and potential for growth.
Understand the laws: Texas property laws are generally landlord-friendly. However, be aware of specific local regulations regarding property rental and maintenance.
Financial planning: Texas property taxes are higher than in other states, which could impact your investment’s profitability. Review your real estate pro forma thoroughly and talk with a trusted CPA.
Work with a local team: Partner with experts who know the Dallas market well and can help you find the best properties. Sign up to RealWealth to connect with the team we work with in the Dallas metro area.

Best Neighborhoods to Invest in Dallas

1. Denison: Located 60 miles north of Dallas, Denison is part of the thriving Sherman-Denison metro area. What makes Denison attractive to investors is the upcoming $4 billion, 3,100-acre Preston Harbor master-planned community, which will bring a resort hotel, retail, restaurants, an upscale marina, and around 7,500 homes ranging from luxury single-family to apartments and condos. This large-scale development signals significant growth and appreciation potential for real estate investors in the area.

2. Greenville: Northeast of Dallas, the city of Greenville offers a compelling mix of small-town charm and strategic connectivity to the larger Dallas-Fort Worth-Arlington metropolitan area.

Greenville is home to about 30,000 residents and has witnessed booming construction activity over the last two years. With major employers like L-3 Communications, McKesson, Solvay, and Weatherford International in its vicinity and close to Hunt Consolidated Investments in Dallas, Greenville represents an attractive investment locale with potential for economic expansion.

3. Mabank: Situated 50 miles east of Dallas, Mabank is also experiencing a building boom. Its small-town charm and proximity to tourist attractions like Lake Whitney State Park create potential for short-term rental investments. Mabank’s home prices are also more affordable than many other areas in Dallas. It is an up-and-coming area with solid investment prospects.

#2 - Jacksonville, Florida

Jacksonville, Florida, is the 12th largest city in the United States. Its population is over 948,000, and the metro area has a population of 1.6 million. The city’s growing population and attractions make it an appealing destination for people moving from higher-cost regions, particularly the Northeast. As of January 2024, the average home price in the metro area is $351,548, slightly above the national average.

The city’s economic stability is another factor that attracts real estate investors to one of the best cities to buy rental property. Jacksonville’s diversified industrial base includes finance, healthcare, logistics, and manufacturing. This mix of industries ensures that the area’s employment and economic prospects are not tied to the fortunes of a single sector, making it a well-rounded choice for investment.

About the Jacksonville Housing Market

From 2009 to 2014, a period marked by relatively little multi-family construction, the housing crisis led to an increase in rental households. This contributed to declining vacancy rates and rising rents in Jacksonville, setting the stage for its current real estate boom.

Despite a surge in multi-family construction from 2015 onwards, rising rents continued. This was partially due to an influx of migrants into the Housing Market Area (HMA), which resulted in a tighter rental market and positioned Jacksonville as a thriving real estate investment hotspot.

Over the last ten years, the area has added more than 100,000 residents. This influx of new residents is particularly pronounced in St. Johns County, where the population has increased by 44%. This higher-than-average level of net in-migration has resulted in much more substantial population growth, averaging 30,900 people or 2.1% annually from 2013 to the present.

As of January 2024, the median home price within the city is $290,000, an increase of 3.2% year-over-year. This combination of relatively low home prices, high rental rates, and significant property appreciation rates makes the Jacksonville real estate market one of the best places to buy rental property.

Jacksonville Housing Market Statistics

Median Household Income: $77,583
Metro Population: 1.6 Million
12-Year Population Growth: 24.22%
Median Home Price: $351,548
Median Rent Per Month: $1,737 (0.49% rent-to-value ratio)
1-Year Equity Growth: 8.53%
10-Year Equity Growth (January 2014- January 2024): 108.85%
1-Year Rent Growth: 5.06%
10-Year Rent Growth (January 2014 – January 2024): 55.98%
Job Growth: +29,400 CES jobs created over the last year
1-Year Job Growth Rate: 3.75% (123% higher than the national average)
Unemployment Rate: 2.9% (22% lower than the national average)

Jacksonville Housing Market Quick Facts

With an average single-family home price of $351,548, the Jacksonville market has experienced remarkable appreciation, growing by 108.85% over the last 10 years at an annual rate of 8.53%.
Rental rates have grown substantially, with the average single-family rent reaching $1,737. Over the last decade, rental prices have increased by 55.98%, growing at a rate of 5.06% per year.
The Jacksonville metro area experienced an impressive 3.75% annual job growth between October 2022 and October 2023, adding 29,400 jobs.
The population of the Jacksonville metro area has also expanded by 24.22% over the last 12 years – a rate that is 213% faster than the national average. Currently home to 1.67 million residents, the Jacksonville metro area is growing at an annual rate of 2.19%.
Realtor.com reports that as of January 2024, home prices in Jacksonville have increased by 5.2% year-over-year, with active and new listing counts rising by 8.5% and 9.8%, respectively.
The rental market in Jacksonville has maintained a relatively high vacancy rate of 12.5% as of Q4 2023, up from 7.8% in the previous quarter. 33.3% of households in the area are renters.
The Jacksonville metro area ranks as a “hot” market, with a market hotness rank change of -30 compared to other metro areas nationwide as of January 2024. This suggests that the market is heating up.
The Jacksonville metro area’s GDP totals $117.1 billion, and it grew robustly by 12.1% between 2021 and 2022.

Top 3 Reasons to Invest in the Jacksonville Real Estate Market in 2024

1. Fast population growth

The Jacksonville metropolitan area has experienced remarkable population growth, with the metro’s population reaching an estimated 1.68 million as of October 2023. Over the past 12 years, the metro area has seen a 24.2% growth rate, more than double the national average.

This rapid influx of new residents is driven by Jacksonville’s lower cost of living, diverse economy, and appealing lifestyle, with year-round warm weather and proximity to beaches. The city of Jacksonville itself has seen a 5% population increase from 2019 to 2021, coupled with a 12.8% rise in median earnings, signaling a thriving economy and a real estate market poised for both rental and sales growth.

2. Robust job market

Jacksonville’s strategic location and infrastructure have made it a hub for logistics, transportation, and other key industries. The metro area added 30,200 jobs in November 2023 alone, representing a 3.8% year-over-year increase that outpaced both the state and national averages.

With an unemployment rate of just 3.2%, well below the national and state levels, Jacksonville offers a stable and growing job market. The expansion of the Jacksonville Port Authority, major financial and technology companies, and significant military and healthcare sectors contribute to the city’s economic vitality and job creation potential.

3. Steady real estate appreciation

Population growth and a robust job market have fueled strong demand for housing in the Jacksonville metro area. While the market may be cooling slightly, the city of Jacksonville still saw a 3.2% year-over-year increase in home prices as of January 2024, according to Redfin.

Over the past decade, the median home price in the metro area has increased by an impressive 108.85%, and rent prices have risen by 56%. In the city of Jacksonville, home prices have appreciated by an even more substantial 144.53%, indicating a steady and significant rise in property values. With consistently positive residential builder sentiment, the Jacksonville real estate market remains an attractive investment opportunity.

How To Purchase Investment Property in Jacksonville

With beautiful beaches, a warm climate, and a growing tech scene, Jacksonville attracts young professionals and families. This growth drives the demand for both single-family and multi-family rental properties.

How to Purchase:

Market research: Look into areas like Riverside and San Marco for higher-end investments or Westside for more affordable options.
Regulations to consider: Florida does not have a state income tax, which can benefit rental income. However, due to hurricane risks, consider insurance costs, especially for properties close to bodies of water.
Build a network: Connecting with local real estate agents and investors can provide valuable insights into the market and help you find good deals. Sign up to RealWealth to connect with the team we work with in the Jacksonville metro area.

Best Neighborhoods to Invest in Jacksonville

1. Downtown Jacksonville: As the heart of the 1.6 million-strong Jacksonville metropolitan area, Downtown Jacksonville offers a unique investment opportunity. Situated along the scenic St. Johns River, the area provides access to recreational amenities like the Riverwalk and a thriving commercial landscape.

Home to three Fortune 500 companies and over 2,400 businesses, Downtown boasts a daytime population of 55,000 employees. With ongoing revitalization projects, including the $145 million FIS headquarters and the $72.2 million JEA headquarters, Downtown Jacksonville is poised for continued growth and investment appeal.

2. Inverness: Located approximately 80 miles north of Jacksonville, the Inverness area presents a compelling option for real estate investors seeking more affordable opportunities. As part of the Homosassa Springs metro but within the broader Jacksonville metropolitan region, Inverness offers lower home prices compared to the core Jacksonville market.

Inverness is home to major employers like Florida Citrus Hospital and Advance Green Energy, providing a stable economic foundation. For investors looking to diversify their portfolios with more budget-friendly options, Inverness is worth considering.

3. Orange Park: Situated along the picturesque St. Johns River, the suburb of Orange Park offers a unique blend of tranquility and convenience. With a population of 8,600, Orange Park provides residents with a family-friendly atmosphere and easy access to the amenities of Downtown Jacksonville.

The area is home to one of the largest shopping malls in the country, the Orange Park Mall, which features a diverse array of retail and entertainment options. Investors in Orange Park can capitalize on the high occupancy rates and steady rent growth driven by the area’s desirable residential character and excellent school system.

#3 – Ocala, Florida

Located in the heart of Florida, Ocala has seen impressive population growth, with a net migration increase of over 14,030 people between July 2021 and June 2022. This growth ranks the Ocala metro area among the top 10 fastest-growing metropolitan areas in the United States.

This rapid population influx is due to a combination of factors, including the area’s affordability, job opportunities, and overall quality of life. With a median home price 21% lower than the national average, Ocala offers an attractive entry point for investors looking to capitalize on the region’s real estate potential.

The arrival of major employers like Amazon and Lockheed Martin has created a wealth of employment prospects, further driving housing demand in one of the best places to buy rental property.

About the Ocala Housing Market

Ocala’s real estate market has been on an impressive trajectory in recent years. In Q4 of 2021, the Ocala metro area was the second-ranked metro area with the most significant gain in existing single-family home prices, highlighting the region’s desirability.

However, the market has shown signs of cooling, with home prices down 15.8% compared to the previous year and homes taking an average of 43 days to sell, up from 40 days last year. Despite this slight cooling, Ocala’s housing market remains highly competitive, driven by the area’s proximity to larger cities like Orlando and Gainesville.

Ocala’s diverse economy includes healthcare, manufacturing, education, and tourism tourism, providing a stable foundation for the local housing market. The presence of new construction projects in the area also signifies a growing housing market, presenting investors with a wealth of opportunities for good rental property areas.

Ultimately, Ocala’s livability, including its affordable living costs and high quality of life, makes it an attractive location for both renters and property investors.

Ocala Housing Market Statistics

Median Household Income: $54,190
Metro Population: 396,415
12-Year Population Growth: 19.64%
Median Home Price: $273,449
Median Rent Per Month: $1,552 (0.57% rent-to-value ratio)
1-Year Equity Growth: 10.1%
10-Year Equity Growth (January 2014 – January 2024): 82.65%
1-Year Rent Growth: 6.92%
10-Year Rent Growth (January 2014 – January 2024): 82
65%
Job Growth: +1,600 CES jobs created over the last year
1-Year Job Growth Rate: 1.35% (19.5% lower than the national average)
Unemployment Rate: 3.7% (same as the national average)

Ocala Housing Market Quick Facts

The average home price in the Ocala metro area is $273,449, marking a remarkable increase of 137.59% over the last decade—a yearly appreciation rate of 10%. Despite steep price appreciation, homes in Ocala are still more affordable than other metro areas in Florida.
The average rent in the Ocala metro area is $1,552, representing a total increase of 82.65% in the last decade or an annual growth rate of 6.92%.
In the Ocala metro area, 21.5% of households are occupied by renters, and the current rental vacancy rate in the city is 5.1%, according to Point2.
Between July 2010 and July 2022, the metro area’s population growth was 19.64%, indicating a steady annual growth rate of 1.81%. With a projected population of 410,892 by the end of 2024, there’s potential for increased demand in the Ocala housing market.
Given Ocala’s large retiree demographic, the area has reported slow job growth. Specifically, between October 2022 and October 2023, about 1,600 new jobs were created, representing a job growth rate of 1.35%—around 20% lower than the national average.
As of January 2024, the Ocala metro area had a market hotness rank change of -10 compared to all other metro areas nationwide, indicating that the market is heating up.
Realtor.com reports that from January 2023 to January 2024, although the median listing price in Ocala slightly decreased by 0.94%, there was a notable increase in active and new listing counts—27.8% and 22%, respectively.
Ocala’s GDP is $14 billion. The Ocala metro area’s economy grew 9.1% between 2021 and 2022.

Top 3 Reasons to Invest in the Ocala Real Estate Market in 2024

1. Affordable real estate prices

The Ocala metropolitan area is an exceptionally affordable real estate market, with a median home price of $273,400 – significantly lower than the national average of $346,000 and Florida’s average of $389,000.

Redfin recently ranked Ocala the most affordable place to live in Florida, making it an attractive destination for homebuyers and investors seeking budget-friendly options compared to popular Florida metros like Naples, Miami, and Fort Lauderdale. Additionally, Ocala has the second-highest number of new construction homes planned, with 5,318 single-family permits issued in 2022, signaling a robust and expanding housing market. Both earn this Florida destination as one of the best places to buy renal property.

2. Fast population growth

The Ocala metropolitan area has experienced remarkable population growth, with the population in the Ocala MSA expanding by an astounding 482.93% between 1969 and 2022, outpacing both Florida and the nation’s growth rates. This rapid influx of new residents is driven by Ocala’s central Florida location, offering proximity to beaches, theme parks, and major cities like Orlando and Tampa, as well as a lower cost of living that attracts retirees and younger families.

Ocala’s growing job market, particularly in healthcare, tourism, and logistics, further fuels this population boom, creating strong demand for housing.

3. Strong home price and rent appreciation

While the Ocala housing market has seen a slight price adjustment in 2023, with the median sale price decreasing by 16% compared to the previous year, the area’s long-term appreciation trend remains highly positive. Over the last decade, Ocala has experienced home price appreciation of 137.6% and rent appreciation of 82.65%. This steady growth, combined with the area’s affordability compared to neighboring regions and high yield rentals, makes Ocala’s rental market an attractive investment opportunity.

How To Purchase Investment Property in Ocala

Known for its thoroughbred horse farms, Ocala is a smaller market that offers a more affordable entry point for investors. The area is experiencing growth in manufacturing and logistics, enhancing job opportunities and the demand for housing.

How to Purchase:

Research location: Areas close to major employers and the downtown district offer potential due to their popularity among renters.
Regulatory considerations: Understand statewide regulations while paying attention to specific local zoning laws or development plans.
Research equestrian-friendly properties: Evaluate the potential for horse-related property investments.
Work with experts. Work with a team that knows the local market. Sign up to RealWealth to connect with the team we work with in the Ocala metro area.

Best Neighborhoods to Invest in Ocala

1 . Silver Springs Shores: This community within the Ocala metropolitan region is popular for its affordability, making it an excellent starting point for investors looking to build or expand their portfolios. The area’s appeal to snowbirds, retirees, tourists, and short-term vacation renters creates a consistent demand for rental properties.

Additionally, part of Silver Springs Shores is located within an Opportunity Zone, offering potential tax benefits for eligible investments. With a population of 25,000 and a mix of ranch-style and contemporary bungalow homes, Silver Springs Shores provides a variety of investment opportunities.

2. Southeast Ocala: Investors seeking cash flow potential would do well to consider the Southeast Ocala region. This area generally offers lower property prices than other parts of the Ocala metro. Conveniently located near major roads, shopping centers, and recreational areas, Southeast Ocala is experiencing steady growth, with new developments and infrastructure projects enhancing its appeal.

In addition to rental properties, the area also presents opportunities for land investment, with available lots within gated subdivisions, allowing for build-to-suit options that could yield significant upside potential for developers.

3. Belleview: Located about 15 miles south of Ocala, Belleview offers investors a unique opportunity to capitalize on a suburban setting with easy access to the larger metropolitan area.

With a population of 5,650 as of July 2022, Belleview is a charming community that could attract those seeking a peaceful, picturesque place to live. The rental market in Belleview is robust, with low vacancy rates, and the area is family-friendly, with good schools and amenities. Investors can also benefit from Belleview’s proximity to the Ocala National Forest and other attractions, which draw visitors and create potential for short-term rental opportunities.

#4 - San Antonio, Texas

San Antonio and the surrounding New Braunfels area are experiencing rapid population growth. In fact, from 2020 to 2021, San Antonio had the highest population growth of any city in the United States. The city’s economy is strong and diverse, with sectors such as healthcare, tourism, the military, and technology, making San Antonio one of the best places to buy rental property.

San Antonio is also known for its rich cultural heritage, which is well-preserved and adds to the city’s charm. This culture and the thriving economy create a vibrant and appealing community.

The San Antonio real estate market is also affordable. As of January 2024, the median home price in the area is $281,632, which is about 19% lower than the national average. Affordability and the city’s solid economy and population growth make the San Antonio-New Braunfels metro area a compelling choice for purchasing rental property.

About the San Antonio Housing Market

San Antonio has been ranked among the top ten cities in the PWC and ULI Emerging Trends in Real Estate report for 2024. It came in at number eight out of 80 cities and two for home-building prospects. The city’s diverse and recession-resistant economy, major economic developments, and track record of attracting new residents all contribute to this growth.

As of January 2024, home prices in San Antonio have decreased slightly by 3.8% from the previous year, with a median home price of $250,000 and an average of 55 days on the market. This temporary downturn presents an opportunity for investors looking to enter the market at a lower price point. Despite this short-term softening, the city’s long-term growth prospects remain strong, thanks to its large military presence and growing healthcare and tech sectors.

San Antonio’s housing market has a history of stability and resilience. As the seventh-largest city in the United States and seventh in terms of growth, it has long attracted a diverse population. The city’s military roots provide a stable economic foundation, protecting it from market volatility. This stability has led to a real estate market that favors long-term investment and growth over house flipping.

San Antonio’s proximity to Austin (just a 90-minute drive away) also makes it an attractive option for investors from the Austin area who are looking for value without straying too far from home. The growing connection between the two cities suggests an interconnected future, making investing in San Antonio a smart move for those looking to capitalize on the broader growth of real estate investing in Central Texas.

San Antonio Housing Market Statistics

Median Household Income: $70,538
Metro Population: 2.6 Million
12-Year Population Growth: 23.33%
Median Home Price: $281,632
Median Rent Per Month: $1,425 (0.51% rent-to-value ratio)
1-Year Equity Growth: 5.39%
10-Year Equity Growth (January 2014 – January 2024): 60.43%
1-Year Rent Growth: 3.88%
10-Year Rent Growth (January 2014 – January 2024): 40.89%
Job Growth:+29,600 CES jobs created over the last year
1-Year Job Growth Rate: 4.52% (17.6% higher than the national average)
Unemployment Rate: 3.1% (16% lower than the national average)

San Antonio Housing Market Quick Facts

As of January 2024, the average single-family home price in San Antonio stood at $281,632. The city has witnessed a steady growth in home prices, with an appreciation rate of 5.39% per year, culminating in a 60.43% increase over the last decade.
The average rent in San Antonio is currently $1,425, marking a significant increase of 40.9% over the past ten years. This indicates an average yearly growth rate of 3.9%.
As of the fourth quarter of 2023, the rental vacancy rate in the San Antonio metro area was 11.9%, with 30.6% of households renting their homes.
San Antonio is one of the fastest-growing metro areas in the country. Its population has increased 23.33% over the past 12 years, 201% faster than the national average. The current population is 2.65 million, with a growth rate of 2.12% annually.
Between October 2022 and October 2023, the San Antonio metro area added 29,600 new jobs, showing a job growth rate of 2.59%, 55% higher than the US average.
As of January 2024, the San Antonio metro area had a market hotness rank change of -3. A negative value indicates that the market has heated up compared to other metro areas.
January 2024 data from Realtor.com shows the median listing price in San Antonio decreased by 3.3% year-over-year, while the active listing and new listing counts increased by 24.4% and 15.7%, respectively.
The San Antonio metro area’s GDP was reported at $163 billion in 2022, with an 11.2% growth between 2021 and 2022.

Top 3 Reasons to Invest in the San Antonio Real Estate Market in 2024

1. Robust rental market

The rental market in San Antonio is strong with plenty of good rental property areas. Despite a recent slowdown, the year-over-year rent growth remains positive at 3.8%. Notably, between February 2021 and February 2022, San Antonio experienced a surge in rent growth by 24.2%. The city’s economic diversity attracts a continual influx of young professionals, while its tourist attractions, like the San Antonio Riverwalk and The Alamo, provide lucrative opportunities for short-term rental investments.

2. Strong population growth.

San Antonio is experiencing remarkable population growth, expanding by 23.3% from July 2010 to July 2022, significantly outpacing the national average. This growth has placed San Antonio as the third top city for numeric population increases from 2021 to 2022, with an addition of 18,889 people. The city’s cost of living, buzzing cultural scene, and outdoor activities appeal to people of different backgrounds.

3. Stable and diversified economy.

The economic landscape in San Antonio is both stable and diverse, anchored by significant sectors such as healthcare, military, finance, and tourism. The defense industry alone accounts for over 89,000 jobs, supported by multiple military bases, making it one of the largest employment sectors in the region. The city also stands out as a hub for cybersecurity, supported by a skilled workforce from local universities like UTSA.

Moreover, with an annual influx of approximately 32 million tourists, the city reaps substantial economic benefits from its vibrant tourism sector. This diversified economic base promotes job creation and attracts a steady stream of residents to San Antonio, presenting a promising prospect for real estate investors.

How To Purchase Investment Property in San Antonio

San Antonio’s rich cultural heritage and strong military presence offer a stable rental market, particularly for those looking near military bases or the downtown area, which attracts tourists year-round.

How to Purchase:

Market research: Areas like Alamo Heights and the Pearl District have high rental demand.
Legal considerations: Factor in Texas property taxes and consider the impact of state laws regarding landlord rights and tenant protections.
Investment strategy: Research regulations related to short-term rentals and factor in potential military relocation impact on vacancy rates.
Networking: Establish connections with local real estate professionals and investor groups to identify opportunities and understand the nuances of the market. Sign up for RealWealth to connect with the team we work with in the San Antonio metro area.

Best Neighborhoods to Invest in San Antonio

1. Eastside: Located a mere five minutes from downtown San Antonio. Its adjacency to major highways, including 90 and I-35, offers unparalleled connectivity. With a population of 26,500, Eastside is witnessing a noteworthy transformation, especially in areas like Denver Heights and Dignowity Hill, making it a magnet for young professionals and families.

Compared to the pricier neighborhoods of Alamo Heights or Olmos Park, Eastside offers a more accessible investment entry point. Moreover, its closeness to employment hubs and connections with regional centers amplifies its appeal for long-term investment prospects.

2. West San Antonio: If you’re looking for budget-friendly housing options, West San Antonio is the place to be. This area offers a diverse population and a vibrant cultural landscape, appealing to renters from various backgrounds. With its proximity to major employers like USAA and the expanding Lackland Air Force Base, West San Antonio is experiencing steady population growth. It is a prime location for first-time home buyers and investors seeking fixer-uppers or buy-and-hold rentals.

3. Bulverde: Located a comfortable 20-minute drive from downtown, Bulverde offers an enticing blend of accessibility and serenity, making it an attractive spot for families and young professionals. With a population of 6,900, the area enjoys steady growth, supported by excellent schools and the quiet allure of Texas Hill Country living.

Bulverde’s scenic landscapes and outdoor recreational venues provide a refreshing counterbalance to city life. The development of master-planned communities, such as Johnson Ranch, presents diverse housing opportunities, complete with community amenities and a strong neighborhood spirit. Investors looking for a blend of rural charm and proximity to urban conveniences will find Bulverde an ideal choice.

#5 – Indianapolis, Indiana

The Indianapolis real estate market is an excellent choice for investment properties, offering a winning combination of strong economic growth and affordability. This area has been getting bigger and better, with suburban counties like Boone and Hendricks growing by more than 20% between 2010 and 2020.

Indianapolis’ economic performance stands out among its Midwestern peers, with a GDP growth from 2019 to 2022 that surpassed cities like St. Louis, Cincinnati, Minneapolis-St. Paul, and even Chicago.

According to economist Joseph Politano, the Indianapolis metro area experienced an 8.4% increase in GDP from 2019 to 2022, amounting to a $12.1 billion growth. This success has solidified Indianapolis’ reputation as a thriving economic hub.

Despite the national housing market’s price surge, the Indianapolis metro area remains relatively affordable, with a median home price of $265,327 as of January 2024 – nearly 23% lower than the national average. This affordability and the region’s robust economic growth make Indianapolis an attractive option for investors seeking a balance of value and potential.

About the Indianapolis Housing Market

Indianapolis’ housing market offers positive cash flow opportunities, relative affordability, and a diversified local economy, making it an appealing destination for investors. Zillow ranks Indianapolis among the top ten hottest real estate markets for 2024, highlighting the city’s strong growth potential and appreciation.

The Indianapolis housing market has consistently risen in recent years. In January 2024, the median sales price for single-family homes in the city was $225,000, a 4.6% increase compared to the previous year. This steady appreciation, along with a 6.3% year-over-year increase in the number of homes sold, showcases the robust demand and desirability of the Indy metro area as one of the best places to buy rental property.

Indianapolis’ diversified economy sets it apart, providing a solid foundation for the local housing market. Indianapolis is a hub for healthcare, manufacturing, and education industries. Major employers include IU Health, the region’s largest employer with over 23,000 employees. The city is also home to leading logistics businesses, including hubs for FedEx Express and CSX and large pharmaceutical companies like Eli Lilly and Roche Diagnostics.

Indianapolis Housing Market Statistics

Median Household Income: $75,824
Metro Population: 2.1 Million
12-Year Population Growth: 13.16%
Median Home Price: $265,327
Median Rent Per Month: $1,454 (0.55% rent-to-value ratio)
1-Year Equity Growth: 7.43%
10-Year Equity Growth (January 2014 – January 2024): 90.54%
1-Year Rent Growth: 3.98%
10-Year Rent Growth (January 2014 – January 2024): 42.1%
Job Growth: +27,700 CES jobs created over the last year
1-Year Job Growth Rate: 2.4% (42.9% higher than the national average)
Unemployment Rate: 2.5% (32% lower than the national average)

Indianapolis Housing Market Quick Facts

As of January 2024, the median home price in the Indianapolis metro area is $265,327, 23% lower than the national average. Homes remain affordable despite a staggering 90.5% appreciation over the past decade and a 7.43% average annual appreciation rate.
The average monthly median rent stands at $1,454, reflecting a 42% growth over the last decade at an annual rate of 4%.
The population has increased by 13.16% in the last 12 years, growing 70% faster than the US average, with a current metro area population of 2.14 million as of the 2022 census.
Between October 2022 and October 2023, the area created 27,700 jobs, marking a 2.4% annual job growth rate, 43% higher than the national average.
The Indianapolis metro area has a rental vacancy rate of 8.1%, and 30.4% of households are renters.
As of January 2024, the Indianapolis metro area had a market hotness rank change of 54 out of all metro areas nationally. This indicates that the market has cooled down compared to its previous ranking but remains a highly desirable location for cash flow investments.
From January 2023 to January 2024, the median home listing price in Indianapolis rose by 7%, the active listing count increased by 6.6%, and the new listing count decreased by 3.9%.
The Indianapolis-Carmel-Anderson metro area has a GDP of $184.3 billion, which grew by 10.2% between 2021 and 2022.

Top 3 Reasons to Invest in the Indianapolis Real Estate Market in 2024

1. Affordability

Indianapolis offers a more accessible real estate market compared to the national average. The average single-family home price in the Indianapolis metro area is $265,300, significantly lower than the national average of $346,000. This affordability attracts young homebuyers, with Generation Z accounting for over 20% of mortgage requests in the city.

2. Steady Population Growth

The Indianapolis metro area has consistently grown, with a population of around 2.1 million as of 2022. This growth is expected to continue, with the metro area projected to account for 62% of Indiana’s population growth by 2030. This steady influx of new residents creates a reliable demand for housing in the city and surrounding suburbs.

3. Appreciating Home Prices and Rents

The Indianapolis housing market has seen steady appreciation in home prices and rents over the past decade. Home prices in the city have appreciated by an average of 7.52% per year, outpacing the national average. Rent appreciation has also been strong, at around 4% per year. This consistent growth in property values and rental income makes Indianapolis attractive to real estate investors.

How To Purchase Investment Property in Indianapolis

Indianapolis offers attractive opportunities for rental property investors due to its affordable cost of living and a strong job market in healthcare, education, and tech.

How to Purchase:

Identify the best areas: Look for properties in up-and-coming neighborhoods like Fountain Square or established areas like Broad Ripple for a mix of residential and commercial investments.
Legal framework: Indiana’s laws are generally considered favorable to landlords. However, be mindful of local ordinances in Marion County or specific Indianapolis city regulations.
Research: Research revitalization efforts in specific neighborhoods and be mindful of potential property tax changes.
Investment strategy: Given relatively lower property prices, investors might consider acquiring multiple properties within the city to diversify their portfolios.
Get assistance: Sign up to RealWealth to connect with the team we work with in the Indianapolis metro area.

Best Neighborhoods to Invest in Indianapolis

1. New Castle: Located just 20 miles east of downtown Indianapolis, New Castle offers affordable investment opportunities. With some properties selling for less than $100,000, this market provides accessible entry points for real estate investors. The area is home to major employers like Duke Energy, Grede Casting Company, and American Keeper Corp., which are creating a stable economic foundation.

2. Muncie: Muncie, located 50 miles northeast of Indianapolis, was recently ranked one of the best markets for first-time homebuyers. Affordable housing, growth potential, and favorable demographics make Muncie attractive. Additionally, the presence of Ball State University provides a steady pool of potential tenants for rental properties.

3. Rockport: While not directly part of the Indianapolis metro area, Rockport, located approximately 120 miles southwest of Indianapolis, still benefits from the broader trends impacting Indianapolis’s real estate market. Rockport’s rich history as a port town and its diverse local employers, including Waters of Rockport and Precision Strip, make it a unique investment opportunity for those seeking to diversify their portfolio beyond the immediate Indianapolis region.

#6 – Cleveland, Ohio

The Cleveland metropolitan area offers a compelling real estate investment opportunity, balancing affordability and promising growth potential. Although Cleveland may not experience rapid population surges like other major markets, it maintains a steady population of around 2.06 million, providing a stable foundation for long-term investment.

Cleveland’s diverse economic landscape, anchored by thriving healthcare, manufacturing, and bioscience sectors, attracts a steady influx of young professionals and families. Approximately 35% of households in the metro area choose to rent rather than own, creating a consistent tenant pool.

Cleveland’s real estate market provides an attractive alternative with some of the best places to buy investment property for investors seeking a market that offers more measured, sustainable growth instead of the boom-and-bust cycles of some overheated markets.

About the Cleveland Housing Market

The Cleveland-Elyria metropolitan area, comprising six counties, has a rich history dating back to its industrial heyday. Once a manufacturing powerhouse, the region has evolved, diversifying its economy into thriving healthcare, bioscience, and technology sectors. This economic transformation, combined with the city’s cultural attractions and natural amenities, such as Lake Erie and the Rock and Roll Hall of Fame, has created a dynamic investment climate, particularly for rental real estate.

At the heart of the city’s appeal is its affordability. Cleveland’s median home sale price currently stands at a modest $105,000. In contrast, the average single-family home price in the broader Cleveland-Elyria metropolitan area is $211,500 – significantly lower than the national average. This affordability and a 13.1% year-over-year increase in median listing prices highlight the upside potential for investors seeking to capitalize on Cleveland’s rising market.

According to a recent Zillow report, Cleveland is expected to be the eigth hottest housing market in 2024, driven by a combination of forecast home value growth, robust housing market velocity, and promising labor market and construction activity projections.

Cleveland Housing Market Statistics

Median Household Income: $65,198
Metro Population: 2 Million
12-Year Population Growth: -0.59%
Median Home Price: $211,496
Median Rent Per Month: $1,335 (0.63% rent-to-value ratio)
1-Year Equity Growth: 6.49%
10-Year Equity Growth (January 2014 – January 2024): 76%
1-Year Rent Growth: 3.77%
10-Year Rent Growth (January 2014 – January 2024): 39.53%
Job Growth: +16,200 CES jobs created over the last year
1-Year Job Growth Rate: 1.54% (8.13% lower than the national average)
Unemployment Rate: 3.8% (5.4% higher than the national average)

Cleveland Housing Market Quick Facts

Over the past decade, home prices in the Cleveland metro have grown by a robust 76%, equating to an annual appreciation rate of 6.49%. As of January 2024, the average home value is a relatively affordable $211,500.
The average rent in Cleveland is $1,335, and it has grown by 39.5% over the past 10 years at an annual rate of 3.77%.
As of November 2023, job growth in the Cleveland metro area is stable at 1.54% per year, slightly below the national average of 1.68%.
The rental vacancy rate is 9.7%, with 36.8% of the Cleveland metro area households opting to rent.
Over the last 12 years, the Cleveland metro area’s population has slightly declined by 0.59%, with a current estimate of 2.1 million residents. However, Greater Downtown Cleveland has seen a significant increase in the number of households by 21.8% between 2010 and 2020, indicating a faster pace of growth compared to the broader area.
The GDP of the Cleveland metro area stands at about $163 billion, marking a growth of 9.1% from 2021 to 2022.
In January 2024, home prices in Cleveland increased by 13.1% year over year, with the active listing and new listing count decreasing by 4.4% and 4.9%, respectively.
With a rank change of -3 in January 2024 for market hotness, Cleveland’s real estate market is still hot compared to other US markets.

Top 3 Reasons to Invest in the Cleveland Real Estate Market in 2024

1. Affordable real estate market

In 2024, the projected typical home value in Cleveland is $215,597, significantly lower than the nationwide average of $347,415. Neighborhoods like North Collinwood and South Broadway offer attractive investment opportunities with median sale prices under $100,000. Plus, Cleveland’s recognition by Zillow as one of the top American housing markets to watch in 2024 suggests that while homes are affordable now, their values will likely increase.

2. High rental yield potential

Cuyahoga County, which includes Cleveland, boasts one of the highest potential annual gross rental yields among U.S. counties with a population of at least 1 million, reaching an impressive 9.9% in the first quarter of 2021. With 58% of all households in Cleveland occupied by renters, the city presents a robust rental market and the potential for investors to capitalize on high rental yields. While rental growth peaked in the second quarter of 2022, it continues to increase at 3.77% year-over-year, further solidifying the rental income opportunities.

3. Steady home price and rent appreciation

Cleveland’s real estate isn’t just affordable; it also comes with the promise of growing value. Over the past 10 years, the Cleveland metro area has seen an average annual appreciation rate of 6.49% for homes, totaling a remarkable 76% appreciation. Additionally, the average rent in the Cleveland metro area has increased by 39.5% over the last 10 years, with a 6.8% year-over-year increase in Cleveland between February 2023 and February 2024, showcasing steady and reliable appreciation potential.

How To Purchase Investment Property in Cleveland

Cleveland offers a robust rental market with good rental property areas and relatively low property prices, making it an attractive area for investment. The city has been experiencing urban revitalization, which has contributed to property value appreciation.

How to Purchase:

Research: Understand neighborhood dynamics, focusing on areas with revitalization projects.
Property taxes: Taxes vary significantly between neighborhoods; do your due diligence.
Financing: Local banks and credit unions offer competitive mortgage rates for investment properties.
Legal considerations: Be aware of tenant laws in Ohio, which tend to be more favorable to landlords.
Networking: Connect with local real estate agents and investors with experience in the Cleveland market. Sign up to RealWealth to connect with the team we work with in the Cleveland metro area.

Best Neighborhoods to Invest in Cleveland

1. Euclid: Euclid, a vibrant Cuyahoga County suburb, is undergoing a remarkable transformation. The city’s ambitious Waterfront Development Project redefines the urban landscape, creating a dynamic mixed-use district that seamlessly blends residential, commercial, and recreational spaces along the lakefront.

This revitalization effort is set to attract new residents and visitors, driving up property values. Additionally, Euclid’s thriving Industrial Corridor, home to major companies like Amazon and Lincoln Electric, contributes to the local economic growth, making it an enticing investment destination.

2. Wickliffe: Nestled in Lake County, the suburb of Wickliffe offers a mature population with a higher median age than the Cleveland metro average, making it an attractive option for investors seeking to cater to retirees or empty nesters. While Wickliffe’s economy leans more towards manufacturing and healthcare, it provides a stable foundation for rental income, with major employers like Precision Castparts, Lubrizol, and PMC Colinet anchoring the local job market.

3. Downtown Cleveland: Downtown Cleveland has undergone a remarkable transformation, emerging as a hub of activity and investment. With over $1 billion in projects currently under construction and a residential population that has doubled in the last 10 years, the area offers a unique opportunity for real estate investors.

The ongoing revitalization of the lakefront, the expansion of the Rock & Roll Hall of Fame, and the influx of major global brands and startups like the London Stock Exchange Group, BrightEdge, OnShift, and Alexander Mann Solutions have all contributed to Downtown Cleveland’s growing appeal. With a staggering 85.29% of the housing units occupied by renters, the area presents a compelling case for investors seeking high-yield rental properties.

#7 – Charlotte, North Carolina

The Charlotte metropolitan area, also known as Metrolina, is an attractive destination for real estate investors and homebuyers. Ranked seventh on Zillow’s list of the hottest housing markets for 2024, Charlotte’s popularity can be attributed to its diverse and rapidly growing economy, which includes strong finance, healthcare, and technology sectors. This economic growth is expected to draw new residents, leading to a robust and expanding housing demand.

The Charlotte real estate market offers a unique investment opportunity. Its projected job growth rate of 45.2% over the next decade surpasses the national average of 33.5%.

About the Charlotte Housing Market

The Charlotte metro area, known for its blend of urban development and appealing lifestyle features, is a popular choice for real estate investors nationwide. Its broad appeal attracts a diverse demographic thanks to a mild four-season climate and proximity to both mountains and beaches. This results in consistent demand in both the rental and resale markets.

With an average home value of $367,280 and a significant increase in suburban rent growth in Q1 2023—36% year-over-year (YOY) in the suburbs compared to 25% in Charlotte proper—the area shows promising growth and opportunity. The University of North Carolina at Charlotte also adds a sizable student and young professional population, ensuring a steady demand for rental housing.

Historically, Charlotte’s economy, rooted in finance, has provided a stable environment for the housing market. As the city expanded its economic base to include healthcare, technology, and education, the housing market followed suit, with increased demand and subsequent value appreciation. The turn of the millennium saw Charlotte flourishing as a hub for new residents, drawn by job opportunities and its renowned quality of life. Below are additional reasons we choose Charlotte as one of the best places to buy rental property.

Charlotte Housing Market Statistics

Median Household Income: $77,154
Metro Population: 2.8 Million
12-Year Population Growth: 22.49%
Median Home Price: $331,741
Median Rent Per Month: $1,778 (0.44% rent-to-value ratio)
1-Year Equity Growth: 9.17%
10-Year Equity Growth (January 2014 – January 2024): 120.2%
1-Year Rent Growth: 4.86%
10-Year Rent Growth (January 2014 – January 2024): 53.2%
Job Growth: +103,800 CES jobs created over the last year
1-Year Job Growth Rate: 2.14% (27.5% higher than the national average)
Unemployment Rate: 3.2% (13.5% lower than the national average)

Charlotte Housing Market Quick Facts

The average sales price of single-family homes in the Charlotte Metropolitan Statistical Area (MSA) is $367,281. Over the past decade, home prices in Charlotte have surged by 120%, outpacing the U.S. average by 41%. Annually, home prices in Charlotte have seen an average growth rate of 9.17%.
The average rent in the Charlotte metro area is currently $1,778. Over the last ten years, rents in Charlotte have increased by an average of 4.86% per year, with a total growth of 53%, 28% faster than the national average.
Between November 2022 and November 2023, the Charlotte area added 103,800 new jobs, marking a job growth rate of 2.14%, 27.5% faster than the national average for the same period.
Charlotte’s metro area population has increased by 22.49% since 2010, nearly 200% faster than the U.S. average, reaching 2.8 million residents.
The rental vacancy rate in the Charlotte metro area is 7.5%, with 38.5% of households renting homes.
Charlotte’s GDP is approximately $229 billion, having grown by 9.2% between 2021 and 2022.
As of January 2024, Charlotte home prices rose by 1.3% year over year. While the active listing count decreased by 5.9% year-over-year, the new listing count increased by 7.4%.
As of January 2024, the Charlotte metro area had a market hotness rank change of -15 compared to all other metro areas nationally, indicating that the market has heated up and moved up in ranking.

Top 3 Reasons to Invest in the Charlotte Real Estate Market in 2024

1. Rapid population growth

The Charlotte metro area consistently ranks among the fastest-growing in the U.S., adding over 200,000 new residents between 2016 and 2021, a remarkable 8.1% increase. This growth is fueled by a thriving job market, affordable living, and high quality of life.

2. Soaring home prices and rents

Charlotte’s housing market has seen exceptional appreciation, with home prices growing by 120% over the past decade, at an average annual rate of 9.17%, outpacing the national average. Rents have also surged, increasing by 53.2% in the last 10 years, 28% faster than the U.S. average.

3. Diverse and robust economy

Charlotte’s economy thrives on diverse sectors, including financial services, healthcare, advanced manufacturing, and technology. Major corporate investments, such as Microsoft’s $1 billion project and Albemarle Corporation’s $180 million technology park, further strengthen the region’s economic resilience and future growth potential, driving housing demand.

How To Purchase Investment Property in Charlotte

Charlotte is one of the fastest-growing metro areas in the U.S., with a strong financial services sector and a growing tech scene. Although property values have been increasing, they remain relatively affordable compared to other growth cities.

How to Purchase:

Market analysis: Focus on upcoming neighborhoods and suburbs for the best investment returns.
Financing options: Look for investment-specific mortgage products offered by North Carolina banks.
Local regulations: Familiarize yourself with North Carolina’s property management requirements and rental laws.
Professional help: Consider hiring a property manager, especially if you are investing from out-of-state. Sign up to RealWealth to connect with the team we work with in the Charlotte metro area.

Best Neighborhoods to Invest in Charlotte

1. Shelby: Located 45 minutes west of Charlotte, Shelby offers a more affordable alternative for those seeking proximity to the Queen City. With a population of nearly 22,000, Shelby boasts a lower cost of living, particularly in housing, while providing easy access to Charlotte’s thriving job market and amenities. Major employers like Curtiss-Wright Controls and HCLTech have established a presence in Shelby, driving economic growth and housing demand.

2. Salisbury: Between Charlotte and the Triad region, Salisbury is well-connected to transportation networks, including Interstate 85 and the Norfolk-Southern Main Line. This central location within the Charlotte metro area provides access to a large labor pool and positions Salisbury for potential growth and investment. Recent investments, such as DHL Supply Chain’s $40 million logistics center, highlight the area’s appeal for logistics and distribution companies.

3. Kings Mountain: Just 35 miles west of Charlotte, Kings Mountain is experiencing significant investment due to its proximity to the Queen City and its growth potential. The city is home to a recently reopened lithium mine, which is expected to support the manufacturing of 1.2 million electric vehicles annually, making it a key player in the nation’s battery supply chain. The upcoming $750 million “Dixon Ridge” mixed-use development further highlights Kings Mountain’s attractiveness as an investment destination in the Charlotte metro area.

#8 - Baltimore, Maryland

The Baltimore metropolitan area offers an enticing investment prospect for those looking to capitalize on a transitioning real estate market. As the region adjusts to post-pandemic life, experts anticipate a sustained trend of higher inventory levels, though still below pre-pandemic figures, and an increase in home sales at elevated prices.

According to the latest report from the Baltimore Metropolitan Council, specific neighborhoods in South Baltimore, Crownsville, and Maryland City have been pinpointed as “hot spots” for residential development. This indicates the possibility for growth and appreciation in these locations as some of the best places to buy rental property.

The Baltimore real estate market is bolstered by a consistent job market, with an annual growth rate of around 1.9%. The region’s varied industries, such as healthcare, education, and biotechnology, contribute to stability and draw in new residents.

While some neighborhoods may provide fixer-upper opportunities, investors should be cautious of the varying crime rates across the Baltimore metro area. By thoughtfully assessing each location’s unique qualities and dynamics, astute investors can discover promising investment opportunities that align with their risk tolerance and objectives.

About the Baltimore Housing Market

Baltimore’s housing market has seen its fair share of ups and downs, mirroring its historical development. Once known as a major shipping and manufacturing hub in the 20th century, the city shifted towards service industries, with healthcare becoming a dominant force in its economy. This shift brought stability and growth potential to Baltimore’s residential real estate market.

The city’s beautiful architecture, with a mix of historic row houses and modern buildings, tells the story of Baltimore’s resilience and adaptability. These landmark homes offer exciting renovation possibilities for those who love unique properties.

Baltimore’s extensive public transportation network adds another layer of convenience and connectivity. This accessibility makes living in Baltimore appealing to those who prefer to commute via public transit.

The cost of living is a bonus. With approximately 30% cheaper housing than in neighboring Washington, D.C., Baltimore is attractive for professionals seeking to save money while staying close to the capital.

Baltimore Housing Market Statistics

Median Household Income: $90,505
Metro Population: 2.8 Million
12-Year Population Growth: 4.42%
Median Home Price: $367,544
Median Rent Per Month: $1,785 (0.49% rent-to-value ratio)
1-Year Equity Growth: 3.57%
10-Year Equity Growth (January 2014- January 2024): 37%
1-Year Rent Growth: 1.7%
10-Year Rent Growth (January 2014 – January 2024): 16.6%
Job Growth: +26,300 CES jobs created over the last year
1-Year Job Growth Rate: 1.89% (12.3% higher than the national average)
Unemployment Rate: 2% (46% lower than the national average)

Baltimore Housing Market Quick Facts

The median home price in the Baltimore metro area is $367,544. Home equity growth has been lower than the national average. Home prices rose by 37.1% over the last 10 years, with an annual growth rate of 3.57%.
The median rent is $1,785 per month. Rents have also appreciated very slowly compared to the U.S. average. The average rent price increased by 16.6% at 1.72% per year over the last 10 years.
Baltimore’s population has grown slower than the national average, with a current population of 2.83 million. The population of Baltimore grew by 4.42% in the last 12 years, at an average annual rate of 0.43%.
Baltimore’s employment growth is slightly higher than the national average. Between November 2022 and November 2023, the metro area created 26,300 new jobs, representing a growth rate of 1.89%, 12.4% higher than the national average.
In January 2024, Baltimore home prices increased by 2.3% yearly, while active listing and new listing count decreased by 4.6% and 3%, respectively.
As of Jan 2024, Baltimore’s market hotness has a rank change of 2 compared to other U.S. metro areas. This indicates a slight cooling trend in the market, as a positive value suggests a downward movement in rank.
Baltimore’s GDP rose 7.5% from 2021 to 2022, amounting to $241 billion.
26.3% of households in the Baltimore metro area are renters. The rental vacancy rate in the region decreased significantly to 6.2% in Q4 2023 from 12.8% in Q1 2023.

Top 3 Reasons to Invest in the Baltimore Real Estate Market in 2023

1. Rental yield potential

Baltimore’s job market is attracting many young professionals, and because it’s more affordable than nearby Washington, D.C. (homes cost about 30% less!), many are looking to rent there. The city’s great public transportation system, including buses, light rail, and subway, also makes it an attractive place to live.

2. Student population boom

Baltimore hosts several major universities and colleges, including Johns Hopkins, UMBC, and Towson University. With a combined student population of over 98,000 for the 2022-2023 academic year, the city’s large student base contributes to a high demand for rental properties.

3. Diversified and growing economy

Baltimore’s economy is highly diversified, with thriving healthcare, education, government, defense, technology, cybersecurity, finance, and logistics industries. Additionally, Baltimore’s status as the 8th most educated metro region in the U.S. further enhances its appeal for real estate investors.

How To Purchase Investment Property in Baltimore

Baltimore presents a unique market with historic properties and diverse neighborhoods. The city has numerous redevelopment projects, which present investment opportunities.

How to Purchase:

Property inspection: Given the age of many Baltimore properties, thorough inspections are crucial.
Tax incentives: Investigate Maryland’s tax incentives for rehabilitation and rental properties.
Community development: Identify neighborhoods with strong community organizations and development plans.
Legal and financial advice: Consult a real estate attorney or agent for Maryland-specific regulations.
Partner with a local expert: Sign up for RealWealth to connect with the team we work with in the Baltimore metro area.

Best Neighborhoods to Invest in Baltimore

1. Dundalk: Dundalk’s prime location near major highways like I-95 and I-695 provides easy access to Baltimore City, Anne Arundel County, and other parts of Baltimore County. With a median property sale price of $222,500, up about 10% year-over-year, Dundalk offers a more affordable investment opportunity than other areas in the Baltimore region.

The area also boasts a diverse job market, including an Amazon fulfillment center, the Maryland Transport Authority, and the nearby Johns Hopkins Bayview Medical Center, making it an appealing place to live and work.

2. Towson: North of Baltimore City, Towson provides a unique blend of urban amenities and suburban tranquility. Its proximity to the city attracts residents seeking the benefits of city living at potentially lower costs. Hosting Towson University, the area benefits from the vibrancy and economic stimulation associated with a significant academic institution. With its mix of restaurants, shops, entertainment, and high-quality schools, Towson appeals to those seeking a rich, convenient lifestyle, potentially allowing investors to command higher rents.

3. Parkville: Parkville, a town in the Baltimore metro area, offers a quiet, residential atmosphere with transportation links and easy access to major cities like Baltimore and Washington, D.C. Just seven miles from Baltimore and 42 miles from Washington, D.C., Parkville provides a convenient location for commuters and travelers, with proximity to BWI Airport. The median home price in Parkville is $300,000, with a 10.1% increase in the past year, making it a promising investment opportunity.

#9 – Cincinnati, Ohio

Cincinnati is witnessing strong housing demand and increasing median home prices, catching the attention of savvy investors seeking opportunities in this Midwestern city.

The city’s well-established transportation infrastructure, including a major international airport and a comprehensive public transit system, improves Cincinnati’s livability and contributes to the sustained demand for real estate. Moreover, the local economy has shown resilience, supporting the steady appreciation of home values, averaging a 7.3% yearly increase over the past decade, earning it a spot as one of the best places to buy rental property.

About the Cincinnati Housing Market

The Cincinnati real estate market has weathered economic cycles with remarkable stability throughout history. Unlike coastal markets, which have experienced volatile highs and lows, Cincinnati maintains a steadier course. This enduring appeal is due to a combination of factors that have historically strengthened the city’s economy.

Cincinnati’s growth as a manufacturing hub, its strategic location by the Ohio River, and the presence of major companies have established the city as an economic Midwest powerhouse. Over the years, this economic foundation has provided a buffer against downturns that have affected other regions more severely.

The healthcare and education sectors have also been crucial to Cincinnati’s economy, with world-class institutions like Cincinnati Children’s Hospital Medical Center and the University of Cincinnati stabilizing and attracting a steady influx of professionals seeking long-term residences.

With a median home price around $250,000, properties are selling quickly in Cincinnati. They often receive multiple offers and sell close to or slightly below the asking price. Furthermore, the average time for a home to go pending is around 17 days, highlighting the market’s frenetic pace.

Additionally, the area is experiencing a demographic surge, with a significant net inflow of individuals from other metropolitan areas, including Dayton, Los Angeles, and Chicago. For investors looking for a stable and profitable real estate market, the Cincinnati metro area offers an enticing opportunity.

Cincinnati Housing Market Statistics

Median Household Income: $75,062
Metro Population: 2.2 Million
12-Year Population Growth: 5.81%
Median Home Price: $267,184
Median Rent Per Month: $1,510 (0.57% rent-to-value ratio)
1-Year Equity Growth: 7.27%
10-Year Equity Growth (January 2014 – January 2024): 88%
1-Year Rent Growth: 4.79%
10-Year Rent Growth (January 2014 – January 2024): 52.3%
Job Growth: +21,700 CES jobs created over the last year
1-Year Job Growth Rate: 1.89% (12.7% higher than the national average)
Unemployment Rate: 3.1% (16% lower than the national average)

Cincinnati Housing Market Quick Facts

Cincinnati has been recognized as the second-hottest housing market in the U.S. by Zillow.
The average price for a single-family home in the Cincinnati metro area in January 2024 was $267,184, making it about 23% more affordable than the national average. Over the past ten years, home prices in Cincinnati have risen by 88%, at a steady annual rate of 7.27%.
The average monthly rent in Cincinnati is $1,510, 24% lower than the national average. Cincinnati’s rent prices have appreciated 52.3% in the past decade, growing at an average of 4.8% each year.
Cincinnati’s population has expanded by 5.81% in the last 12 years, an annual growth of 0.57%. Although this growth is slower (25% less) than the national average, it represents a steady influx of new residents.
While Cincinnati’s population growth has been slightly slower than the national average, the metro area has maintained a stable economy. Between November 2022 and November 2023, the metro area added 21,700 jobs, a job growth rate of 1.9%—slightly higher than the national average.
Nearly one-third of Cincinnati metro households, 30.7%, rent their homes, and the rental vacancy rate drastically improved from 10.9% in Q3 2023 to 6.2% in Q4 2023.
Cincinnati has an impressive GDP of $186 billion, which grew by 8.4% between 2021 and 2022.
As per Realtor’s estimates, in January 2024, home prices in Cincinnati saw a modest yearly increase of 0.7%. Meanwhile, the active listing count and new listing count experienced a significant rise of 19.5% and 10%, respectively.
In January 2024, the Cincinnati metro area had a market hotness rank change of 10 compared to other metro areas nationally. In this context, a positive value suggests the market has cooled down, whereas a negative value indicates heating up. The Cincinnati housing market seems to have cooled slightly compared to previous months.

Top 3 Reasons to Invest in the Cincinnati Real Estate Market in 2024

1. Strong home price and rent appreciation

Cincinnati’s real estate market is on the upswing, showing strong growth over the years. In the past ten years, home prices have been rising by about 7.3% annually on average. A report from Redfin in February 2024 shows home values went up by 7.4% from the previous year, with the average selling price reaching $250,000. On the rental side, Cincinnati is leading the way with a 7.9% increase in rent prices, as reported by Zillow in May 2023. These numbers point to a vibrant market with healthy growth in both the housing and rental sectors.

2. Stable and diverse employment growth

Cincinnati’s job market is diverse and stable, making it an attractive place to invest. According to the Federal Reserve Economic Data (FRED), jobs in Cincinnati have been growing steadily since 1990. The city’s economy is strong in several areas, including healthcare, manufacturing, logistics, and financial services, and is home to big companies like Procter & Gamble and The Kroger Company.

3. Affordability

Cincinnati is known for being an affordable place to live, and this extends to its real estate market. With an average home price of $250,000, it stands out as more budget-friendly than many other large cities. This lower cost of living attracts young professionals and families, driving the demand for homes. The affordability of Cincinnati’s properties, combined with the potential for appreciation, makes it a smart choice for investors.

How To Purchase Investment Property in Cincinnati

Cincinnati’s market is characterized by steady growth and affordable real estate. The city offers a good balance of rental demand and property value appreciation, particularly in up-and-coming neighborhoods.

How to Purchase:

Market research: Pay attention to Cincinnati’s neighborhood revitalization efforts and invest accordingly.
Financing: Explore Ohio’s first-time investor loan programs and incentives for urban development e.g. Ohio Opportunity Zones Tax Credit program
Work with a local expert: Engage with Cincinnati real estate professionals who understand the local market dynamics. Sign up for RealWealth to connect with the team we work with in the Cincinnati metro area.

Best Neighborhoods to Invest in Cincinnati

1. West Price Hill

West Price Hill, located in Hamilton County, is a rapidly developing neighborhood in Cincinnati, home to over 22,300 residents. The area has recently seen significant revitalization efforts, transforming abandoned buildings into office spaces. West Price Hill’s competitive housing market, where homes quickly switch to pending status and often receive multiple offers, indicates high demand. Investing in this neighborhood becomes even more attractive with an affordable median sale price of $146,000. Its proximity to some of the largest Catholic high schools, like Elder and Seton, makes West Price Hill particularly appealing to families.

2. Downtown Cincinnati

Downtown Cincinnati offers a balanced mix of residential, commercial, and entertainment options, making it a popular choice for real estate investment. The Central Business District boasts excellent walkability, with a Walk Score of 93, and is close to major employers, including Procter & Gamble, Kroger, and Fifth Third Bank. Additionally, downtown’s access to universities and numerous entertainment venues, like the Great American Ball Park, Paul Brown Stadium, and the Aronoff Center for the Arts, makes the area an attractive prospect for potential investors.

3. Over-The-Rhine (OTR)

OTR, located north of Downtown’s Central Business District, is one of Cincinnati’s most eclectic neighborhoods. It houses one of the largest urban historic districts in the United States, filled with unique German-inspired architecture. Following significant investments in infrastructure, public transportation, arts, and dining, OTR has experienced significant rejuvenation, elevated property values, and attracted a growing resident pool. The corporation 3CDC has heavily invested in OTR’s and Downtown Cincinnati’s development, contributing over $1.7 billion towards construction and restoration, creating fresh residential, commercial, and civic spaces.

#10 – Birmingham, Alabama

Birmingham is one of the most affordable places to buy a home in the United States, making it an excellent choice for people looking to buy their first home or investors searching for a smart place to put their money.

The Birmingham real estate market has witnessed a surge in new home construction, with 1,714 new houses built in 2023, accounting for 14% of the overall market. This influx of new housing stock is helping to address the supply-demand imbalance.

Experts forecast a healthy appreciation in Birmingham property values, suggesting that investments in Birmingham are likely to grow steadily over time, free from the wild fluctuations experienced in other areas. Below are more reasons Birmingham made our list of the best places to buy rental property.

About the Birmingham Housing Market

Birmingham’s history is deeply tied to industries like iron and steel production, earning it the nickname “Pittsburgh of the South.” Over time, however, Birmingham has shifted away from its industrial roots. Today, it focuses more on healthcare, education, and financial services. This change has brought economic stability to the city and increased interest in Birmingham’s housing market.

Adding to its appeal, Birmingham boasts a remarkably low cost of living, ranking eighth for affordability out of the 100 largest metros in the United States. Initiatives like “Innovate Birmingham” reflect a forward-looking approach to urban development, fueling optimism about the city’s growth trajectory and the potential for real estate investments.

The rental market, too, shows promising signs, with steady growth observed in rental rates. As of December 2023, the average rent in Birmingham marked a year-over-year increase of 4.73%. These factors collectively highlight why Birmingham’s housing market is a hot spot for investors.

Birmingham Housing Market Statistics

Median Household Income: $67,242
Metro Population: 1.1 Million
12-Year Population Growth: 5.19%
Median Home Price: $244,942
Median Rent Per Month: $1,372 (0.56% rent-to-value ratio)
1-Year Equity Growth: 6.65%
10-Year Equity Growth (January 2014 – January 2024): 78.5%
1-Year Rent Growth: 3.85%
10-Year Rent Growth (January 2014 – January 2024): 40.5%
Job Growth: +15,500 CES jobs created over the last year
1-Year Job Growth Rate: 2.79% (66% higher than the national average)
Unemployment Rate: 2.4% (35% lower than the national average)

Birmingham Housing Market Quick Facts

As of January 2024, the average home price in Birmingham is $244,942, approximately 30% less than the national average.
Birmingham’s real estate market has demonstrated steady appreciation, with prices growing by an impressive 78.5% over the last decade at an average annual rate of 6.65%.
The average rent in Birmingham is $1,372, showing a 40.53% increase over the last ten years, translating to an average annual growth rate of 3.85%.
Approximately 21% of households in the Birmingham metro area rent their homes, and the rental vacancy rate dropped to 12.9% in Q4 2023 from 14.1% in Q3 2023.
The Birmingham area has experienced a slow population growth of 5.2% over the past 12 years, growing annually at a rate of 0.51%, which is 33% slower than the U.S. average.
Birmingham has seen robust job growth, adding 15,500 new jobs between November 2022 and November 2023, resulting in a job growth rate of 2.8%, which is 66% higher than the national average.
The GDP of the Birmingham metro area is $79.1 billion, marking an impressive growth of 8.5% from 2021 to 2022.
As of January 2024, the Birmingham metro area had a market hotness rank change of 11 compared to all other metro areas nationally. This signals that the market has cooled compared to recent months.
According to Realtors, home prices increased by 5.5% in January 2024. Additionally, the active listing and new listing count rose by 16% and 2.7%, respectively.

Top 3 Reasons to Invest in the Birmingham Real Estate Market in 2024

1. Robust rental cash flow potential

Birmingham ranks among the top U.S. cities for single-family rental cash flow, offering an estimated monthly cash flow of around $609. Reasonable property prices, moderate operating costs, and low state income taxes create an environment conducive to generating consistent passive income.

2. Exceptional affordability

The Birmingham housing market is known for its affordability, with the average home price around $160,000 in the city of Birmingham. Additionally, the city’s cost of living is 8% lower than the national average, with housing expenses 20% lower, making it an attractive destination for real estate investment.

3. Thriving job market Birmingham is a hub of economic growth, ranking 4th in the U.S. for job growth between November 2022 and November 2023. Birmingham also boasts one of the lowest unemployment rates in the country. Key industries, such as construction, information services, and healthcare, contribute to the city’s robust job market, driving demand for rental properties.

How To Purchase Investment Property in Birmingham

Birmingham’s real estate market is notable for its affordability, high rental yields, and landlord-friendly laws. The city’s economic growth and employment rates bolster a strong rental market.

How to Purchase:

Identify growth areas: Look for properties in neighborhoods with new business development and employment opportunities.
Consider foreclosures: Birmingham has a higher-than-average rate of foreclosures, which may offer investment opportunities.
Tax considerations: Learn about Alabama’s property taxes to see how they’ll affect your investment costs.
Work with a local team: Work with Birmingham-based real estate agents, property managers, and contractors knowledgeable in rehabilitating properties for high rental yields. Sign up to RealWealth to connect with the team we work with in the Birmingham metro area.

Best Neighborhoods to Invest in Birmingham

1. Pleasant Grove: Pleasant Grove offers a fantastic mix of tranquility and accessibility within the Birmingham metro area, making it a top choice for families. With a population of 9,495 as of 2021, it presents a tight-knit community vibe. Its strategic location grants easy access to urban centers like Birmingham and Tuscaloosa, enhancing its appeal to those who enjoy suburban peace without sacrificing city amenities. The proximity to major employment hubs, such as the University of Alabama at Birmingham and Birmingham-Shuttlesworth International Airport, adds to its desirability.

2. Chelsea: Chelsea is one of the fastest-growing cities in Alabama, boasting a growth rate of 3% per year over the last decade. Projections indicate an influx of up to 650 new homes by 2025, signaling robust expansion.

Just 10 miles southeast of Birmingham, Chelsea offers a quaint, small-town feel with easy access to the city. The highly-rated Shelby County School System serves the city, reflecting strong educational investment. Chelsea’s economic landscape is on the rise, with new businesses like Southern Immediate Urgent Care and Buffalo Wild Wings opening in the area.

3. Fairfield: Strategically positioned to benefit from Birmingham’s ongoing growth, Fairfield is particularly attractive for those seeking more affordable housing options, with home prices usually below $100k. It is witnessing signs of economic renewal, highlighted by significant investments like HarbisonWalker’s $35 million effort to revamp a vacant factory. This makes Fairfield a smart pick for anyone aiming to invest in an area with strong growth potential without a hefty price tag.

#11 – Kansas City, Missouri

The Kansas City real estate market is experiencing high demand and a limited supply of homes, making it one of the most competitive housing markets in the U.S. in 2024. In the last 12 months, the number of homes for sale has dropped by almost 13%, pushing up property values.

But price appreciation in Kansas City is not new. Over the last 10 years, the average home price in the Kansas City metro area has jumped from $150,000 to over $280,000. One reason for this is Kansas City’s strong economic performance. The Kansas City job market is fueled by sectors like healthcare, finance, and manufacturing. Below, we’ll explore the Kansas City housing market and see why it ranks on our list of the best places to buy rental property in 2024.

About the Kansas City Housing Market

The Kansas City metro area, which spans the two states of Missouri and Kansas, is the second-largest metropolitan area in Missouri. There are a couple of reasons why this market is attracting investors.

Firstly, Kansas City is currently witnessing increased demand for housing. The area’s population has been growing steadily over the last 12 years at a rate slightly above the national average. Population growth and low housing inventory, has increased home values.

The border war between Kansas and Missouri affected the economy for a time, but that has now ended. A deal between the governors of both states ended the excessive use of tax credits to attract new developments and draw in existing businesses in both states. The Kansas City economy has historically been stable and is supported by tech, healthcare, and manufacturing industries. Some of the top employers in the area include Amazon, T-Mobile, Black and Veatch, Ford Motor Company, Fort Leavenworth (military base), and HCA Midwest Health.

The second reason Kansas City is attracting investors is its affordability. According to the Bureau of Economic Analysis, Kansas City is ranked as the 27th most affordable out of the 100 largest metro areas in the country. The overall cost of living in the area, including housing, is lower than the national average, with a Regional Price Parity Index of 93.7. This attracts residents looking for a high quality of life and presents investors with substantial cash flow opportunities.

Kansas City Housing Market Statistics

Median Household Income: $75,280
Metro Population: 2.2 Million
12-Year Population Growth: 9.74%
Median Home Price: $286,747
Median Rent Per Month: $1,404 (0.49% rent-to-value ratio)
1-Year Equity Growth: 7.47%
10-Year Equity Growth (January 2014 – January 2024): 91%
1-Year Rent Growth: 5%
10-Year Rent Growth (January 2014 – January 2024): 55%
Job Growth: +9,000 CES jobs created over the last year
1-Year Job Growth Rate: 0.8% (53% lower than the national average)
Unemployment Rate: 3.1% (16% lower than the national average)

Kansas City Housing Market Quick Facts

As of January 2024, the average home value in the Kansas City Metropolitan Statistical Area (MSA) stands at $286,747. Over the last decade, home prices have witnessed a substantial growth of 91%, climbing at a robust annual rate of about 7.47%.
The average rent in Kansas City as of January 2024 is $1,404 per month. Over the past ten years, rents have surged by a total of 55%, rising steadily at an average pace of 5% annually.
In terms of employment, the Kansas City metro area has seen modest growth, albeit slower than the national average. As of November 2023, the growth was recorded at 0.8% per year, which is 53% less than the U.S. average (1.68%). Between November 2022 and November 2023, the region contributed 9,000 jobs to its local economy.
The rental vacancy rate in Kansas City is currently 8.9%, with 32% of households within the metro opting to rent.
Kansas City’s population has increased moderately by 9.74% over the last 12 years, outpacing the national average by 26%.
The Kansas City metro area’s GDP was $169.5 billion in 2022, up 9.3% from 2021.
Realtor.com’s data from January 2024 paints a picture of a cooling market. Home prices decreased 3.4% year-over-year. The number of active listings and new listings on the market also decreased by 1.5% and 8.5%, respectively.
In January 2024, Kansas City’s market hotness rank changed by 41 relative to other U.S. metros. This position signals a market that has cooled down, indicating a potential shift towards a more buyer-friendly environment.

Top 3 Reasons to Invest in the Birmingham Real Estate Market in 2024

1. Soaring home prices and rents

The Kansas City housing market is experiencing remarkable growth, with home prices rising by 10.9% over the past year, reaching a median price of $255,000. The Kansas City metro area has also seen some of the fastest rent increases in the U.S., with a 7% jump to a median rent of $1,644. This rapid appreciation in home prices and rents makes Kansas City attractive for real estate investors.

2. Affordability and high quality of life

Despite the rapid growth, Kansas City remains more affordable than many other major cities in the U.S. The metro median rent of $1,404 is highly competitive, and home prices are relatively affordable compared to other metropolitan areas. Moreover, the overall cost of living in Kansas City is lower than the national average, offering residents a high quality of life with cultural amenities, sports teams, and dining options. This combination of affordability and quality of life can attract long-term residents, contributing to a stable and lucrative rental market for investors.

3. Steady population growth

The Kansas City metropolitan area attracts new residents with its vibrant lifestyle and economic opportunities. According to Redfin, Kansas City is seeing an influx of residents from more expensive metros like Los Angeles, New York, and Seattle. With a sustainable growth rate compared to other Midwest cities and a designation as one of the top 31 tech hubs for scientific research, Kansas City offers enduring opportunities for investment in a city with a forward-looking trajectory.

How To Purchase Investment Property in Kansas City

With affordable prices and high rental demand, Kansas City’s real estate market is an excellent choice for property investors.

How to Purchase:

Research neighborhoods: Focus on areas with high rental demand, such as those near major employers or universities.
Understand local regulations: Kansas City has specific regulations regarding rental properties; ensure compliance with inspection and registration requirements.
Network with local experts: Engaging with local real estate agents specializing in investment properties can provide valuable insights and access to off-market deals. Sign up for RealWealth today to connect with the teams we work with in markets similar to Kansas City.

Best Neighborhoods to Invest in Kansas City

1. Westport: As one of Kansas City’s top entertainment districts, Westport offers a lively mix of dining, shopping, and nightlife options, attracting a steady flow of visitors and potential renters.

Located just three miles south of downtown Kansas City, Westport provides easy access to major employment centers, educational institutions, and cultural attractions, making it a highly desirable place to live. The area’s preservation efforts, particularly in the Nutterville neighborhood, contribute to its unique charm, which can appeal to tenants.

2. Downtown Kansas City: With 85% of its housing occupied by renters, Downtown Kansas City is a hot spot for rental investment. Featuring A and B-class properties with an urban atmosphere, Downtown Kansas City offers a variety of retail, dining, and entertainment options that cater to a substantial population of 28,111 in the Greater Downtown area.

Over $3 billion has been invested in the neighborhood in the last five years. The development of premier venues, such as the T-Mobile Center and the Kauffman Center for the Performing Arts, has further boosted Downtown’s appeal as a vibrant neighborhood.

3. Lansing: Situated along the Missouri River and near major highways, Lansing’s accessibility and growing population of 11,239 (as of the 2020 census) suggests a strong housing demand. Furthermore, Lansing’s economic development incentives, such as tax rebates and credits, can significantly lower operational costs for businesses and landlords.

#12 – Fort Worth, Texas

The Fort Worth metro area is among the fastest-growing regions in the U.S., driving continued high demand for housing in one of the best places to buy rental property. This trend translates into substantial opportunities for investing in the area’s future.

At the center of the Dallas-Fort Worth metroplex, Fort Worth is experiencing a construction boom, ranking second in the U.S. for new home construction in 2023. This consistent building indicates a strong demand for property, promising stable investment returns in one of the best cities to buy rental property.

Job growth, affordability, and a thriving economy attract more people to Fort Worth. The population will likely continue surging, boosting the need for more housing and making the Fort Worth market a smart choice for investors.

About the Fort Worth Housing Market

Fort Worth has a history of resilience and growth, dating back to its origins as a hub for the cattle trade. Over the decades, the city’s industrial base expanded to include aerospace and technology, attracting new residents and businesses.

The Fort Worth metro area is experiencing an unprecedented real estate boom, drawing the attention of savvy investors locally and nationally. This surge is due to significant population growth, one of the fastest in the United States. Between July 2021 and July 2022, the Dallas-Fort Worth (DFW) area welcomed 466 new residents per day, with Fort Worth adding 52 people daily. This influx of new inhabitants is driving the demand for housing, a trend projected to push the population to 8.5 million by 2028.

From 2020 to the present, the average home sale price in Fort Worth increased from $234,900 to $334,450, highlighting a market that is growing and appreciating rapidly. The growing popularity of build-to-rent options further emphasizes the market’s adaptability, providing a viable path for those priced out of homeownership.

Moreover, Fort Worth’s diversified economy, with strongholds in aerospace, aviation, healthcare, and manufacturing, supports a robust job market, ensuring sustained demand for housing.

Fort Worth Housing Market Statistics

Median Household Income: $77,909
Metro Population: 2.6 Million
12-Year Population Growth: 24.27%
Median Home Price: $366,326
Median Rent Per Month: $1,787 (0.49% rent-to-value ratio)
1-Year Equity Growth: 8.91%
10-Year Equity Growth (January 2014 – January 2024): 115.52%
1-Year Rent Growth: 4.07%
10-Year Rent Growth (January 2014 – January 2024): 43%
Job Growth: +34,100 CES jobs created over the last year
1-Year Job Growth Rate: 2.8% (67% higher than the national average)
Unemployment Rate: 3.2% (13.5% lower than the national average)

Fort Worth Housing Market Quick Facts

As of January 2024, the average home value in the Fort Worth area is $366,326, reflecting a 115% increase over the last 10 years at an annual appreciation rate of 8.9%.
The Dallas-Fort Worth metro area rental market has also seen significant growth, with the average rent reaching $1,787 in January 2024. Over the past 10 years, rents have increased by a total of 43%, at an average annual rate of 4%.
The Fort Worth-Arlington metro subdivision outpaced the national average in job growth by 67% last year, adding 34,100 jobs from October 2022 to October 2023.
The Dallas-Fort Worth metro area’s rental vacancy rate was 6.1% in the fourth quarter of 2023. About 41% of the metro’s households are renters.
The Dallas-Fort Worth metro area has experienced population growth that is over 200% faster than the national average, with a total increase of 24.27% over the last 12 years, at an annual rate of 2.2%
The Dallas-Fort Worth metro area’s GDP expanded by 12.8% between 2021 and 2022, reaching about $688.9 billion.
Realtor.com’s data from January 2024 highlights a slight dip in Fort Worth home prices by 0.7% year-over-year, yet active and new listing counts have experienced upticks of 7.6% and 2.9%, respectively.
The Dallas Fort Worth metro area’s area’s hotness rank change was -27 in Jan 2024, indicating a significant heating up (or increase in activity) compared to other U.S. metro areas.

Top 3 Reasons to Invest in the Fort Worth Real Estate Market in 2024

1. Exceptional home value appreciation

Over the past decade, Fort Worth’s housing market has shown substantial growth, with home values increasing by almost 120%. The region has consistently surpassed the national average with an approximate 9% annual growth in home values, significantly higher than the national average of 7.11%. This trend is a testament to the market’s stability and resilience.

2. Dynamic job market

The Dallas-Fort Worth (DFW) metroplex, of which Fort Worth is a part, led the nation in job growth in 2022, with a 6.5% increase in the year ending in October 2022, surpassing major metros like New York City and Los Angeles. The DFW area boasts the largest industrial development pipeline in the nation, with over 62 million square feet of industrial space under development. This diverse and robust economy, with key sectors like aerospace, aviation, healthcare, manufacturing, and logistics, provides a stable job market that can attract and retain residents.

3. Rapid population growth

In 2022, Fort Worth was the fastest-growing U.S. city. The DFW area gained more people in the past decade than any other major U.S. metropolitan area. This rapid population growth implies a strong demand for housing, likely driving further home price appreciation. Moreover, Fort Worth’s rich legacy, innovations, and focus on future development make it a prime destination for real estate investors seeking to capitalize on the region’s long-term potential.

How To Purchase Investment Property in Fort Worth

Part of the dynamic Dallas-Fort Worth metroplex, Fort Worth offers a growing job market and an expanding population, driving up housing demand.

How to Purchase:

Identify growth areas: Look for neighborhoods that are growing or being revitalized. These areas are likely to see property values increase.
Evaluate property taxes: Texas has higher property taxes, which could affect your investment’s profitability. Factor these into your calculations.
Utilize local financing options: Texas has numerous investment-friendly financing options; explore local banks and credit unions for competitive mortgage rates.
Work with a local team: Sign up to RealWealth to connect with the team we work with in the Dallas-Fort Worth metro area.

Best Neighborhoods to Invest in Fort Worth

1. Northside: Northside stretches from downtown Fort Worth to Loop 820. It is well-liked for its closeness to the city’s heart and the famous Stockyards. This area is enriched by diverse cultures, especially from northern Mexico, making it attractive to residents and visitors.

Even after a 60% increase in home values between 2016 and 2021, Northside is still more affordable than other parts of Fort Worth, drawing in investors. The new Panther Island project, a 338-acre island connecting two sections of the Trinity River and providing mixed-use housing, is set to climb Northside property values even higher.

2. Saginaw: As an inner suburb of Fort Worth in Tarrant County, Saginaw has grown substantially over the years, with a population of 24,310 as of the 2019 Census. The presence of leading employers, including Eagle Mountain-Saginaw ISD, CTI Beanmaker & Chefco Foods, and Walmart, suggests a robust local economy, which means strong housing demand.

Additionally, Saginaw’s railway heritage and related infrastructure, with major railway lines by Union Pacific and BNSF running through the city, make it particularly attractive for manufacturing businesses and industries of scale.

3. Cultural District: Just about 2 miles west of downtown Fort Worth, the Cultural District boasts a strategic location that is highly attractive for investments. Home to world-class art museums, such as the Amon Carter Museum of American Art and the Kimbell Art Museum, the district has become a destination for tourists and art lovers. The investment momentum in the area, with more than $1 billion in investments in recent years and a $250 million mixed-use development from Crescent Real Estate, speaks to the district’s promising potential for real estate investors.

#13 - Columbus, Ohio

As the home of one of the largest universities in the United States, Columbus boasts a thriving student and young professional population, driving robust demand for rental properties. Coupled with a flourishing tech industry, the city offers investors the potential for stable cash flow and long-term appreciation.

What makes Columbus stand out is its affordability. Compared to national averages, properties in the metro area are reasonably priced, even as home values continue to rise. This makes the market appealing to a wide range of investors, from first-timers to seasoned pros. With solid economic fundamentals and a growing population, Columbus can offer consistent returns for those looking to diversify their real estate investments.

About the Columbus Housing Market

Columbus is gaining recognition as a top real estate market, attracting the attention of investors from all over the nation. According to Zillow, it will be among the hottest housing markets in 2024, thanks to robust demand, moderate home values, a growing number of homeowners, and consistent job growth.

But Columbus’s appeal doesn’t stop with its present success as one of the best places to buy rental property. Over the past twelve years, its population growth rate of 13.4% has exceeded the national average of 7.74%. This steady stream of new residents has created a large, dependable pool of potential tenants for rental properties.

A diverse economy with strong technology, finance, healthcare, and education sectors supports the city’s growth. This economic diversity provides a stable job market, which in turn drives demand for housing. Moreover, Columbus is becoming a tech hub, attracting startups and established tech companies. The recent announcement of a multi-billion-dollar Intel plant in Columbus promises abundant high-income jobs, which should attract even more workers to the area.

Columbus Housing Market Statistics

Median Household Income: $75,777
Metro Population: 2.16 Million
12-Year Population Growth: 13.38%
Median Home Price: $297,637
Median Rent Per Month: $1,396 (0.47% rent-to-value ratio)
1-Year Equity Growth: 8.99%
10-Year Equity Growth (January 2014 – January 2024): 117.02%
1-Year Rent Growth: 5.92%
10-Year Rent Growth (January 2014 – January 2024): 67.74%
Job Growth: +10,100 CES jobs created over the last year
1-Year Job Growth Rate: 0.9% (47% lower than the national average)
Unemployment Rate: 2.7% (27% lower than the national average)

Columbus Housing Market Quick Facts

Homes in Columbus are valued at an average of $297,637, reflecting a remarkable 117% growth over the last decade. This translates to an annual appreciation rate of approximately 9%.
The average rent in Columbus stands at $1,396, having climbed 68% over the past 10 years, or an average annual growth rate of 5.9%.
Job growth in Columbus is slow. The metro area added 10,100 jobs from November 2022 to November 2023, a 0.9% increase—a rate 47% lower than the national average.
As of the last quarter of 2023, the rental vacancy rate was 5.9%, with 44.5% of Columbus metro area households opting to rent.
The Columbus metro area’s population has surged by 13.4% over the last 12 years, growing 73% faster than the national average, with a current population of 2.16 million residents.
The Columbus metro area’s GDP exceeds $169 billion, growing by 7.4% between 2021 and 2022.
The GDP of the Birmingham metro area is $79.1 billion, marking an impressive growth of 8.5% from 2021 to 2022.
In January 2024, Columbus’s home prices increased by 6.3% year-over-year. The active and new listing counts rose by 12.3% and 3.4%, respectively, indicating a market with strong demand.
As of January 2024, the Columbus housing market had a market hotness rank change of 11 compared to other metro areas, indicating that it had cooled compared to previous months.

Top 3 Reasons to Invest in the Columbus Real Estate Market in 2024

1. High rental demand

Columbus is experiencing a rental boom, with rents rising 35% between 2016 to 2021. The presence of Ohio State University and other significant institutions creates a steady influx of students seeking rental units, ensuring consistent demand for investment properties.

2. Affordable market

Columbus’s median home price of approximately $270,000 compared to many U.S. cities reflects an accessible market. Additionally, the city’s cost of living is 10% below the national average, meaning that your investment dollars can buy more square footage and amenities in Columbus.

3. Economic diversity and stability

The Columbus economy is diverse and robust, with a strategic shift towards cutting-edge industries such as manufacturing, semiconductors, pharmaceuticals, and cloud computing. With investments from companies like Amazon, Intel, and Google, the local economy avoids over-reliance on any single sector, with no industry accounting for more than 18% of the employment market. This balance gives Columbus a resilience that’s appealing to investors.

How To Purchase Investment Property in Columbus

Columbus is known for its stable economy, which is supported by the education, government, and technology sectors. There is consistent demand for rental housing in this market.

How to Purchase:

Consider student housing: With a significant student population, properties near The Ohio State University offer great rental potential.
Get a rental license: Columbus requires rental licenses for non-owner-occupied properties, so make sure to adhere to the regulations.

Leverage property management firms: Given the fluctuating student rental market, consider using a local property management firm to maintain occupancy rates and manage the property effectively. For similar properties, sign up to RealWealth to connect with the team we work with.

Best Neighborhoods to Invest in Columbus

1. Reynoldsburg: With a population of around 41,117 in 2022, the suburb of Reynoldsburg offers a mix of tranquility and accessibility, being just 20 minutes away from downtown Columbus. Known for its excellent educational institutions, including six elementary schools, two middle schools, two junior high schools, and one high school, Reynoldsburg is popular among families seeking quality education. Homes in the area are affordable, ranging between $75,000 and $250,000. The upcoming $170 million Eastwood project, which includes over 600 new residential units, indicates growth and investment in the area.

2. Franklinton: Franklinton, Columbus’s oldest neighborhood, is steeped in history. It achieves the rare balance of preserving its past while priming for future growth. Significant property value increases of 150 – 212% were recorded in parts of Franklinton between 2022 and 2023. Investment is particularly high in parts of Franklinton close to downtown and near such attractions as the COSI and the new Veterans’ Memorial & Museum. The neighborhood’s proximity to The Peninsula, a mixed-use development that will include an eight-story hotel, an 11-story residential building, and an eight-story office building, suggests continued growth in property values and sales prices.

3. Downtown Columbus: The city center, Downtown Columbus, is experiencing a development boom with nearly $3 billion in ongoing projects and an additional $228 million worth completed last year. The area has a current population of 12,000, with a 3% population increase from 2022 to 2023. Notable projects like the I-70/I-71 development, the Grant Medical Center expansion, and phase two of The Peninsula further enhance this area’s appeal. With a strong rental market characterized by low vacancy rates and high demand, Downtown Columbus presents a promising opportunity for development and investment.

#14 – Dayton, Ohio

The Dayton metro area offers a unique mix of history, innovation, and economic opportunity. Known for its significant role in the aviation industry and a growing research and development sector, it is on a path toward economic revitalization.

This Midwest gem provides an affordable market for first-time investors and experienced professionals, with the cost of living below the national average. The Wright-Patterson Air Force Base also ensures a steady stream of military personnel and their families, supporting consistent demand for housing in one of the best places to buy investment property.

About the Dayton Housing Market

Like its aviation legacy, Dayton’s real estate market has shown resilience and adaptability. After facing tough times when industries shifted and manufacturing jobs decreased, Dayton returned by restructuring its economy to support emerging sectors such as healthcare, education, and a flourishing research and development sector.

Today, Dayton’s real estate market is increasingly drawing investors’ attention. According to the National Association of Home Builders (NAHB), Dayton ranks among the country’s five most affordable major housing markets, with a median home sales price of $176,000.

With a median age of 31.9 years, Dayton has a younger population compared to the state average, indicating strong rental demand from younger residents who may not yet be ready to buy a home.

One of Dayton’s strengths is its accessibility. Three major highways connect the city and has efficient public transportation options, including bus and trolley services, and Dayton International Airport.

A notable trend in Dayton’s market is the sharp decline in the number of homes for sale. From May 2019 to May 2023, the available supply dropped from around 2,240 to just 668 homes. With construction not keeping up with the demand for new homes, Dayton presents a ripe opportunity for developers and investors.

Dayton Housing Market Statistics

Median Household Income: $66,770
Metro Population: 812,595
12-Year Population Growth: 1.62%
Median Home Price: $217,750
Median Rent Per Month: $1,237 (0.57% rent-to-value ratio)
1-Year Equity Growth: 8.58%
10-Year Equity Growth (January 2014 – January 2024): 110%
1-Year Rent Growth: 4.93%
10-Year Rent Growth (January 2014 – January 2024): 54.2%
Job Growth: +8,000 CES jobs created over the last year
1-Year Job Growth Rate: 2.07% (23.5% higher than the national average)
Unemployment Rate: 3.1% (16% lower than the national average)

Dayton Housing Market Quick Facts

As of January 2024, the average home value in Dayton stands at $217,750, a 110% increase since 2014, equating to an annual appreciation rate of 8.58%.
Rental rates in the Dayton metro have also experienced a significant upward trend, with the average rent reaching $1,237 in January 2024. This represents a 54% surge in rental prices over the last 10 years, translating to an average annual growth of 4.9%.
Dayton’s job growth outpaces the national average by 24%. The metro area added 8,000 jobs between November 2022 and November 2023, a growth rate of 2.07%.
The vacancy rate in Dayton was a mere 4.5% towards the end of 2023—a notable decline from 6.2% in the preceding quarter. Of all households in the metro area, 33.6% are renters.
The Dayton metro area’s population growth has been very slow, lagging 79% behind the national growth benchmark. Over 12 years, the population increased by only 1.6%, equating to an annual increase of 0.16%, with the current population at approximately 812,595 residents.
Dayton’s GDP, recorded at around $41 billion in 2017, increased just 2.2% from the previous year.
According to Realtor.com data from February 2024, Dayton’s housing market saw a 3.28% year-over-year price bump. Meanwhile, the new listing count ticked up by 16%, but active listings declined by 12.17%.

Top 3 Reasons to Invest in the Dayton Real Estate Market in 2024

1. Affordable prices

Dayton’s real estate market stands out because of its remarkable affordability. The metro area’s median home sale price is 37% lower than the national average. Moreover, Dayton’s overall cost of living, which sits 6% below the national average, adds to its appeal for residents and investors alike. These low costs, combined with the city’s thriving economy and numerous development initiatives, create a solid foundation for potential growth in its real estate sector.

2. Growing economy

Dayton boasts a flourishing economy supported by industries like aviation, manufacturing, and healthcare. Major employers, such as Wright-Patterson Air Force Base, contribute to the job market’s variety and stability. Large-scale investments, such as Honda’s $4 billion project and Jobi’s $500 million commitment, demonstrate confidence in Dayton’s economic future. Its central Midwestern location, proximity to other big cities, and a healthy unemployment rate of about 3% highlight the solid economic fundamentals that foster housing affordability and demand in the area.

3. Increasing property values and rents

Although Dayton’s housing market is currently affordable, recent years have seen steady growth in property values, indicating strong potential for future appreciation. Montgomery County, for example, is expected to see residential property values rise by 34%. According to Redfin, Dayton’s median home price increased by 17.9% year-over-year as of January 2024, while average apartment rents saw a 7% increase, confirming the market’s robust appreciation trends.

How To Purchase Investment Property in Dayton

Due to its rich industrial and innovative history, Dayton offers affordability not easily found in other U.S. markets, coupled with a steady rental market.

How to Purchase:

Analyze economic development projects: Investing in areas targeted for economic development can yield high returns.
Consider the suburbs: Suburbs around Dayton are becoming increasingly popular and often offer better returns on investment due to newer and more diverse property options.
Budget for renovations: Many properties in Dayton may require renovations; factoring this into your budget can significantly improve rental yields.
Work with local investing experts: Sign up to RealWealth to connect with the team we work with in the Dayton metro area.

Best Neighborhoods to Invest in Dayton

1. Downtown Dayton: Downtown Dayton is the commercial center of the Dayton region, seamlessly combining industry, academia, and urban living. It’s bolstered by nearby colleges and universities and recent investments from well-known corporations like GE EPISCenter, Midmark, and Emerson Climate Technologies.

Numerous ongoing projects worth over $1.3 billion are transforming the area with new manufacturing facilities, apartment complexes, medical centers, and commercial properties. The lively downtown atmosphere emphasizes walkability, allowing residents easy access to entertainment, cultural landmarks, and dining options. Developments like Joby Aviation’s upcoming $477 million facility signal growth, with estimates of creating up to 2,000 new jobs. Additionally, with over 65% of downtown residents renting their homes, the rental market here shows immense potential.

2. Harrison Township: Located near Dayton, Harrison Township offers an affordable housing market with a median home value significantly below the national average, making it an appealing option for investors looking for lower-cost opportunities. Harrison Township has 21,814 residents and local attractions like the Boonshoft Museum of Discovery and the Dayton Art Institute.

The township’s suburban charm and easy access to Dayton’s urban amenities create a desirable balance of city and suburban living. With local attractions, recreational facilities, and a family-friendly environment, Harrison Township presents a well-rounded investment proposition.

3. Moraine: Moraine is a manufacturing hub boasting over 6 million square feet of facilities with a strategic location at the intersection of major interstate highways I-75 and I-70. The area’s rich manufacturing heritage, combined with 15 local colleges and universities within a 25-mile radius, contributes to a highly skilled and educated workforce.

Moraine’s diverse economic base, spanning sectors like marketing, cybersecurity, automotive, and food services, provides stability and resilience. The presence of prominent employers such as Fuyao Glass America further enhances Moraine’s attractiveness to real estate investors.

#15 - Fayetteville, Arkansas

For several reasons, Fayetteville, Arkansas, is one of the best places to buy rental property. The city boasts a thriving healthcare sector, excellent education institutions, and a growing retail industry, which contribute to a stable economy and a strong demand for housing.

New construction permits are being issued at high rates, indicating a surge in housing demand. Additionally, major employers such as Walmart, Tyson Foods, and J.B. Hunt add stability and strength to the local job market, making it an attractive location for investors seeking consistent returns.

About the Fayetteville Housing Market

Fayetteville’s housing market has undergone a significant transformation in recent years. During the second quarter of 2022, Fayetteville saw a remarkable 28.7% increase in house prices, resulting in a cumulative growth of 50% since the start of the COVID-19 pandemic. This rapid appreciation has caught the attention of investors and homebuyers alike, eager to take advantage of the region’s good investment properties and rental markets.

Fayetteville’s employment landscape is also robust, with major companies like Walmart, Tyson Foods, and J.B. Hunt providing job market stability and economic consistency. This has contributed to the city’s population growth, which outpaces the national average.

Many residents from major metropolitan areas like Washington, Seattle, and Los Angeles are drawn to Fayetteville thanks to the region’s high quality of life and strong economic prospects. The city’s population growth is fueling competition for homes. Homes in Fayetteville are going pending in just 18 days, with the most desirable properties, known as “hot homes,” being snatched up in an average of four days.

Fayetteville’s appeal extends beyond its population growth and housing market. The city is home to top-notch educational institutions, including the renowned University of Arkansas, and a vibrant cultural scene attracting a diverse pool of potential residents. With its strong economy, growing population, and competitive housing market, Fayetteville is an investment hotspot that savvy investors won’t want to miss.

Fayetteville Housing Market Statistics

Median Household Income: $73,364
Metro Population: 576,403
12-Year Population Growth: 30.32%
Median Home Price: $325,826
Median Rent Per Month: $1,518 (0.47% rent-to-value ratio)
1-Year Equity Growth: 9.42%
10-Year Equity Growth (January 2014 – January 2024): 124.8%
1-Year Rent Growth: 7.16%
10-Year Rent Growth (January 2014 – January 2024): 86.4%
Job Growth: +9,500 CES jobs created over the last year
1-Year Job Growth Rate: 3.15% (87.3% higher than the national average)
Unemployment Rate: 2.4% (35% lower than the national average)

Fayetteville Housing Market Quick Facts

As of January 2024, the average home value in the Fayetteville-Springdale-Rogers metro area stood at $325,826. This represents a substantial growth of 125% over the last decade, translating to an average annual increase of 9.4%.
In January 2024, the average rent in the Fayetteville metro area was $1,518. Over the last 10 years, rents have seen a total increase of 86.4%, with an average yearly growth rate of 7.2%.
The Fayetteville metro area outpaced the national job growth average by 87% last year. Between November 2022 and November 2023, the region added an impressive 9,500 jobs, a growth rate of 3.15%.
As of Q2 2022, the rental vacancy rate is 6.5%, and 38.1% of households rent their homes.
The Fayetteville metro area has experienced a population growth of 30.3% over the last 12 years, nearly 300% faster than the national average. The population of the area increased from 442,301 in 2010 to 576,403 in 2022.
The GDP of the Fayetteville metro area was $37.75 billion in 2022, marking a growth of almost 10% between 2021 and 2022.
In February 2024, Fayetteville home prices increased by 2.97% year over year, with the number of new listings rising by 21.4%. However, the active listing count decreased by 11.1%.
As of January 2024, the Fayetteville metro area had a market hotness rank change of -32 when compared with other metros nationally, indicating a significant heating up of the market.

Top 3 Reasons to Invest in the Fayetteville Real Estate Market in 2024

1. Growing economy

Fayetteville benefits from the strong job market created by Walmart’s corporate headquarters in nearby Bentonville and the University of Arkansas’s large student population. The city’s growing tech industry and vibrant arts scene also attract diverse renters, making Fayetteville an attractive investment opportunity.

2. Robust rental market

Northwest Arkansas, including Fayetteville, boasts a relatively lower cost of living compared to other parts of the country, making it an attractive destination for families and individuals seeking an affordable lifestyle. This, combined with the city’s economic opportunities, cultural attractions, and entertainment options, contributes to a higher quality of life and a strong demand for rental properties.

The presence of major corporations like Walmart, Tyson Foods, and J.B. Hunt strengthens the job market and attracts a stable, growing population, fueling the demand for rental housing. The University of Arkansas student population further adds to the area’s rental demand.

3. Strong real estate appreciation

Fayetteville’s housing market is growing remarkably. The median sale price of a home in the city of Fayetteville was $355,000 in January 2024, representing a 14.4% increase compared to the previous year. Over the last decade, home prices here have risen by 124.8%, growing at an annual rate of 9.4%. Rents have also grown by 86.4%. Despite the strong appreciation rate over the years, Fayetteville remains a highly competitive market.

How To Purchase Investment Property in Fayetteville

Fayetteville is known for its robust economy, low cost of living, and high quality of life, which are supported by a strong educational sector.

How to Purchase:

Target the student market: With the University of Arkansas located here, properties that cater to students can offer high rental demand.
Explore new developments: New construction is booming in Fayetteville. Investing in new developments can provide modern amenities that attract long-term renters.
Use 1031 exchanges: Considering the growing market, investors selling existing properties may benefit from using 1031 exchanges to reinvest gains in Fayetteville properties, deferring capital gains taxes. Sign up for RealWealth to connect with our team for properties similar to the Fayetteville metro area.

Best Neighborhoods to Invest in Fayetteville

1. Siloam Springs: With a population of 17,500, Siloam Springs is a city rich in history and culture, making it an appealing destination for tourism and local culture-focused investments.

John Brown University attracts students, academics, and educational investments, while the city’s diverse industries, ranging from manufacturing to education, provide a stable employment base. Siloam Springs’ vibrant community life, showcased by annual events like the Dogwood Festival and Siloam Springs Rodeo, adds to its appeal for families.

2. Springdale: Springdale benefits from its prime location near major transportation routes, offering business and logistical advantages. Its median home price is $305,000, a 6.5% increase compared to the previous year. While homes in Springdale cost less than in Fayetteville, this area still boasts a strong economy.

Known as the “Poultry Capital of the World,” Springdale hosts industry giants like Tyson Foods, ensuring job market diversity. Furthermore, the city’s expanding educational and healthcare sectors, including Northwest Arkansas Community College’s Springdale campus and the presence of Northwest Medical Center-Springdale, contribute to its appeal.

3. Bella Vista: Bella Vista, initially established as a summer resort destination in 1917 and later transformed into a retirement community, has a history of adaptation and growth that suggests promising investment opportunities. Situated in the beautiful Ozark Mountains, Bella Vista appeals to residents and visitors seeking scenic beauty and outdoor activities, with an extensive trail system and a commitment to eco-tourism.

The city’s diverse educational options, served by multiple school districts, make it an attractive destination for families. Blue Crane, a renowned developer, recently made substantial real estate acquisitions in the area, indicating strategic investment opportunities and infrastructure improvements.

#16 – Houston, Texas

Houston, Texas, thrives on economic diversity, with booming sectors in energy, aerospace, and healthcare. Compared to other major metropolitan areas, Houston offers a more affordable cost of living, making it an attractive destination for investors looking to enter a growing market.

A strong job market and an enhanced quality of life drive Houston’s ongoing population growth. This growth supports a vibrant real estate market poised for continued growth. Houston’s commitment to infrastructure development, including transportation and urban projects, further strengthens its position as a forward-thinking city with a promising real estate market.

Houston’s median home value in 2022 was $299,400, which is 12.79% more affordable than the average US home value.

About the Houston Housing Market

As the seventh-largest metro economy in the US, Houston hosts 26 Fortune 500 companies and another 47 Fortune 1000 firms, solidifying its reputation as a business hub. Its strategic location, with two international airports and the country’s busiest port in terms of cargo volume, provides significant benefits for businesses.

Furthermore, Houston’s expanding population, driven by increased birth rates and resurgent net international migration, fuels a vibrant and flourishing real estate market.

Over the past decade, Houston’s real estate market has seen a remarkable price surge, increasing by 74%. Although home prices rose only 3% between February 2023 and February 2024, the trend shows steady and substantial growth. What distinguishes Houston is its ability to preserve an affordable housing market despite its continuous growth and success.

Redfin says Houston’s housing market is “somewhat (moderately) competitive.” Homes typically receive several offers and sell within approximately 42 days. As of January 2024, the median sale price for a home in Houston is $309,000, representing a 5.1% increase compared to the previous year. These factors combined—affordability, competition, and consistent growth—make Houston a highly sought-after destination as one of the best places to buy rental property.

Houston Housing Market Statistics

Median Household Income: $60,440
Metro Population: 7.34 Million
12-Year Population Growth: 23.4%
Median Home Price: $298,766
Median Rent Per Month: $1,658 (0.55% rent-to-value ratio)
1-Year Equity Growth: 6.33%
10-Year Equity Growth (January 2014 – January 2024): 73.7%
1-Year Rent Growth: 2.6%
10-Year Rent Growth (January 2014 – January 2024): 26%
Job Growth: +76,600 CES jobs created over the last year
1-Year Job Growth Rate: 2.32% (38% higher than the national average)
Unemployment Rate: 3.8% (2.7% higher than the national average)

Houston Housing Market Quick Facts

The average home value in the Houston metro area has steadily increased over the past decade, rising by 74%, or an annual rate of 6.3%. As of January 2024, the average home value stands at $298,766.
In January 2024, the average rental price in Houston was $1,658, reflecting a 26% growth over the past 10 years. This growth represents an average annual increase of 2.6%.
The metro area has outpaced the national average in job growth, with a rate of 2.32% as of November 2023, which is 38% higher than the national average of 1.68%. From November 2022 to November 2023, the region added an impressive 76,600 jobs.
The Houston metro area had a rental vacancy rate of 11.4% in Q4 2023, with 37.4% of households renting their homes.
The Houston metro area has witnessed exponential population growth, reporting an increase of 23.4% in the past 12 years. This equates to an annual growth rate of 2.13%, considerably faster than the national average.
Houston’s GDP stands at 3.2 with a remarkable growth of 13.5% between 2021 and 2022.
According to Realtor, Houston enjoyed year-over-year home price growth of 1.1% in January 2024. Active listings and new listings also increased, at rates of 9.7% and 7.9%, respectively.
As of January 2024, the Houston metro area held a market hotness rank change of 0 compared to other metros nationally, indicating no change in its market “temperature” from the previous months.

Top 3 Reasons to Invest in the Houston Real Estate Market in 2024

1. Fast population growth

Houston’s metro area is home to approximately 6.7 million people, and the population is rapidly growing, making it one of the fastest-growing cities in the United States. This rapid expansion, fueled by job prospects, a varied economy, and a cheaper cost of living compared to other major metropolitan areas, is attractive to real estate investors. In fact, Houston ranks first for projected population growth between 2023 and 2027, with an expected increase of over 378,000 people in the next four years. This influx of new residents significantly contributes to the city’s economic success and creates a strong demand for housing.

2. High rental yield potential

Despite its size and economic significance, Houston offers relatively affordable real estate options, providing investors with a lower entry point compared to other major cities. According to a report by New Western, real estate investment in Houston grew by 46% from the first to the second quarter of 2023, indicating a robust market with promising yield potential. Areas like Spring, which are close to major employers like ExxonMobil, benefit from a larger pool of potential tenants that supports higher rental rates. Houston’s reputable educational institutions and high quality of life also attract students and academic staff, creating strong rental demand in areas near universities and colleges.

3. Steady job growth

Houston’s diverse and robust economy, with leading industries like energy, healthcare, and technology, creates a steady stream of jobs, attracting professionals and families. The city’s strategic location and international trade activities across various sectors, including oil, gas, manufacturing, aerospace, healthcare, and technology, boost demand for commercial real estate, warehouses, and distribution centers. Large corporations like Walmart, Memorial Hermann Health System, H-E-B, and Houston Methodist provide tens of thousands of jobs, ensuring a steady influx of residents seeking housing. Furthermore, the University of Houston brings substantial economic benefits and employment opportunities, including 24,000 local jobs.

How To Purchase Investment Property in Houston

Houston’s dynamic real estate market, driven by its strong economy and significant population growth, offers a variety of investment opportunities from single-family homes to multi-unit dwellings.

How to Purchase:

Understand market segments: Houston’s economy supports various real estate sectors, including commercial, residential, and industrial—research to find the niche that aligns with your investment goals.
Consider flood zones: Houston has a history of flooding, so it’s crucial to check flood zone maps and consider flood insurance for properties in susceptible areas.
Leverage economic growth centers: Focus on areas near economic growth centers like the Texas Medical Center, Energy Corridor, and Innovation Districts to capitalize on rental and appreciation potential.
Networking: Connect with local real estate agents who specialize in investment properties. Sign up to RealWealth to connect with the team we work with in Texas.

Best Neighborhoods to Invest in Houston

1. Katy: Katy is one of the fastest-growing suburbs in Houston, experiencing rapid growth over the past five years. This vibrant community is known for its highly-rated Katy Independent School District, which attracts families seeking excellent education for their children. Katy’s proximity to the Energy Corridor, a central employment hub, adds to its attractiveness for professionals working there. With numerous amenities, such as parks, recreation centers, and shopping centers, Katy offers a high quality of life for people of all ages. The city’s population of 22,826, with a high level of education and an affluent demographic, suggests a market with quality tenants.

2. Willowbrook: Located in the northwest part of Houston, Willowbrook is conveniently situated at State Highway 249 and FM 1960 intersection, providing easy access to the city’s major job centers. Commutes to Downtown Houston and the Energy Corridor take less than 30 minutes and 20 minutes, respectively, making Willowbrook an attractive option for professionals.

With a median home price of just $235,000, Willowbrook offers affordable housing, appealing to buyers and renters. The Cypress-Fairbanks Independent School District serves the area, which can be a draw for families seeking quality education.

Willowbrook’s population of 16,784 consists of a mix of families and young professionals. A significant portion hold bachelor’s degrees and some college or associate degrees, indicating an educated populace that values quality education and could afford higher rents or property values.

3. Downtown Houston: Downtown Houston is a bustling business district, home to over 3,500 companies with over 150,000 employees and over 50 medical and research facilities. Living in this neighborhood provides an excellent commute for anyone working nearby.

Downtown is well-connected to the rest of Houston via the Houston Red Line and Houston Bike Network, and it boasts several amazing parks for recreation. The presence of high-performing schools, such as the Kinder High School for Performing and Visual Arts and Young Scholars Academy Charter School, makes Downtown Houston an attractive option for families.

The neighborhood also hosts numerous cultural, entertainment, and recreational venues, enhancing its appeal to residents and visitors. Ongoing investments in transportation, urban revitalization projects, and commercial developments, including the new 28-story office tower 1550 on the Green, the Moxy by Marriott hotel, and coworking spaces like Industrious at Downtown Houston, are poised to drive property values upward, making it a promising area for real estate investors.

#17 - Knoxville, Tennesee

In the heart of the Appalachian Mountains, Knoxville is a great place to live and one of the best places to buy rental property. This city offers a blend of natural beauty, a strong job market, and a low cost of living. The metro area economy is diverse, with a growing presence in tech and manufacturing. In recent years, there has also been a persistent undersupply of homes in the metro area, driving up prices and creating opportunities for investors.

About the Knoxville Housing Market

Two things make Knoxville desirable to investors: impressive appreciation rates and economic resilience. Knoxville is one of the fastest-appreciating metro areas in the country. Over the last decade, this area has witnessed a remarkable average home price appreciation rate of 132%, 55% above the national average. Redfin reported in January 2024 that Knoxville city’s median home price of $322,000 was an increase of 18.8% compared to the previous year.

Knoxville’s home value appreciation is tied to population growth, which can be attributed to the area’s strong economic fundamentals. Knoxville’s economy is anchored by healthcare, education, and technology. The University of Tennessee and the Oak Ridge National Laboratory, a leading nuclear power research facility, are big contributors to its economy.

Other major employers in the area include Covenant Health, Denso, and Y-12 National Security Complex. These contribute to the city’s higher-than-average job growth and low unemployment rate.

But despite the high appreciation rates, this area is still affordable. Out of 153 metro areas, it was ranked 21st for affordability and as the 10th least expensive place to live, according to the U.S. News & World Report.

Knoxville Housing Market Statistics

Median Household Income: $67,801
Metro Population: 907,968
12-Year Population Growth: 11.27%
Median Home Price: $326,864
Median Rent Per Month: $1,826 (0.56% rent-to-value ratio)
1-Year Equity Growth: 9.82%
10-Year Equity Growth (January 2014 – January 2024): 132.4%
1-Year Rent Growth: 8.34%
10-Year Rent Growth (January 2014 – January 2024): 105.6%
Job Growth: +11,700 CES jobs created over the last year
1-Year Job Growth Rate: 2.67% (59% higher than the national average)
Unemployment Rate: 3.1% (16% lower than the national average)

Knoxville Housing Market Quick Facts

The average listing price of single-family homes in the Knoxville metro area is $326,864. Home prices have grown by an astounding 132% over the last 10 years at a rate of 9.8% per year, making Knoxville one of the fastest-appreciating housing markets in the country.
Rents have been increasing fast in Knoxville, growing at a rate of 8.34% per year. In the last 10 years, total rent appreciation in the Knoxville metro area has been 105.6%. As of January 2024, the average rent for Knoxville single-family rental properties is $1,826
Knoxville boasts a vibrant and diverse economy. As of November 2023, the year-over-year job growth rate was 2.67%, and the area added 11,700 jobs during this period.
The rental vacancy rate in the Knoxville metro area is 6.5%. As of Q4 2023, 28.5% of the Knoxville metro area households rent their homes.
In the last 12 years, the Knoxville area has grown by more than 11.2% at a yearly growth rate of 1.07%. Knoxville metro currently has a population of 907,968 people.
The GDP of the Knoxville metro area is about $58.9 billion, growing by 10.2% between 2021 and 2022
Realtor.com estimates that in February 2024, Knoxville home prices remained the same year-over-year. The active and new list counts increased by 38.2% and 22%, respectively.
The Knoxville metro area had a market hotness rank change of 31 when compared to all other metro areas nationally in January 2024. This indicates that the market cooled down and dropped in hotness rankings compared to December 2023.

Top 3 Reasons to Invest in the Knoxville Real Estate Market in 2024

1. Strong home value appreciation

Knoxville is showing a robust rate of price appreciation, which doesn’t seem to be slowing down much. In the last 10 years, home prices have been appreciating by almost 10% annually. In Knoxville city, Redfin reports an 18.8% year-over-year growth in the median home price from January last year to January 2024. Realtor.com’s experts think Knoxville’s strong price appreciation will continue into 2024. They predict Knoxville home prices will rise 7.2% from January 2024 to January 2025.

2. Thriving rental market

Knoxville’s location near the Great Smoky Mountains National Park attracts vacationers and outdoor enthusiasts. This area has a lot of vacation rentals. Knoxville also sees increasing rental demand as its population continues to grow, and more people move to the area in search of economic opportunities. With a rent appreciation rate of 8.34% per year and a low vacancy rate of just 6.5%, Knoxville’s rental market can offer potentially higher yields to investors.

3. Steady economic growth

Knoxville’s economy is strong and diversified across various sectors. There are thousands of businesses in the area, including major companies like AC Entertainment, Brunswick Boats, Discovery Networks, and Regal Cinemas. Also, the presence of the University of Tennessee and the Oak Ridge National Laboratory solidifies Knoxville’s position as a center of innovation.

How To Purchase Investment Property in Knoxville

Knoxville is gaining popularity for its affordable housing and strong rental demand. Its market is accessible to new investors and offers a good balance of price and potential.

How to Purchase:

Capitalize on university demand: Given the presence of the University of Tennessee, students and staff have a steady demand for rental properties. Targeting properties close to the campus can offer consistent rental demand.
Historic preservation: Knoxville has a rich historical background, and some areas have preservation guidelines. When looking at older properties, factor in any additional costs or restrictions associated with updates or renovations. Learn more about RealWealth’s Real Income Standards for investment properties.
Outdoor lifestyle appeal: With its proximity to the Smokies, properties that cater to the outdoor lifestyle or offer short-term vacation rental opportunities may be lucrative investments.
Build a local team: Connect with local real estate professionals and property managers who are familiar with the Knoxville market. If you are looking for rental properties similar to Knoxville, sign up to RealWealth to connect with the teams we work with.

Best Neighborhoods to Invest in Knoxville

1. Maryville: Maryville is a city in the Knoxville metro area and the county seat of Blount County. This town has a population of 32,000 people. It offers big city amenities but manages to retain its unique charm. Families love this city for its highly-rated schools. Major employers here include Denso Manufacturing and Smith & Wesson. This city has caught the eye of investors due to the recent developments in Blount County. Amazon is investing $200 million in Alcoa, a town close to Maryville. High-speed internet (dubbed MACnet) was recently introduced to downtown Maryville.

2. Oak Ridge: Oak Ridge, located within driving distance of Knoxville, Nashville, and Asheville, presents another compelling investment opportunity. Its closeness to these three major cities provides residents access to employment opportunities and attractions. As of 2021, Oak Ridge has a population of close to 32,000 residents. The city has a rich history and offers beautiful views. Some of its major attractions include the Tellico Reservoir and the American Museum of Science and Energy. Major employers in this area include the Oak Ridge National Laboratory and Y-12 National Security Complex.

3. Vestal: Vestal is a small community with a population of 4,900. This neighborhood in South Knoxville is located just 3 miles from downtown. Home prices here are still very affordable compared to the broader Knoxville region. You can get a two-bedroom bungalow for 175,000 and a three-bedroom home for $250,000. Vestal also falls under Knoxville’s designated Opportunity Zones, which offer investors and developers access to tax breaks on projects like multifamily housing, commercial real estate, and other qualified projects.

#18 - Louisville, Kentucky

Louisville, Kentucky, is famous for the Kentucky Derby, but it offers much more. Louisville is one of the most affordable real estate markets in the U.S. As of January 2024, the median home price in Louisville was $235,000, representing a 14.6% increase year-over-year. Despite the double-digit appreciation, Louisville’s home prices are far more affordable than the U.S. average.

Louisville also boasts a thriving economy supported by manufacturing, logistics, and healthcare. This fast-growing market offers investors opportunities for immediate cash flow and long-term capital appreciation. Below are additional reasons it made our list as one of the best places to buy rental property.

About the Louisville Housing Market

Located in the beautiful Bluegrass region, known for rolling hills and horse farms, Louisville began as a shipping port. It has grown into a bustling metropolis with a population that makes it the 43rd largest metropolitan area in the U.S. While Louisville’s population growth hasn’t been rapid, it has been consistent. The city’s affordability and high quality of life ensure a steady demand for housing.

Louisville is currently in the limelight for its affordability in an economic climate where buying a house or investment property in many major metropolitan areas could cost an arm and a leg.

However, the Louisville housing market is appreciating fast, and it is supported by a gradually reviving economy. The key players in Louisville’s economy are its multiple universities, like the University of Louisville, and military facilities like Fort Knox. Other major employers in the area include UPS, Ford, GE, Humana, Amazon, Norton Healthcare, and CSX.

Louisville’s rental market has always been strong and fueled by the area’s tourism, universities, and employment opportunities. Short-term renting also thrives in the area. Popular attractions like the Kentucky Derby, the Urban Bourbon Experience, the Kentucky Derby Museum, and the Louisville Slugger Museum collectively draw up to 1 million guests each year.

Louisville Housing Market Statistics

Median Household Income: $69,547
Metro Population: 1.28 Million
12-Year Population Growth: 6.63%
Median Home Price: $243,810
Median Rent Per Month: $1,340 (0.55% rent-to-value ratio)
1-Year Equity Growth: 7%
10-Year Equity Growth (January 2014 – January 2024): 83.9%
1-Year Rent Growth: 6%
10-Year Rent Growth (January 2014 – January 2024): 69.1%
Job Growth: +7,700 CES jobs created over the last year
1-Year Job Growth Rate: 1.12% (33% lower than the national average)
Unemployment Rate: 3.6% (2.7% lower than the national average)

Louisville Housing Market Quick Facts

The average home value in the Louisville metro area as of January 2024 is $243,810. Over the last decade, home prices in Louisville have grown by 84%, at an annual rate of 7%
The average rent in the Louisville metro area was $1,340 in January 2024. Louisville rents have grown by 69% in the last 10 years, at an average rate of 6% per year.
Job growth in the Louisville metro area has been weak at 1.12% per year as of November 2023, 33% lower than the national average of 1.68%. Louisville added 7,700 jobs from November 2022 to November 2023
Louisville currently has a metro area rental vacancy rate of 5.1%. 31.1% of households in the metro area rent their homes
In the last 12 years, the population of the Louisville metro area has grown by a total of 6.63%, at an annual rate of 0.63%, 14.3% slower than the national average.
The GDP of the Louisville metro area is about $90.84 billion, growing by 8.4% between 2021 and 2022.
Realtor.com estimates that in January 2024, Louisville home prices increased by 3.2% year-over-year, the active listing count increased by 7.4%, but the new listing count decreased by 10.4%.
In January 2024, the Louisville metro area had a market hotness rank change of -13 compared to other metro areas nationally. This signifies that the market has heated up and moved up in hotness rankings, as measured by the Federal Reserve Bank of St. Louis.

Top 3 Reasons to Invest in the Louisville Real Estate Market in 2024

1. Affordable real estate

Louisville’s high affordability makes it one of the best places to buy rental property in 2024. In the Louisville metro area, housing costs are about 30% lower than the national average. This opens the door for investors who want more bang for their buck and first-time home buyers who are discouraged by expensive home prices and high mortgage rates.

The overall cost of living in Louisville is 4% lower than the national average, and the cost of housing is 21% cheaper. Louisville is supported by a healthy mix of industries and a middle-class population that can afford rent.

2. Strong home price and rent appreciation

People are moving to Louisville from cities like Cincinnati, Miami, Dallas, Atlanta, Lexington-Fayette, and Nashville. As housing demand keeps increasing, home prices and rents rise. Between January 2023 and January 2024, home prices in Louisville city grew by 14.6%. In the metro area, the average home price has grown by 84% in the last decade. Rents have also seen above-average growth rates. In the previous 10 years, rents in Louisville have been growing at 6% per year on average.

3. Steady economic growth

Louisville is strategically located between the Midwest and the South, making it an important location for logistics and distribution businesses. UPS’s central shipping hub is based here. Beyond logistics, Louisville also has strong healthcare, manufacturing, food and beverage, defense and tourism sectors. The city’s tourism sector generated $3.5 billion in direct spending in 2019, drawing up to 19 million visitors.

How To Purchase Investment Property in Louisville

Thanks to its vibrant culture and economic diversification, Louisville offers a stable investment environment with a growing demand for rentals.

How to Purchase:

Bourbon and healthcare: Properties near famous distilleries or healthcare facilities could attract more renters since these sectors are essential to Louisville’s economy.
Urban renewal areas: Look into revitalization areas, as they may offer property investors tax incentives or development grants.
Derby season rentals: The Kentucky Derby presents a unique short-term rental opportunity. Investing in properties that cater to tourists during this season might yield higher returns.
Professional Guidance: Partner with locally knowledgeable agents and consider joining local real estate investment groups. If you are interested in rental properties similar to the Knoxville metro area, sign up to RealWealth to connect with the teams we work with.

Best Neighborhoods to Invest in Louisville

1. Hawthorne: Hawthorne is a neighborhood in East Louisville currently witnessing tremendous appreciation. The median home price in Hawthorne grew by 90.1% YOY in January 2024 to about $285,000. Hawthorne is a great choice for commuters because it is located near major roads and highways. It’s a charming location with streets named after writers and poets. This neighborhood is also perfect for families. It offers plenty of parks and community activities.

2. Old Louisville: Old Louisville is a neighborhood in Louisville with the largest collection of restored Victorian mansions in the USA. There are many things to do here, from cultural events like the St. James Art Fair and Kentucky Shakespeare Festival to dining options, including the Japanese Renshoku Ramen and the Jamaican Roof Top Grill. Old Louisville is also close to the University of Louisville and Downtown Louisville.

3. Windy Hills: Windy Hills is a small city in the Louisville metro area, just 8.5 miles from Downtown Louisville. Niche has named this city the best place to retire in Kentucky. Windy Hills has a small population of just over 2,000 people. Windy Hills is a close-knit community that would appeal to families who want to live close to Downtown Louisville. The housing market here is very competitive, with a median home price of $338,112 and homes going pending in just 25 days.

#19 - Sarasota, Florida

Sarasota, Florida, is a bustling city with exciting opportunities for real estate investors. It offers opportunities across high-end and mid-market properties, all promising steady rental income and strong appreciation potential. In the last decade, the average Sarasota metro home price has increased by 136%, surpassing the national average.

Retirees and vacationers are drawn to the high quality of life here—the beautiful weather, cuisine, beaches, and abundant recreational opportunities. Sarasota also has a world-class arts scene and a booming economy. All these fuel steady population growth in the area, which translates to housing demand. There was a 24% increase in new housing units under construction in Sarasota between June 2022 and June 2023, suggesting that one of the best places to buy rental property is attracting interest from builders and investors.

About the Sarasota Housing Market

Retirees, snowbirds and families have always been drawn to Sarasota for its subtropical climate, pristine beaches and slower pace of life. This area has always seen consistent population growth and strong housing demand. But in recent years, Sarasota’s population growth has been more robust, as the COVID-19 pandemic caused many people to reevaluate their living situations and seek out more desirable areas.

In the first quarter of 2023, Sarasota ranked fifth among the top 10 U.S. metro areas with the largest net migration gains. As more people migrate to the area, there has been a lot of activity in its short-term and long-term rental markets. Sarasota has seen an influx of short-term rentals as investors capitalize on the region’s popularity as a tourist destination. Home prices in this area are much higher than the national average. As of January 2024, Redfin reports that the median home price in Sarasota was $545,000. This creates a lot of competition for Sarasota rental properties.

Sarasota also has many corporate headquarters, including Data Alliance Corporation, Atlas Professionals Inc., Bausch Healthcare Companies, and more. The city’s economy is diversified across tourism, financial/professional services, technology, healthcare, manufacturing/logistics, and life sciences. Over 32,000 companies call Sarasota home, fueling housing demand in the area.

Sarasota Housing Market Statistics

Median Household Income: $75,631
Metro Population: 891,411
12-Year Population Growth: 26.74%
Median Home Price: $449,647
Median Rent Per Month: $2,377 (0.53% rent-to-value ratio)
1-Year Equity Growth: 10%
10-Year Equity Growth (January 2014 – January 2024): 136.4%
1-Year Rent Growth: 7.28%
10-Year Rent Growth (January 2014 – January 2024): 88.3%
Job Growth: +5,800 CES jobs created over the last year
1-Year Job Growth Rate: 1.75% (4.1% higher than the national average)
Unemployment Rate: 3.2% (13.5% lower than the national average)

Sarasota Housing Market Quick Facts

The average home value in the North Port-Sarasota metro area as of January 2024 is $449,647. Over the last decade, home prices in Sarasota have grown by 136.4%, at an annual rate of 10%
The average rent in the Sarasota metro area was $2,377 in January 2024. North Port-Sarasota rents have grown by 88.3% in the last 10 years, at an average rate of 7.3% per year.
Job growth in the Sarasota metro area has been slightly higher than the national average, at 1.75% per year as of November 2023. This is 4.1% higher than the national average of 1.68%. Sarasota added 5,800 jobs from November 2022 to November 2023
The North Port-Sarasota-Bradenton metro area currently has a metro area rental vacancy rate of 5.5%. 27.7% of households in the metro area rent their homes
In the last 12 years, the population of the North Port-Sarasota-Bradenton metro area has grown exponentially by 26.74%, at an annual rate of 2.4%, which is 245% faster than the national average.
The GDP of the Sarasota metro area is about $49.37 billion, growing by 10.3% between 2021 and 2022.
Realtor.com estimates that in February 2024, Sarasota home prices decreased by 3.79% year over year. The active listing count and new listing count increased by 88% and 29.6%, respectively.
In January 2024, the Sarasota metro area’s market hotness ranking changed by three compared to other national metro areas, indicating a very slight cooling compared to other metro areas.

Top 3 Reasons to Invest in the Sarasota Real Estate Market in 2024

1. Strong home price appreciation

Investors in Sarasota properties have witnessed significant capital appreciation in the last three years. While double-digit appreciation rates are no longer the norm, home prices in the area are still appreciating at a normal rate. By January 2025, Sarasota home prices are expected to grow by 2.9%. This is a highly competitive real estate market where homes sell quickly, and some still receive multiple offers.

2. Fast population growth

The population of the North Port-Sarasota-Bradenton metro area increased by 9.1% from 2016 to 2021, adding 71,419 new residents and making it one of the nation’s fastest-growing metro areas. Sarasota’s tourism sector is one of the major drivers of its economy. Sarasota County alone welcomes more than 3 million visitors per year. Sarasota also offers easy access to some of Florida’s biggest cities. It is less than an hour’s drive from Tampa, and Fort Myers is a little over an hour away.

3. High rent growth

In the last 10 years, rent growth in the Sarasota metro area has exceeded the national average by 113%. Rents grew by a total of 88% during this period. Sarasota experiences high rental demand due to its competitive real estate market, job opportunities, and multiple higher educational institutions, like the New College of Florida and the University of South Florida Sarasota-Manatee campus. The significant tourism industry also supports high occupancy rates and good rental income for short-term rental investors in Sarasota.

How To Purchase Investment Property in Sarasota

Sarasota’s real estate market is attractive due to its beautiful beaches, arts scene, and demographic growth. The area is also highly demanded for vacation rentals.

How to Purchase:

Senior living investments: With a significant retiree population, Sarasota offers opportunities in senior living facilities or services.
Short-term vacation rentals: As a coastal city, Sarasota sees a lot of tourist traffic. Investing in properties that can be rented out on a short-term basis, especially beachfront or near tourist attractions, can be profitable.
Regulatory compliance: Ensure compliance with local regulations regarding short-term rentals, as some areas may have restrictions.
Get assistance: If you are interested in rental properties similar to Sarasota sign up to RealWealth to connect with the team we work with.

Best Neighborhoods to Invest in Sarasota

1. Gulf Gate: Gulf Gate is a census-designated place in Sarasota County. It has a population of about 11,000 residents. Gulf Gate’s location near I-75 makes it easier to get around Sarasota. Residents love this area for its many dining options, shops, and activities. Gulf Gate residents have access to the Gulf of Mexico and Siesta Key Beach, which makes it a hotspot for tourists seeking outdoor fun and beautiful water views.

2. North Port: North Port is one of the major cities of the North Port-Sarasota-Bradenton metro area. This city is the second-fastest growing in the U.S., having grown 120% since 1980. As of 2021, North Port had a population of just over 80,000 people.

This area boasts unique sights like the 8,000-acre Myakka State Forest and Warm Mineral Springs, Florida’s only natural warm spring. With 80 miles of freshwater canals, North Port also offers opportunities for canoeing and kayaking. All these enhance its appeal as a short-term rental destination. Home prices in the area have also been rising fast. Since 2018, North Port’s home prices have increased by 66%.

3. Sarasota Springs: Sarasota Spring is a census-designated place in the Sarasota metro area with a population of about 15,000 people and a median age of 45.2. This area is highly regarded for its safety and highly rated schools, making it appealing to families. It is also close to tourist attractions like Siesta Key Beach, the Sarasota Classic Car Museum, and Myakka State River Park.

#20 - Orlando, Florida

Orlando is a major tourist hub known for its world-famous theme parks. As one of the best places to buy rental properties, it offers a wealth of investment potential. Aside from its tourism industry, Orlando has a vibrant and diversified economy. Other key sectors of its economy include tech, healthcare, and aerospace.

This region promises high occupancy rates for short-term rental investors and potentially higher rental yields for buy-and-hold investors, especially in properties located near popular attractions and employment centers. Regarding employment opportunities, Orlando is adding STEM (Science, Technology, Engineering, and Mathematics) jobs faster than the rest of the country. The local job market here is strong, fueling housing demand.

About the Orlando Housing Market

Investors love the Orlando real estate market. It has a global appeal, attracting international investors from Latin America, China, Spain, and the Middle East. This market has become very popular with investors for a couple of reasons. First is its exponential population growth. Orlando’s population has grown by almost 30% in the last 12 years. This population growth is a result of its status as a family-friendly tourism hub and its strong job market.

Secondly, this area sees a high influx of visitors, which also translates to high short-term and long-term rental demand. Orlando boasts world-renowned attractions like Walt Disney World, Universal Orlando, and SeaWorld. SeaWorld alone was visited by 4.4 million people in 2022. This high influx of tourists makes real estate investing in this area a lucrative investment opportunity.

There are several Fortune 500 companies in Orlando, including Darden Restaurants, Michaels Autos, and Wyndham Vacation Ownership. Residents of Orlando also love the high quality of life. Orlando offers rich cultural experiences, a variety of shopping options, and top-notch schools that make it an attractive place to live.

Orlando Housing Market Statistics

Median Household Income: $71,857
Metro Population: 2.76 Million
12-Year Population Growth: 29.22%
Median Home Price: $384,720
Median Rent Per Month: $2,009 (0.52% rent-to-value ratio)
1-Year Equity Growth: 9.13%
10-Year Equity Growth (January 2014 – January 2024): 119.6%
1-Year Rent Growth: 5.61%
10-Year Rent Growth (January 2014 – January 2024): 63.4%
Job Growth: +31,900 CES jobs created over the last year
1-Year Job Growth Rate: 2.25% (34% higher than the national average)
Unemployment Rate: 3% (18.9% lower than the national average)

Orlando Housing Market Quick Facts

The average listing price of single-family homes in the Orlando metro area is $384,720. Home prices have grown by almost 120% over the last 10 years at a rate of 9.13% per year, making Orlando one of the fastest-appreciating housing markets in the country.
Rents have been steadily increasing in Orlando, growing at a rate of 5.61% per year. In the last 10 years, total rent appreciation in the Orlando metro area has been 63.4%. As of January 2024, the average rent for Orlando single-family rental properties is $2,009.
Orlando boasts a vibrant and diverse economy. As of November 2023, the year-over-year job growth rate was 2.25%, and the area added 31,900 jobs during this period.
The rental vacancy rate in the Orlando metro area is 7.5%. As of Q4 2023, 36.5% of households in the Orlando metro area rent their homes.
In the last 12 years, the Orlando area has grown by more than 29.2%, with a yearly growth rate of 2.6%. Orlando Metro currently has a population of 2.76 million.
The GDP of the Orlando Metro area is about $194.5 billion, growing by 12.9% between 2021 and 2022
A Realtor estimates that in January 2024, Orlando home prices increased by 1.3% year-over-year. The active listing count and new listing count both increased by 27.3% and 9.5%, respectively.
In January 2024, the Orlando metro area recorded a market hotness rank change of 18 compared to all other metros nationally. This means the area has dropped slightly in hotness ranking compared to other metros.

Top 3 Reasons to Invest in the Orlando Real Estate Market in 2024

1. Soaring home prices and rental demand

Orlando’s real estate market is fast-appreciating. Home prices in the area have grown by 120% in the last 10 years. It also has one of the most competitive rental markets in the U.S., with as many as 12 people vying for each vacant apartment during peak seasons.

2. Thriving economy and job growth

Orlando is a business-friendly location. It’s getting recognized as an area where tech companies and startups can grow quickly. This influx of tech companies attracts young professionals and boosts rental housing demand. Beyond tech and tourism, other sectors of Orlando’s economy include aviation, healthcare and defense.

3. Rapid population expansion

Orlando’s pleasant climate, abundant outdoor activities, employment opportunities and affordable cost of living attract well-educated people from states with weaker economies. The city of Orlando has been growing rapidly, adding over 1,000 new residents per week, earning the second-fastest growth rate among major U.S. cities.

How To Purchase Investment Property in Orlando

Orlando is not just a tourist hotspot. It is a growing metropolitan area with significant rental market potential, thanks to entertainment options, the job market, and schools.

How to Purchase:

Tourism-driven market: Given its status as a major tourist destination, investing in vacation rentals near theme parks and attractions can be lucrative.
Diverse economy: Orlando’s tech and healthcare sectors are growing. Properties near major employment centers in these industries can attract long-term tenants.
Community Development Districts (CDDs): Some newer developments in Orlando come with CDD fees that can impact the total cost of ownership. Learn more about these fees when considering properties in newer neighborhoods or planned communities.
Connect with experts: Consult a real estate agent with a deep understanding of the Orlando investment property market. If you are looking for rental properties similar to the Orlando market, sign up to RealWealth to connect with the team we work with in Florida.

Best Neighborhoods to Invest in Orlando

1. Sanford: Sanford is the county seat of Seminole County in the Orlando metro area. This city is close to downtown Orlando and Winter Park but is much more affordable than those two cities, making it attractive to professionals working in both cities. Sanford has a population of 60,861, which is growing at an annual rate of 1.6%. The city falls under the top-rated Seminole County school district, which is attractive to families. It has a historic downtown area with scenic lakefronts. Coupled with its proximity to downtown Orlando’s attractions, it creates a strong demand for short-term rentals.

2. Kissimmee: Kissimmee’s cost of living is lower than many other Florida cities. Groceries, utilities, and housing are more affordable here. The median home price in the area is $328,000, far less than Orlando’s median home price. The area has a population of 79,000 people. It is near Walt Disney World, Universal Studios, and other attractions in Orlando. Its closeness to these sites supports tourism and related investments, making Kissimmee one of the fastest-appreciating cities in the Orlando metro area.

3. Downtown Orlando: Downtown Orlando is the central business district of Orlando, attracting professionals and people drawn to big-city living. This neighborhood has a high percentage of renter-occupied households (68%). Downtown has seen substantial appreciation rates. According to Redfin’s January data, home prices rose by 25.4% year-over-year. One of the reasons for this price growth is significant investments in the area. As of 2020, $3.3 billion was earmarked for development projects in the area, comprising $1 billion in private investments and $2.3 billion in public investments.

#21 – Atlanta, Georgia

The Atlanta real estate market is one of the best places to invest right now because its population is growing fast, home equity is rising and rent prices are increasing. The city’s GDP grew by over 32% in the last 10 years (through 2020), reaching 399 billion dollars in 2021—more than many countries.

The average home price in Atlanta is $366,274. That’s about $23,000 higher than the national average of $343,292. The median monthly rent is $1,927.

About the Atlanta Housing Market

Metro Atlanta, which began as a railroad terminus, has become one of the nation’s largest and most dynamic regions. It is growing fast, with a rapidly diversifying population. The Atlanta-Sandy Springs-Alpharetta, Georgia Metropolitan Statistical Area is the largest metropolitan area in Georgia and the eighth-largest in the United States.

Atlanta is the third largest city in the U.S. in terms of the concentration of Fortune 500 companies, after New York City and Dallas-Fort Worth. There are currently 17 Fortune 500 companies, 31 Fortune 1000 companies, and one Dow Jones company headquartered in Atlanta. Major companies headquartered here include Delta Air Lines, Coca-Cola, Home Depot, UPS, AT&T, and the Centers for Disease Control.

From July 2021 to July 2022, 148,200 jobs were added to the Atlanta economy. This represents a 5.22% growth rate—35.9% greater than the U.S. average of 3.84%. The Atlanta metropolitan area has experienced impressive job growth and offers equity growth potential greater than most other major cities around America. Let’s dive into more reasons Atlanta is one of the best places to own rental property.

Atlanta Housing Market Statistics

Median Household Income: $69,164
Metro Population: 6.14 Million
12-Year Population Growth: 15.9%
Median Home Price: $366,274
Median Rent Per Month: $1,927 (0.53% rent-to-value ratio)
1-Year Equity Growth: 21.6%
10-Year Equity Growth (January 2014 – January 2024): 122%
1-Year Rent Growth: 12%
10-Year Rent Growth (January 2014 – January 2024): 66%
Job Growth: +148,200 CES jobs created over the last year
1-Year Job Growth Rate: 5.22% (36% higher than the national average of 3.28%)
Unemployment Rate: 2.8% (24% below the national average)

Atlanta Housing Market Quick Facts

The average home value in the Atlanta-Sandy Springs-Roswell metro area as of January 2024 is $370,261. Over the last decade, home prices in Atlanta have grown by 124%, at an annual rate of 9.38%
The average rent in the Atlanta metro area was $1,897 in January 2024. Atlanta rents have grown by 63% in the last 10 years, at an average rate of 5.58% per year.
Job growth in the Atlanta metro area has been strong at 2.47% per year as of November 2023; this is 47% higher than the national average of 1.68%. Atlanta added 74,600 jobs from November 2022 to November 2023
Atlanta’s metro area rental vacancy rate is 8.4%. As of Q4 2023, 32% of households in the metro area rent their homes.
In the last 12 years, the population of the Atlanta metro area has grown by 17.34%, at an annual rate of 1.61%. This is 124% faster than the national average.
The Atlanta metro area’s GDP is about $525.9 billion, growing by 9.3% between 2021 and 2022.
In January 2024, Realtor.com estimated Atlanta home prices increased by 2.5% year over year, while active listing and new listing counts increased by 1.8% and 6.2%, respectively.
In January 2024, the Atlanta metro area’s market hotness rank changed by -26 compared to all other metro areas nationally. This signifies a competitive market that has moved up in hotness rankings compared to other U.S. metro areas.

Top 3 Reasons to Invest in the Atlanta Real Estate Market in 2024

Fast population growth
Atlanta’s population continues to grow, and the biggest growth driver is jobs.

The Atlanta Regional Commission projects that over the next 30 years, Metro Atlanta will grow by 2.9 million people.

High home equity growth
According to PwC’s Emerging Trends in Real Estate report, Atlanta was named one of the Top 10 Markets to Watch in 2022 and a “magnet market” where population and job opportunities are growing faster than the national average.

Atlanta home prices have grown by 121.71% in the last eight years, and rent prices have increased by 66%. With a growing number of new jobs and a strong economy, there are no signs that Atlanta’s real estate market will slow down.

Strong economy and job growth
The Atlanta real estate market is booming, and it’s not just because of the tight housing market. The economy is strong, drawing more people to the area.

In fact, between now and 2050, metro Atlanta is expected to add 1.2 million jobs—bringing its total number of jobs to 4.7 million. That includes self-employed workers as well as employees of corporations and small businesses.

How To Purchase Investment Property in Atlanta

Atlanta is one of the fastest-growing cities in the U.S., with a growing economy and population. This combination creates an excellent environment for investors to buy older homes that need repair and turn them into rental properties or purchase newer, larger homes in upscale neighborhoods to rent out to more affluent tenants.

The Atlanta metro area is home to five of Georgia’s fastest-growing cities, including South Fulton (Fulton County), Stonecrest (DeKalb County), Brookhaven (DeKalb County), Dunwoody (DeKalb County) and Marietta (Cobb County).

The top 10 neighborhoods in Atlanta with the highest percentage increase in home values since 2000 are: The Villages at CastleBerry Hill, Hunter Hill, Vine City East, Vine City, West Lake, Ashview Heights, Atlanta University Center, Oakland City, Westview and Pittsburgh. While a rise in home values might not necessarily indicate good cash flow potential, it does indicate growth in population and housing demand.

If you’re considering buying and holding investments in Atlanta or any other market, this buy-and-hold guide will help you get started. With our nationwide network of professional property teams, RealWealth can help you find a property in Atlanta that fits your needs. Our professional property teams in the Atlanta metro area are ready to help you take the next step toward making your investment dreams come true.

If you’re interested in buying an investment property in Atlanta, don’t go it alone! Join RealWealth today to connect with one of our nationwide teams and get started on your next great investment opportunity!

#22 – Oklahoma City, Oklahoma

Oklahoma City is currently one of the most affordable places to buy a home. Together with Tulsa, it boasts a higher percentage of reasonably priced homes than many other places in the country. Even though home prices in the area have risen in line with the general U.S. housing market trends over the last three years, investors will still find many homes priced under $150k here. Apart from its affordability, Oklahoma City is naturally beautiful, and its economy is growing, making it one of the best cities to buy rental property.

About the Oklahoma City Housing Market

Visual Capitalist ranked Oklahoma City the third most affordable city for homeownership in the United States. Investors in this area can capitalize on rising home prices without breaking the bank. The Oklahoma City housing market benefits from a stable and highly diversified economy. A report stated that the market will need more than 70,000 new housing units by 2030, significantly increasing Oklahoma City’s population over the next 10 years.

This city faced its fair share of economic instability in the past due to its heavy reliance on the oil and gas industry. However, starting in the 1980s, the city slowly diversified into the aerospace, healthcare, and information technology sectors. Major employers include the State of Oklahoma (37,000 employees), Tinker Air Force Base (26,000 employees), Oklahoma State University (13,940), and INTEGRIS Health (11,000). Other notable mentions include Mercy Health, The Boeing Company, Paycom, and Amazon.

The city has an extensive transportation network. It is home to the Will Rogers World Airport, which handles an average of 150 commercial flights daily. Three major interstates (I-35, I-40, and I-44) pass through Oklahoma City, providing connectivity with the rest of Oklahoma.

Oklahoma City Housing Market Statistics

Median Household Income: $66,301
Metro Population: 1.46 Million
12-Year Population Growth: 16%
Median Home Price: $226,048
Median Rent Per Month: $1,306 (0.58% rent-to-value ratio)
1-Year Equity Growth: 6.44%
10-Year Equity Growth (January 2014 – January 2024): 75.35%
1-Year Rent Growth: 4.74%
10-Year Rent Growth (January 2014 – January 2024): 51.7%
Job Growth: +10,800 CES jobs created over the last year
1-Year Job Growth Rate: 1.59% (5.2% lower than the national average)
Unemployment Rate: 3.1% (16.2% lower than the national average)

Oklahoma City Housing Market Quick Facts

The average home value in the Oklahoma City metro area as of January 2024 is $226,048, almost 35% lower than the national average. Over the last decade, home prices in Oklahoma City have grown by 75.4%, at an annual rate of 6.44%
The average Oklahoma City metro area rent was $1,306 in January 2024. Oklahoma City rents have grown by 51.7% in the last 10 years, at an average rate of 4.7% per year.
Job growth in the Oklahoma City metro area has been slightly below the national average, at 1.59% per year as of November 2023; this is 5% lower than the national average of 1.68%. Oklahoma City added 10,800 jobs from November 2022 to November 2023
Oklahoma City’s metro area rental vacancy rate is 12.5%. As of Q4 2023, 29.8% of households in the metro area rent their homes.
In the last 12 years, the population of the Oklahoma City metro area has grown by 16%, at an annual rate of 1.5%. This is 107% faster than the national average.
The Oklahoma City metro insert area’s GDP is $94.7 billion, growing by 10.6% between 2021 and 2022.
Realtor estimates that in January 2024, Oklahoma City home prices decreased by 5.7% year-over-year, while the active listing and new listing counts increased by 16.3% and 1.6%, respectively.
As of January 2024, the Oklahoma City metro area had a market hotness rank change of -10 compared to all other metro areas nationally. This indicates that the Oklahoma City housing market has heated up slightly from last month.

Top 3 Reasons to Invest in the Oklahoma City Real Estate Market in 2024

1. Affordable real estate prices

Oklahoma City’s real estate market is very affordable, which is good news for investors seeking cash flow in one of the best places to buy rental property. It’s not just housing that’s affordable here. Oklahoma City is ranked the #1 city with the lowest cost of living among large populations exceeding 500,000. Its cost of living index score of 85.1 is nearly 15 points below the national average.

2. High rental demand

Oklahoma City boasts high rental demand. Affordability plus high rental demand usually means good cash flow. This is why Oklahoma City attracts investors, especially short-term rental investors.

Visitors come for its vibrant arts scene, including the bustling entertainment hub of Bricktown and the boating and kayaking activities of the Oklahoma River. Major events like baseball games, art exhibits, and iconic rodeos also take place here, drawing large crowds to the city and creating occupancy spikes.

3. Steady home price appreciation

Oklahoma City’s real estate market has been appreciating steadily over the last 10 years. While home prices have not grown as fast as other metros like Winston-Salem, growth has been steady. The average home price in Oklahoma City has increased by more than 75% in the last 10 years. Part of this growth is fueled by the city’s commitment to revitalization through its Metropolitan Area Projects (MAPs) program. This program has led to over $7 billion in investments to revitalize the downtown area and attract new businesses.

How To Purchase Investment Property in Oklahoma City

Known for its stable economy and affordable housing market, Oklahoma City is a solid choice for long-term rental investments.

How to Purchase:

Focus on economic hubs: Look for properties near job centers and areas with infrastructure developments. Areas like Downtown OKC and Edmond are popular economic hubs.
Understand state and local laws: Familiarize yourself with Oklahoma’s landlord-tenant laws, including specifics about security deposits and eviction processes. This knowledge is vital for all property investors.
Tax incentives: Research state and local programs offering tax breaks for property rehabilitation, especially in districts earmarked for revitalization projects.
Property management: Consider partnering with a property management company familiar with the Oklahoma City market to handle day-to-day operations. If you are looking for properties similar to Oklahoma City metro area, sign up to RealWealth to connect with the team we work.

#23 – Palm Bay, Florida

Palm Bay ranks as the fifth most overpriced housing market in the US. Buyers pay an extra 38.8% on a typical home in Palm Bay. This suggests that this area offers great potential for long-term property value growth. It also means you might have to pay more per square foot as a real estate investor.

Palm Bay is a desirable area for both home buyers and renters with its beautiful beaches, cultural attractions, and favorable climate. The area also boasts a fast-growing tech ecosystem. Melbourne, a suburb of Palm Bay, has a number of high-tech companies, including Dassault Falcon, Northrop Grumman, Boeing, L3 Harris, and Embraer. Housing in and near this area will continue to be in demand.

About the Palm Bay Housing Market

Palm Bay is the second-largest city in Central Florida, with a population of 630,700. It houses approximately 120,000 residents within its 88 square miles. What attracts people to this area is its interconnectivity.

Palm Bay is close to major transport hubs like Melbourne International Airport, Port Canaveral, Kennedy Space Center and Orlando International Airport. Plus, Interstate 95 connects via three exits. Apart from that, Palm Bay is a beautiful city. It is located along one of the most biologically diverse natural estuaries—the beautiful Indian River Lagoon.

Moreover, Palm Bay has a strong economy that relies on two key sectors: engineering and defense contracting. The Florida Institute of Technology (Florida Tech) in Melbourne also brings a youthful population and provides talent for these two industries. Major employers include L3 Harris, Renesas Electronics, Globe Wireless, Northrop Grumman, Health First and Raytheon Technologies.

Palm Bay started as a small farming community along the Indian River. The city’s turning point occurred in 1960 after it was incorporated. In 1970, Interstate 95 was completed. Businesses found the area’s connectivity attractive. With the steady inflow of businesses came a wave of population growth.

One thing investors love about the Palm Bay housing market is that it has never been prone to the boom-and-bust cycles that characterize many other markets. This makes it one of the best places to buy rental property, particularly for investors seeking stability through long-term rental investments.

Palm Bay Housing Market Statistics

Median Household Income: $75,320
Metro Population: 630,693
12-Year Population Growth: 15.94%
Median Home Price: $348,916
Median Rent Per Month: $2,014 (0.58% rent-to-value ratio)
1-Year Equity Growth: 10.14%
10-Year Equity Growth (January 2014 – January 2024): 138.5%
1-Year Rent Growth: 7.8%
10-Year Rent Growth (January 2014 – January 2024): 96.4%
Job Growth: +8,400 CES jobs created over the last year
1-Year Job Growth Rate: 3.36% (100% higher than the national average)
Unemployment Rate: 3.2% (13.5% lower than the national average)

Palm Bay Housing Market Quick Facts

The average home value in the Palm Bay metro area as of January 2024 is $348,916. Over the last decade, home prices in Palm Bay have grown by 138.5%, at an annual rate of 10.14%
The average rent in the Palm Bay metro area was $2,014 in January 2024. Palm Bay rents have grown by 96.4% in the last 10 years, at an average rate of 7.8% per year.
Job growth in the Palm Bay metro area is 100% above the national average, at 3.36% per year as of November 2023. Palm Bay added 8,400 jobs from November 2022 to November 2023
In Palm Bay, renter-occupied housing makes up 22% of the local housing market, with a rental vacancy rate of 5%.
In the last 12 years, the population of the Palm Bay metro area has grown by 15.94%, at an annual rate of 1.5%, which is 106% faster than the national average.
The Palm Bay metro area’s GDP is $34.6 billion, growing by 8.9% between 2021 and 2022.
Realtor.com estimates that in February 2024, Palm Bay home prices increased by 4% year over year, while active listing count and new listing count increased by 46.7% and 15.4%, respectively.
As of January 2024, the Palm Bay metro area had a market hotness rank change of 91 compared to all other metro areas nationally. This signifies that Palm Bay has dropped considerably in hotness ranking over the last few months, so it isn’t currently one of the highest appreciating markets.

Top 3 Reasons to Invest in the Palm Bay Real Estate Market in 2024

1. Strong home price appreciation

Palm Bay and Melbourne in Brevard County have seen some of the highest appreciation rates in Florida in the last five years. People are drawn to these two cities because of their relative affordability, quality of life, and closeness to the Space Coast. Overall, home prices in the Palm Bay metro area have risen almost 140% in the last 10 years. Inventory has been low for quite some time, leading to competitiveness and elevated home prices in the area.

2. Fast population growth

The Palm Bay metro area is growing fast. Palm Bay has grown by almost 16% in the last 12 years. In the city of Palm Bay, population growth is even more pronounced. The city grows at the rate of 3.39% annually and its population has increased by 15.11% since the most recent census in 2020. The primary reason for this growth is Palm Bay’s strong job market and high quality of life.

3. Thriving tech sector

Palm Bay is the fourth largest city in the U.S. for manufacturing. It also has the highest number of STEM (Science, Technology, Engineering, and Mathematics) jobs in the U.S. The Palm Bay metro area is at the forefront of high-tech industries in the U.S., specializing in aerospace, defense and semiconductors. It is also the home of the Space Coast, a base for key industry players like the Kennedy Space Center, Cape Canaveral Space Force Station, and SpaceX.

How To Purchase Investment Property in Palm Bay

Palm Bay is an attractive location for residential and vacation rental investments due to its coastal setting and growing tech industry. Its market is affected by seasonal changes.

How to Purchase:

Assess flood risks: With Palm Bay’s proximity to water, make sure to evaluate flood zones and insurance requirements thoroughly before purchasing.
HOA and community developments: Many properties in Palm Bay are in planned communities or have HOA fees. Investors should learn about these costs and regulations.
Leverage the retirement community market: Target investments that cater to the significant retiree population, such as single-floor living accommodations.
Vacation rental opportunities: Due to Florida’s tourism, explore the potential for short-term vacation rentals, keeping in mind local regulations.
Get professional help: Enlist the services of a local real estate agent who specializes in investment properties. Consider hiring a property manager if you’re investing from afar or prefer not to manage day-to-day operations. Looking to invest in similar properties to Palm Bay, Florida? Sign up for RealWealth to connect with the team we work with.

Best Neighborhoods to Invest in Palm Bay

1. Port Malabar: Port Malabar is a neighborhood in Palm Bay located on Florida’s Space Coast, which is close to tech firms and space employers like NASA’s Kennedy Space Center. This small neighborhood has a population of about 4,700 people. It offers easy access to beaches, golf courses and shops. Port Malabar offers a variety of investment opportunities, from affordable move-in-ready homes to land for future development projects.

2. Rockledge: Rockledge is located near Cocoa, Viera, and Melbourne and boasts a population of 25,000. It is a quiet, beautiful city along the Indian River lagoon, offering recreation like golfing and surfing. The recent construction of a 6-story hotel (Woodspring Suites) and 600 new residential units in the Barnes Boulevard neighborhood of Rockledge signals increased short-term and long-term rental demand in the area.

3. Micco: With a population of around 9,000 spread over almost 10 square miles, Micco offers a less crowded living environment. This census-designated area in the Palm Bay MSA is close to Orlando (about 1 hour 27 minutes drive). Its closeness to Palm Bay and Orlando allows residents to enjoy the amenities of both cities without having to endure the crowdedness and bustle.

Micco is a favorite place for people who love aquatic recreation, such as boating and fishing. Approximately 23% of its total area is water, as it’s bordered by the Indian River to the east and the St. Sebastian River to the south.

Its scenic water views and peaceful lifestyle attract retirees, who make up about 58.6% of the city. The median age in Micco is 69. As such, this area presents a unique opportunity for investing in senior living facilities.

#24 - Tampa, Florida

Tampa is one of the best places to live in the US. This area is loved for its beautiful beaches, sporting events and culinary delights. Aside from this, Tampa’s job market is one of the strongest in the US and draws residents who need housing. Strong economic growth, job opportunities and consistent housing demand make the Tampa real estate market attractive to long-term investors.

About the Tampa Housing Market

Tampa was named one of Zillow’s hottest markets this year. Despite some experts labeling it one of the most overpriced housing markets in the country, homes here still sell quickly. This points to high demand created by stable job opportunities.

Tampa is also a central tech hub in Florida. Tech companies like Arrive Logistics, JustWorks, and WISE call the area home. In fact, this area boasts 25% of all tech jobs in Florida, and there are over 50 software and IT companies.

Tampa is an investment hotspot. Currently, around 27,000 homes in Tampa Bay are owned by corporations backed by Wall Street and private equity firms. Investors who want more land for their money are buying in rural areas like Pasco and Polk counties. These rural areas are becoming more popular in the area because of their affordability.

Tampa has grown fast, both economically and population-wise. From its origins as a peaceful trading post, it has become a major urban center boasting a well-diversified economy. Its development accelerated during the mid-to-late 20th-century modernization wave. It became a hub for industries such as shipping, finance and technology.

The defense industry also plays a significant role in Tampa’s economy. The establishment of MacDill Air Force Base during World War II has stabilized the city’s economy over time. MacDill AFB is the sixth largest employer. Its operations contribute about $1.4 billion to the Tampa economy and have directly or indirectly created 105,200 jobs in the area.

Tampa Housing Market Statistics

Median Household Income: $69,290
Metro Population: 3.29 Million
12-Year Population Growth: 18%
Median Home Price: $372,746
Median Rent Per Month: $2,094 (0.56% rent-to-value ratio)
1-Year Equity Growth: 10.94%
10-Year Equity Growth (January 2014 – January 2024): 154.6%
1-Year Rent Growth: 6.52%
10-Year Rent Growth (January 2014 – January 2024): 76.6%
Job Growth: +30,400 CES jobs created over the last year
1-Year Job Growth Rate: 2.01% (20% higher than the national average)
Unemployment Rate: 3.1% (16.2% lower than the national average)

Tampa Housing Market Quick Facts

The average home value in the Tampa-St Petersburg-Clearwater metro area as of January 2024 is $372,746. Over the last decade, home prices in Tampa have grown by 154.6%, at an annual rate of 10.94%
The average rent in the Tampa metro area was $2,094 in January 2024. Tampa rents have grown by 76.6% in the last 10 years, at an average rate of 6.52% per year.
Job growth in the Tampa metro area is 20% above the national average, at 2.01% per year as of November 2023. Tampa added 30,400 jobs from November 2022 to November 2023
Renter-occupied housing makes up 31.5% of the local housing market. As of Q4 2023, the Tampa metro area’s rental vacancy rate was 9.7%.
In the last 12 years, the population of the Tampa metro area has grown by 18%, at an annual rate of 1.67%; this is 133% faster than the national average.
The Tampa metro area’s GDP is $219.4 billion, growing by 11.2% between 2021 and 2022.
In January 2024, Realtor.com estimated that Tampa home prices increased by 4.9% year-over-year, while the active listing and new listing counts increased by 20.1% and 12%, respectively.
As of January 2024, the Tampa metro area had a market hotness rank change of 46 compared to all other metro areas nationally. This shows that the market has cooled and moved down in hotness ranking compared to other metro areas.

Top 3 Reasons to Invest in the Tampa Real Estate Market in 2024

1. Dynamic economy and job market

The Tampa MSA is one of Florida’s economic strongholds. It has been called one of the best places to do business in Florida. This area ranks fifth for new business start-ups among 19 competing metro areas. Tampa boasts a GDP of over $200 billion and is the third fastest-growing economy in Florida. Its economy is well-diversified with finance, technology, tourism, defense, health care, and manufacturing industries. It also boasts the 12th largest port in the country and the largest in Florida.

2. Appreciating home prices and rents

Tampa’s housing market has shown steady growth over the years. In the last 10 years, home prices in Tampa rose by 155%, surpassing the national average by 81%. Although the strong pace of appreciation witnessed in the last three years has simmered down, home prices here are still growing. From January 2023 to 2024, home prices in Tampa Bay increased by 4.9%. Rent prices in the metro area have increased 77% over the last decade.

3. High rental demand

Tampa has a youthful population. The average age in the city of Tampa is 36. This influx of young people is due to the presence of universities like the University of South Florida (USF) and a thriving tourism sector. Given a youthful population, Tampa consistently sees strong rental demand with good rental property areas. 50% of households in the city of Tampa rent their homes. The city’s tourism sector also opens up opportunities for short-term rentals.

How To Purchase Investment Property in Tampa

Tampa’s strong economy and appealing lifestyle amenities make it an attractive choice for investors. The city has a robust rental market catering to both families and professionals.

How to Purchase:

Growth areas: Invest in areas experiencing growth or redevelopment, such as Ybor City or Westshore Marina District, for potential appreciation and rental demand.
Flood insurance and climate considerations: If you’re investing in certain Tampa areas, you must budget for flood insurance.
Short-term rental regulations: Familiarize yourself with Tampa’s specific short-term rental rules to comply and avoid penalties.
Investment property loans: Many Florida-based lenders offer investment property loans, but terms vary widely, so shop around. Sign up to RealWealth to connect with the team we work with in Florida.

Best Neighborhoods to Invest in Tampa

1. Temple Terrace: Temple Terrace, located in North East Hillsborough County, has about 27,000 people. This area is comparatively more affordable than other Tampa suburbs. It is close to major highways and institutions like the University of South Florida, Florida Hospital, and Moffitt Cancer Center.

Professionals who work in Tampa are attracted to Temple Terrace for its affordability and closeness to Tampa. Temple Terrace is only a 15-minute drive to Tampa. Recently, Amazon opened up a warehouse, employing 1000 people in the area. This is a growing area offering a lot of investment potential.

2. Town ‘n’ Country: Town ‘n’ Country is located between Old Tampa Bay and Tampa International Airport. It is a census-designated place in Hillsborough County with about 86,000 people.

Its closeness to Tampa International Airport presents prospects for real estate value growth. And yes, real estate values are growing fast in this area. Home prices in Town ‘n’ Country grew by 22.8% year-over-year in February 2024. You’ll also find many new homes in planned subdivisions in this area. People are drawn to Town ‘n’ Country for its lower cost of living compared to the national average. There are a number of good schools, dining options and shopping malls. Plus, it is close to downtown Tampa.

3. Brandon: Brandon is a census-designated place in Hillsborough County with about 115,000 people. This area boasts a pleasant climate and activities, including golfing, shopping, day spas, entertainment centers, and community events such as the Brandon Seafood Festival and Brandon Balloon Classic. Brandon is also just a 17-minute drive from Tampa. Major employers in the area include Amazon, Topgolf and Brandon Regional Hospital.

#25 - Winston-Salem, North Carolina

Winston-Salem, North Carolina, is another small town that offers cash-flow potential. It was ranked 13th on Bankrate’s 2023 Housing Heat Index. The draw of this area is its affordable real estate. In Winston-Salem, home prices are 27% below the national average. Combining affordability with rising housing prices, more jobs, and an increasing population gives you a very healthy market. Let’s explore why this is one of the best places to buy investment property.

About the Winston-Salem Housing Market

Like many other traditional industrial cities, Winston-Salem has diversified its economy. The area used to be known for its textile and tobacco industries. R.J. Reynolds has its headquarters here. One of its cigarette brands (Winston) is named after Winston-Salem.

Today, the area has diversified its economic base to include technology, financial services, food and beverage, logistics, and higher education. Major employers in Winston-Salem now include Wells Fargo, Hanesbrands Inc. (a clothing company), Krispy Kreme Doughnuts, Inmar Inc. and Atrium Health.

Economic projections for Winston-Salem include 20,000 new jobs and 12 billion dollars in capital investments, all powered by its economic diversification.

Winston-Salem also draws a youthful population. The median age in the area is just 36, which indicates that many Gen Zs and millennials reside here (a key demographic for rental markets). There are two major universities in the area: Wake Forest University and the University of North Carolina School of the Arts. These two schools combined have a total enrollment of about 7,000 students.

A youthful population means a bustling downtown area. Downtown Winston-Salem is a cultural and innovation hub with a robust startup ecosystem. It houses the Innovation Quarter, a 1.9 million-square-foot development with laboratories, educational buildings, and office spaces built on 330 acres.

Everything above points to a thriving economy with a steady job market that draws people to the area. Combine this with low crime rates and affordability, and you will have a real estate market that promises cash flow and appreciation!

Winston-Salem Housing Market Statistics

Median Household Income: $61,556
Metro Population: 688,471
12-Year Population Growth: 7.36%
Median Home Price: $251,762
Median Rent Per Month: $1,538 (0.61% rent-to-value ratio)
1-Year Equity Growth: 7.83%
10-Year Equity Growth (January 2014 – January 2024): 97.1%
1-Year Rent Growth: 6.15%
10-Year Rent Growth (January 2014 – January 2024): 71.15%
Job Growth: +6,500 CES jobs created over the last year
1-Year Job Growth Rate: 2.31% (37% higher than the national average)
Unemployment Rate: 3.2% (13.5% lower than the national average)

Winston-Salem Housing Market Quick Facts

The average home value in the Winston-Salem metro area as of January 2024 is $251,762. Over the last decade, home prices have grown by 97.1%, at an annual rate of 7.83%
The average rent in the metro area was $1,538 in January 2024. Winston-Salem rents have grown by 71.2% in the last 10 years, at an average rate of 6.15% per year.
Job growth in the Winston-Salem metro area is 37% above the national average, at 2.31% per year as of November 2023. Winston-Salem added 6,500 jobs from November 2022 to November 2023
In Winston-Salem, renter-occupied housing makes up 46% of the local housing market. The rental vacancy rate for the city of Winston-Salem is 9.4%
In the last 12 years, the population of the Winston-Salem metro area has grown by 7.36%, at an annual rate of 0.71%; this is about 5% slower than the national average.
The Winston-Salem metro area’s GDP is $40.9 billion, growing by 8.1% between 2021 and 2022.
In February 2024, Realtor.com estimated Winston-Salem home prices decreased by 0.14% year-over-year, while active listing and new listing counts increased by 10.6% and 6.08%, respectively.
As of January 2024, the Winston-Salem metro area had a market hotness rank change of 18 compared to all other metro areas nationally. This shows that the market has declined slightly in month-to-month hotness rank compared to other metro areas.

Top 3 Reasons to Invest in the Winston-Salem Real Estate Market in 2024

1. Affordability

Winston-Salem is still very affordable for the average investor, with homes priced at an average of $260,000. For context, the US average home price is $346,000. This market isn’t just affordable. It also offers appreciation potential. From January 2023 to January 2024, Redfin reports that Winston-Salem home prices grew by 9.2%. Winston-Salem offers the appreciation potential typical of big markets without the high entry costs.

2. Steady population growth

Winston-Salem’s population has been growing by 1.25% each year since the 2020 census. Its economic opportunities draw people. Winston-Salem is part of the broader Piedmont Triad region. This region is projected to grow to nearly 1.9 million residents by 2035.

3. High quality of life

Winston-Salem caters to a variety of lifestyles. Architecture lovers will appreciate the historic appeal of the West End. Entrepreneurs will love the innovative vibes of Industry Hill. Winston-Salem was ranked one of the five best cities to start a business by ZenBusiness in 2020. As an educational hub, Winston-Salem is home to some of the best universities in North Carolina – Wake Forest University, Winston-Salem State University and UNC School of the Arts. The city’s cost of living also falls below the national average.

How To Purchase Investment Property in Winston-Salem

The above reasons point to a market that offers stability. Winston-Salem’s educational institutions appeal to students, its economic growth appeals to professionals, and the high quality of life draws in families who want a thriving, safe place to raise kids.

How to Purchase:

University and healthcare sector: Properties near educational institutions and hospitals, such as Wake Forest University, usually offer stable rental demand.
Historic property potential: Winston-Salem has numerous historic districts, which offer potential tax benefits for restoration and preservation but often have more regulatory hurdles.
Get legal and tax advice: Learn about North Carolina property laws and local Winston-Salem regulations. You might need to work with a lawyer. If you are looking for rental properties similar to Winston-Salem, sign up for RealWealth to connect with the team we work with.

Best Neighborhoods to Invest in Winston-Salem

1. Ardmore: This is the largest neighborhood in Winston-Salem, with a population of about 4,300 households. Ardmore appeals to people who want beautiful tree-lined streets and architectural homes in an area close to shopping malls and two top-rated medical centers. It is also close to downtown Winston-Salem. Ardmore is a great place to invest in because it appeals to families. This neighborhood is part of the highly regarded Winston-Salem/Forsyth County School District.

2. Walkertown: Walkertown is located just eight miles from downtown Winston-Salem. It is a rural town in Forsyth County, but its proximity to downtown offers access to amenities and job opportunities. Walkertown has a population of 5,866 people. It is the 146th largest community in North Carolina. Outdoor enthusiasts will love this town’s proximity to Salem Lake and the Yadkin Valley Wine Country.

3. Lewisville: Lewisville is about 11 miles east of downtown Winston-Salem. It is known for its close-knit community and family-friendly atmosphere. The typical household income in this area is $95,571, and residents have a per capita income of $29,999. Families living here have good purchasing power, which bodes well for rents.

Lewisville is located within the Piedmont Triad region and offers easy access to the perks of downtown Winston-Salem. This area also boasts a high quality of life, excellent schools, abundant parks and annual events.

Final Thoughts

I hope this list of the 25 best places to buy rental property in 2024 helps inform your real estate investment strategy for the coming years. As mentioned in the preliminary notes, we spent several months pulling and analyzing data to complete this article. We take great pride in our content and hope you find it useful.

RealWealth is one of the country’s top real estate investment clubs. We are dedicated to educating investors and connecting our members with thoroughly vetted property teams selling single and multi-family properties around the country. If you need help with your investment strategy, join RealWealth today!

Articles & Guides, Where to Buy Real Estate

Kathy Fettke

Kathy Fettke is the Co-Founder and Co-CEO of RealWealth. She is passionate about researching and then sharing the most important information about real estate, market cycles and the economy. Author of the #1 best-seller, Retire Rich with Rentals, Kathy is a frequent guest expert on such media as CNN, CNBC, Fox News, NPR and CBS MarketWatch.

Kathy Fettke

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3 FACTORS FOR ANALYZING A REAL ESTATE MARKET

1. Job Growth

2. Population Growth

3. Affordability

WHERE IS THE BEST PLACE TO BUY RENTAL PROPERTY?

25 CITIES TO CONSIDER IN 2024 AND INTO 2025

#1 – Dallas, Texas

About the Dallas Housing Market

Dallas Housing Market Statistics

Dallas Housing Market Quick Facts

Top 3 Reasons to Invest in the Dallas Real Estate Market in 2024

How To Purchase Investment Property in Dallas

Best Neighborhoods to Invest in Dallas

#2 - Jacksonville, Florida

About the Jacksonville Housing Market

Jacksonville Housing Market Statistics

Jacksonville Housing Market Quick Facts

Top 3 Reasons to Invest in the Jacksonville Real Estate Market in 2024

How To Purchase Investment Property in Jacksonville

Best Neighborhoods to Invest in Jacksonville

#3 – Ocala, Florida

About the Ocala Housing Market

Ocala Housing Market Statistics

Ocala Housing Market Quick Facts

Top 3 Reasons to Invest in the Ocala Real Estate Market in 2024

How To Purchase Investment Property in Ocala

Best Neighborhoods to Invest in Ocala

#4 - San Antonio, Texas

About the San Antonio Housing Market

San Antonio Housing Market Statistics

San Antonio Housing Market Quick Facts

Top 3 Reasons to Invest in the San Antonio Real Estate Market in 2024

How To Purchase Investment Property in San Antonio

Best Neighborhoods to Invest in San Antonio

#5 – Indianapolis, Indiana

About the Indianapolis Housing Market

Indianapolis Housing Market Statistics

Indianapolis Housing Market Quick Facts

Top 3 Reasons to Invest in the Indianapolis Real Estate Market in 2024

How To Purchase Investment Property in Indianapolis

Best Neighborhoods to Invest in Indianapolis

#6 – Cleveland, Ohio

About the Cleveland Housing Market

Cleveland Housing Market Statistics

Cleveland Housing Market Quick Facts

Top 3 Reasons to Invest in the Cleveland Real Estate Market in 2024

How To Purchase Investment Property in Cleveland

Best Neighborhoods to Invest in Cleveland

#7 – Charlotte, North Carolina

About the Charlotte Housing Market

Charlotte Housing Market Statistics

Charlotte Housing Market Quick Facts

Top 3 Reasons to Invest in the Charlotte Real Estate Market in 2024

How To Purchase Investment Property in Charlotte

Best Neighborhoods to Invest in Charlotte

#8 - Baltimore, Maryland

About the Baltimore Housing Market

Baltimore Housing Market Statistics

Baltimore Housing Market Quick Facts

Top 3 Reasons to Invest in the Baltimore Real Estate Market in 2023

How To Purchase Investment Property in Baltimore

Best Neighborhoods to Invest in Baltimore

#9 – Cincinnati, Ohio

About the Cincinnati Housing Market

Cincinnati Housing Market Statistics

Cincinnati Housing Market Quick Facts

Top 3 Reasons to Invest in the Cincinnati Real Estate Market in 2024

How To Purchase Investment Property in Cincinnati

Best Neighborhoods to Invest in Cincinnati

#10 – Birmingham, Alabama

About the Birmingham Housing Market

Birmingham Housing Market Statistics

Birmingham Housing Market Quick Facts

Top 3 Reasons to Invest in the Birmingham Real Estate Market in 2024

How To Purchase Investment Property in Birmingham