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Hit and Miss Investment LocationsWith all this talk about purchasing investment properties as a means to making a huge profit, how can you tell which areas to avoid? You can use the following list to help you separate the hits from the misses.
Areas To Look Closely At:
- Northern Florida and the Carolinas have taken over as hot places for retirees. The still affordable housing and warmer temperatures mix well. For now, these are places that are worthy of an investor’s attention.
- Tennessee remains a hot area for jobs and housing. The low cost of living blends nicely with the temperate climate and range of activities.
- New Mexico is the new Arizona when it comes to retirement areas. As more people flock to the southwest looking for a laid back lifestyle and housing that can be afforded on limited incomes, New Mexico is a hot spot.
Areas To Avoid:
- Much of California has become priced out of the average person’s league. Areas such as Sacramento, San Francisco, Los Angeles, and their surrounding suburbs are not only overpriced, but space is incredibly crowded. These areas are nightmarish for both living and commuting. Sacramento, Bakersfield, Merced, and Stockton also have an issue with employment. There are no jobs that can help a person afford the housing that is available.
- Phoenix, Arizona spent many years topping the list for best retirement areas. This led to a huge flock of investors entering the area in search of decent property. Now the craze is wearing down and many investors are losing money. Until the decline settles, Phoenix is an area to avoid. Florida, especially the southern area, is dealing with the same issue. What was once a retirees dream location is now priced out of the market.
- Often considered one of the smellier states in the U.S., New Jersey has many attractive areas that are often overlooked. Atlantic City, made famous because of its Las Vegas style atmosphere, became a trendy area to live. The area is now in a state of decline due to changes in the gambling laws creating a blemish on the gambling town for a short while. The price of housing has also skyrocketed out of control. Many people simply do not earn enough money to live here.
- New England is definitely beautiful and an investor’s dream. It pays to be very cautious of the zoning laws. Check the areas thoroughly before firming up any plans. Environment restrictions in Vermont have made it an unfriendly area for larger businesses. Topped with property and school tax rates that have spiraled out of control and some of the highest electricity rates in the United States, these areas are becoming hard for the average person to afford. Invest here with caution. The rent you charge may not be enough to cover your monthly expenses.
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