You’ve heard your parents say over and over that “property is the best way to invest your money,” and they’re 100% right. But property values have increased dramatically over the last decade, meaning it’s harder for millennials to enter this market. Luckily there are a handful of cities that offer great value for your dollar.
So today we’re breaking down the seven best cities for millennials to buy their first property.
Don’t just assume Orlando is for tourists visiting Disney World and Universal Studios! It’s a medium-sized city that boasts dozens of suburbs that offer a lot of space for a decent price. The average home is priced around the $200,000 mark, which is a lot more affordable compared to other cities like San Francisco and or Chicago.
There’s no doubt Texas is a charming state, but there’s something special about Dallas that appeals to young people. The metropolitan city consistently attracts fresh new talent, and the property market is on fire! Venture outside of the downtown area, and you’ll be able to find a mix of condos and houses hovering around $205,000.
San Antonio, Texas
Sticking with the Texan theme, if you’re not a fan of the big-city-vibe of Dallas, we recommend checking out San Antonio. It’s a lot quieter and cozy, and property prices are lower – averaging around $158,000.
Detroit was hit hard by the 2008 Financial Crisis, which resulted in mass unemployment and a wave of foreclosures. The city has recovered though, and the average house is estimated to hover around the $140,000 range.
The competitive property market is reinvigorating the economy by attracting ambitious millennials from across the nation. Vice recently made a documentary showcasing how a group of young people are trying to build their Internet network in the city.
Las Vegas, Nevada
Beyond the hotels and casinos that dot the Las Vegas strip, the outlying suburbs provide an excellent opportunity for first-time investors. The average price is set at around $220,000, ushering in a new wave of young property investors to come and flip homes.
This charming jewel serves as both a college town and as the economic hub of the Midwest. Cleveland also attracts a large immigrant population from various parts of the globe due to its affordable housing and education sectors. The average home is typically set at around $132,000.
Another southern entry on this list includes the Tampa Bay area, which is in western Florida along the Gulf of Mexico. With a population around 3.1 million inhabitants, this city has warm weather all year long and is a great place to raise a small family. The average home here is around $183,000.
If you’re a millennial and you’re thinking about investing your money wisely, it’s time to start thinking about buying a home. Explore the options on this list, and check out realestateforecast2018.com.