Best Places To Invest In Property in 2023, According to Real Estate Experts
Now that we're into 2023, you may have your sights set on purchasing a home. House hunting can be overwhelming and stressful if you don't know where to look. Whether you want to buy your first home or are looking for an investment property, there are dozens of cities throughout the country to explore.
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The housing market took a wild ride over the past few years. Now that real estate prices have become more stable, you can do a deep dive into the areas that offer you everything you want out of life including mild climates, great schools and job opportunities.
Read on to see the seven places you should explore if you're looking to buy a home this year.
Myrtle Beach, South Carolina
Zillow Home Value: $316,199
According to Zillow, home values have increased 26% over the past year, so it is a good are for investment. Named the fastest-growing city in 2022-2023 by U.S. News and World Report, it's highly affordable with mild weather and gorgeous coastal views which are all reasons why you should explore purchasing real estate in Myrtle Beach.
According to Real Estate Agent DeLisa Dawkins, Myrtle Beach is not only a fantastic place to reside but also an excellent location for investment. The area's constant stream of tourists makes it a prime spot for investing. South Carolina's coastal region of Myrtle Beach has a diverse array of attractions, catering to beachgoers, golf enthusiasts, and more.
While investing in this area may yield a positive return on investment, overhead costs for properties in proximity to water may be higher due to the potential for extreme weather events, such as hurricanes.
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Colorado Springs, Colorado
Zillow Home Value: $476,721
Ranked by U.S. News and World Report as the second Best Place to Live in 2022-2023, Colorado Springs has awe-inspiring scenery. Outdoor enthusiasts will enjoy year-round activities, such as endless hiking trails and whitewater rafting on the Colorado River. Located around an hour south of Denver, houses are noticeably less expensive giving new homebuyers the opportunity to get more for less.
Jay Garvens, a 20-year mortgage veteran based in Colorado Springs and working with Churchill Mortgage, agrees that the city remains an appealing destination for real estate and population growth. This is due to several factors, such as the high quality of life offered by its proximity to one of the largest national parks in the country, Pikes Peak national forest, resulting in a large number of parks and open spaces. Additionally, the city boasts a strong job market with a surprising number of large employers for a population of 490,000, including the Air Force and Space Force Academy, Olympic training headquarters, Olympic museum, US Space command, and Pikes Peak.
Colorado Springs is also known for being a safe and family-friendly city with reliable police and fire departments, top-rated school districts like SD12 and SD20, and fiscally conservative governance at both city and county levels.
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Atlanta
Zillow Home Value: $399,127
Listed as the Top City for Gen Zers by CommercialCafe, Atlanta has everything a young professional needs to thrive. The city is pretty affordable, has low unemployment and has a significant number of parks within walking distance. The city also ranked highly for "green commuting" and internet speed. Newly minted Atlanta residents will never get bored. The city has countless things to do including free or nearly free sightseeing, tons of parks and museums for days.
Real estate agent Amy Pedersen highlights several advantages of living in Atlanta and its housing market. For instance, Atlanta offers an excellent job market, ranking third for TV and film production jobs after New York and Los Angeles. Additionally, residents can enjoy a variety of activities along the Atlanta Beltline, including walking trails, gastro pubs, cafes, and public events.
Atlanta also provides great public schools, mainly in North Fulton, E Cobb, and S Forsyth counties, and the city offers affordable housing options, allowing buyers to get more house for their money compared to other metropolitan areas. Plus, due to the limited inventory of homes for sale, rental properties are a reliable investment opportunity in Atlanta.
Naperville, Illinois
Zillow Home Value: $501,395
For young families, Naperville is an ideal location to explore in the new year. According to Niche, the city has some of the best public schools in the country and is ranked as the Best City to Raise a Family in America. The city has a population of just under 150,000 giving residents the perfect mix between suburban convenience and small-town charm.
Tomas Satas, a real estate investor from Windy City HomeBuyer, shares that Naperville, Illinois has been an excellent Chicago suburb to purchase a home for many years. The area's excellent public schools and increasing popularity among young people who seek to escape the city make it an attractive option.
Buying a home in Naperville has also proved to be a reliable investment for an extended period. While the market has slowed slightly compared to last year, the town remains a stable investment opportunity compared to areas such as Austin and Boise that experienced rapid growth during the pandemic. He adds that the Midwest has been less affected by the market slowdown.
McAllen, Texas
Zillow Home Value: $213,885
Ranked best for affordable housing in Texas by Moving Waldo, McAllen is a fast-growing city located near the southernmost tip of the state. The city also offers numerous employment opportunities, a rich history and a cost of living significantly less than the state average. An art-lovers dream, the city has a historic downtown that features several art walks and galleries.
Jeff Johnson, a real estate agent and owner of Simple Homebuyers, backs this all up. He shares that McAllen presents an excellent opportunity to buy a home in 2023. The area boasts a rapidly growing population, a low cost of living, and a robust local economy.
Chesterbrook, Pennsylvania
Zillow Home Value: $453,857
For the third straight year, Chesterbrook has been ranked the Best Place to Live in America by Niche. The Philadelphia suburb has a population of just over 5,000 people. It received A+ rankings for public schools, housing, jobs, health and fitness, and being good for families.
"The Chesterbrook community is made up of numerous smaller neighborhoods with various types of housing, and amenities and is located within a strong and desirable school district," shares real estate agent Kristina ODonnell. "It has a business campus, and shopping areas and is in close proximity to many areas of interest such as Valley Forge Park, the King of Prussia Mall, and the Main Line, and within a short commute to Philadelphia. Chesterbrook residents have access to the turnpike and other major roadways which makes commuting easier."
So whether you are hoping to take in fall foliage or visit the Valley Forge National Historical Park, you simply won't regret moving to the Keystone State's top-ranked city.
Photo Disclaimer: Please note photo is of Chester County, which Chesterbrook is a part of.
Kirkland, Washington
Zillow Home Value: $1,241,812
For those with an unlimited budget, Kirkland was recently named one of the Best Places to Live by Money.com. The city has an extraordinarily low unemployment rate, sits on the edge of an exquisite lake and gives residents a breathtaking view of Mt. Rainier. It is family friendly and offers a number of high-paying job opportunities. Johnson adds that Kirkland has a booming tech industry, gorgeous natural scenery, and a high quality of life.
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Laura Beck contributed to the reporting of this article.
This article originally appeared on GOBankingRates.com: Best Places To Invest In Property in 2023, According to Real Estate Experts
