Real Estate Agents: 6 Cities That Support Women In Building Wealth
While everyone feels the burden of the high cost of living lately, times are especially tough for women. According to a recent Women & Finance GOBankingRates survey, 34% of women are struggling to pay off their debt due to the high cost of living, and 28% of them due to sufficient income.
Be Aware: I’m a Real Estate Agent: Here Are the 4 Florida Cities Where You Should Avoid Buying a Home
For You: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing
However, some American cities offer the right environment for women to thrive, either in their low cost of living, their thriving job market and/or other factors.
GOBankingRates spoke with real estate agents, Ty Fischer, founder of TotalSoCalHomes, Joe Stance, with Stance Real Estate and Eleanor Campbell, a senior realtor with ContractorBond about the six cities women should move to if they want to build wealth.
Riverside, California
California may not be the cheapest state to live in, overall, however, according to Joe Stance, Riverside has undergone an “economic transformation” that, in his opinion, makes the region a prime candidate for women looking to build wealth.
Not only does Riverside have a blend of affordable housing, proximity to both mountains and beaches, and a burgeoning arts and innovation scene, but Stance says it also offers a unique mix of lifestyle and investment opportunities.
He pointed out that the growing industrial and commercial sectors are diverse avenues for both employment and real estate investment.
“For instance, the rise in demand for industrial spaces due to increased online ordering and last-mile delivery needs has significantly boosted the local job market and provided numerous investment opportunities,” Stance explained.
“We have successfully guided multiple women investors and business owners looking to capitalize on these trends, helping them to achieve remarkable growth both in their portfolios and their personal wealth.”
Riverside is also a college town. According to Stance, “the continual influx of students and academic professionals helps maintain a steady demand in the residential market, making it a strategic location for rental properties and small business development.”
Additionally, the local government’s supportive stance towards small businesses and infrastructure development further enhances its appeal to ambitious investors and entrepreneurs.
Stance added, “Riverside offers the dual advantage of a supportive small-town feel with the opportunities typical of a larger urban setting,” which makes it particularly attractive to women investors and entrepreneurs aiming to carve out their financial independence and leverage the growing economic landscape.
Read More: ‘Rich Dad’ Robert Kiyosaki: Use This Two-Step Formula for Real Estate Investing
Austin, Texas
Another great city for women looking to grow their wealth is Austin, Texas. Recommended by Ty Fischer, Austin is a place rich in multicultural diversity, artistic influences and career opportunities in fields such as tech, healthcare and education.
“The city’s low cost of living and vibrant entrepreneurial culture make it conducive to starting and growing small businesses,” said Fischer.
Additionally, he pointed out that Austin’s real estate market has shown consistent growth, which could provide good investment opportunities for women looking for property ownership.
Denver
Another excellent option is Denver, Colorado, a city known for its diverse economy, outdoor lifestyle and growing startup scene.
As Fischer explained, “Denver offers a range of job opportunities across various industries, from aerospace and energy to healthcare and finance.”
The city’s supportive environment for small businesses and active real estate market also make it a promising location for women seeking to increase their wealth through work and investments.
Columbus, Ohio
Eleanor Campbell said Columbus, Ohio offers ample opportunities for women to build wealth and pursue their career goals in areas like healthcare, education and technology — all sectors that are on the rise.
It also has a growing economy, affordable housing options and a low cost of living.
“Columbus is also one of the top cities for small business growth and entrepreneurship which makes it a great place for women to start their businesses,” Campbell continued.
With affordable homes and a cost of living that is lower than the rest of the country, she said, “Women can save more of their income while still living comfortably in Columbus.”
Pittsburgh
Campbell also recommended another city known for its support of small businesses, which has been consistently ranked among the top cities for women entrepreneurs: Pittsburgh, Pennsylvania.
Wealth-building women will be attracted not only to the low cost of living, but also to the strong job market and opportunities in the industries women tend to flock to.
Phoenix
Lastly, Campbell recommended Phoenix, Arizona, which not only offers a thriving economic area with affordable housing, but also a “high quality of life which makes it an attractive destination for women seeking to build wealth and advance their careers.”
Phoenix is actually another city known for its support of entrepreneurship and small businesses.
“The median home value on Zillow is $283,818 and the cost of living is 89.9% on Numbeo which still provides a good balance between income and expenses for women,” said Campbell. “Phoenix is approximately 31.1% less expensive excluding rent, with average rent 60.0% lower than in New York.”
While picking up and moving to a new town can be daunting, knowing you’re moving somewhere that is supportive of your financial goals can be more than motivating.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Real Estate Agents: 6 Cities That Support Women In Building Wealth
