If you’re looking to invest in property, it can be hard deciding where to make your purchase. There are many locations that are often entirely disregarded when it comes to real estate purchasing, usually in favor of the same old names: Seattle, Los Angeles and New York City – to name just a few.
But what about the hidden gems in the USA’s real estate crown? Whether it’s the destinations that will be seeing improved growth in the wake of the financial crisis or the areas that offer a quality of life hard to find elsewhere, we’ve taken a look at which US destinations are 2014’s real estate hot spots.
Colorado’s considerable merits are hard to miss. Thought by many to be the most beautiful state in the USA, the amount of tourists flocking to Colorado each year mean that even holiday lettings can give a substantial return. The remarkable natural surroundings, clean air and outdoor activities on offer mean that Colorado isn’t going to go out of fashion any time soon, and economically, this state will not let you down. The average household income here is approximately $50,000 per year, which is considerably higher than the US average. If that wasn’t enough to sway you, the cost of living in Colorado is also around 2.5% lower than the national average.
The landscape of Boulder, Colorado is truly breathtaking. Image by Max and Dee
Perhaps due to its location in the heart of Middle America, perhaps due to its undeserved reputation as a ‘redneck state’, Kentucky is often unfairly overlooked when it comes to investment. However, with the news that Kentucky is the most affordable US state to rent a home in, this is about to change. While this naturally means you may not be able to get as high a return as you may in high-rent cities, it also means that the influx of people deciding to move to Kentucky will continue to escalate. In addition, the employment rate is steadily rising in Kentucky, unlike in many other states, and the cost of living is 21% lower than the American average. Lexington has an exceptionally low crime rate and a thriving economy with plenty of government, healthcare and technology jobs, further enhancing its desirability as a real estate hotspot.
Yes, Los Angeles is still a great investment location, but the Golden State has so much more to offer than just the City of Angels. As one of the more reasonably priced places to live in California, Bakersfield boasts plenty of cultural attractions and things to do, and with its rents rising, unemployment dropping and house prices remaining stable, it will continue to be a highly sought after destination for a long time. Just a short drive to the Sierra-Nevada Mountains, the environment of this lovely area doesn’t disappoint, and as the home of many festivals and award-winning museum exhibits, you certainly won’t be stuck for fun things to do here. California’s steadily growing population means there is always a healthy demand for housing, making it perfect for long-term investors as well as short.
Oklahoma City is one of the fastest growing metro areas in the US. Image by Kool Cats Photography
Oklahoma City, Oklahoma
Like Kentucky, Oklahoma is another American state that is far too often overlooked – but if you are looking for a sensible real estate investment, you’d be hard pushed to find a more attractive location. Oklahoma City is currently one of the most significant emerging real estate markets in the USA, with house prices anticipated to rise by rise by 16% over the next three years. Throughout the entire state, employment levels are high across a very wide range of divisions including education, technology and energy, and these healthy levels of employment will only make the state even more attractive to real estate investors. Oklahoma City also has one of the fastest growing metro areas in the USA, and taking into account the fact that the population has been steadily increasing since the 1960s, this means that Oklahoma may be the safest investment hotspot in the whole country.