Fastest Growing Real Estate Markets

Welcome to the Topic “Fastest Growing Real Estate Markets”

Where in the United States may one find a rising real estate market? From Cupertino to Medina to Bal Harbor, we examined the real estate markets that are expanding the quickest in each major region of the United States to better understand which cities are experiencing the most rapid increases in home prices. The numbers are based on the median increase in prices per square foot over the previous five years. Which densely populated cities and rapidly expanding areas are actually thriving to the extent that their proponents claim, and which deteriorating cities have real estate prices that are comparatively cheap?

Youngstown, Ohio

Even though Youngstown only has a metro population of about 65,000 people, the city is part of a larger metropolitan area that has 540,000 people living in it. This larger metropolitan area also includes the cities of Warren and Boardman. Youngstown is only an hour’s drive from both Cleveland and Pittsburgh. An investor has the chance to purchase and own rental property at a very low price, thanks to the city’s low housing prices, low vacancy rate, and the effective property tax rate of 1.54 percent. Additionally, the city has a low vacancy rate.

The average price of a property in Youngstown is $42,867, and prices have increased by 77 percent over the course of the last five years. In spite of the relatively affordable property prices in Youngstown, there is still 46 percent of the housing units are occupied by renters. Single-family homes make up 78 percent of the total housing units in the city.

With a vacancy rate of 3.20 percent in the rental market, the rent as a percentage of house value is 18.53 percent, and the rent as a percentage of monthly income is 28.50 percent. The annual growth rate for household income was 8.6 percent, bringing the median income to $29,143.

Spring Hill, Florida

Spring Hill is part of the Tampa-St. Petersburg-Clearwater metropolitan area is home to just about 114,000 people who were drawn to the town by its inexpensive cost of living and excellent quality of life. Spring Hill is located just 40 miles from Tampa.

The current median price of a property in Spring Hill is $243,145, representing a rise of 85 percent over the course of the last five years. Single-family residences make up approximately 87 percent of the town’s 45,839 total housing units, and approximately 20 percent of the town’s residents rent their homes. Due to the low vacancy rate in the rental market (now 3.10 percent), finding a good house to rent might be challenging. The renter’s percentage of income is 30.50 percent, while the renter’s percentage of house value is 5.28 percent. Investors comprehend these ratios.

The number of people living in Spring Hill has grown by 3.0 percent over the course of the past year, while the size of the job market has expanded by 5.0 percent, and property values have surged by 11.0 percent. Florida has low tax rates, and the effective property tax rate in Spring Hill is only 0.82 percent.

Pueblo, Colorado

It is the 9th largest city in the state of Colorado, with a population of slightly over 112,000 people. 

The current median price of a property in Pueblo is $263,343, representing an appreciation of 80 percent over the past five years. Seventy-five percent of the town’s housing units are single-family homes, while renters occupy only 40 percent of the town’s housing units. The town has a total of 48,427 housing units. The vacancy rate has dropped to 3.10 percent, the rent-to-income ratio is currently at 21.70 percent, the rent-to-home-value ratio is now at 3.64 percent, and effective property taxes are currently at 0.63 percent.

The median household income in Pueblo has increased to $40,450 after a 5.51 percent increase over the past year, while property values have increased to $141,000 after an 8.46 percent increase. Employment in Pueblo has grown by 2.1 percent over the past year, while the population has grown by 0.78 percent.

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Also Read: Fastest Growing Housing Markets

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