Study Identifies the Best Cities for First-Time Real Estate Investors

People who want to jump into the real estate investment market have an important question to contend with: Which city should they invest their money in? The team at LLC Attorney has arrived with answers in their new study, which condenses tons of information on the real estate market to identify the 50 best cities for first-time investors. Each town has its own unique characteristics, benefits, and setbacks, but as the team proves, they each offer a powerful incentive for real estate investors.

The team started their study by pulling the 100 most populated cities from the Real Estate Investment Index and pinpointing their 50 ideal cities. The towns on their list are affordable, have high rental income potential, and have landlord-friendly laws. To create their list, the team considered state-level laws on rentals, rent-controlled cities, and the job market in each location. Their potential rental income calculations are based on average monthly rent, median home sale price, gross rental yield, and the market temperature. As for landlord-friendliness, the team considered average eviction time, security deposit limit, and rent control laws.

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Out of all 50 cities, the team determined that Port St. Lucie, Florida, is the best city for first-time real estate investors to buy property. This growing city shows no signs of slowing, with median property sale prices lower than other major Florida cities, like Miami and Tampa. The job market in Port St. Lucie is strong in healthcare and education, and business-friendly for entrepreneurs. These factors all combine to represent a city that’s attracting more residents every day. It will be a reliable source of rental income for investors.

Cape Coral, Florida, took the second-place spot for similar reasons. Low property taxes, a growing population, and residents flocking to beaches and parks for seasonal living push up the Cape Coral housing demand and rental potential. The lone midwestern city in the top four is Cleveland, Ohio, drawing in investors with affordable housing and lots of demand because of the strong employers based in this lakeside city. Garland, Texas, comes in fourth with more affordable housing than neighboring Dallas, while still located close to all the dining and entertainment that Dallas offers. Popular Garland employers include FedEx, Interceramic USA, Presbyterian Hospital, and Arena Brands, Inc.

In addition to focusing on the 50 cities the team lists, they suggest that first-time investors look to more seasoned investors for advice. Many expert investors speak at conferences, publish guidebooks, and produce educational videos to share their knowledge. Networking with fellow investors is another great way for new investors to gain support and learn quickly. There are countless networking opportunities on social media and in local groups like your local chamber of commerce. Last, investors need to decide whether they’re looking to buy property close to home that they can maintain themselves, or property far away, in which case they’ll need to hire a property manager. No matter your path, the LLC Attorney team offers a great start with this data.