These Are the Most Affordable Cities in the US to Buy Real Estate
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Published 2024-06-25
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We found the nine most affordable cities in the US to buy rental property. Although all of these real estate markets are cheaper than the average, they still boast impressive investment potential for those who want to make cash flow, appreciation, or a bit of both. We took a popular list of the top twenty-five affordable markets and whittled it down to the nine Dave Meyer, VP of Market Intelligence at BiggerPockets, sees potential in.
Most of these markets are unsurprisingly in the Midwest and Northeast. But even then, they still have impressive population growth, high rent-to-price ratios, and home prices growing faster than inflation. But, with such healthy market metrics, these affordable cities may not last long as data-driven investors (like you) learn about them. So, donāt miss your chance to buy in the next booming market. If youāre ready to invest in real estate, start researching these markets!
00:00 Most Affordable Cities in the US
01:05 Sponsor: PropStream!
01:43 25 Most Affordable Cities
05:01 Cities with Population Growth
06:21 Cities with Cash Flow Potential
07:59 Cities with Rent Growth
08:51 Cities with Price Appreciation
09:39 9 Best Real Estate Market
All Comments (21)
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Slight caveat on Columbia, SC, the property tax rates are very high on investment property, often 4x what they would be on your primary residence of similar value.
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Great information and insight! Thanks!
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I just picked up a 4-unit in class C neighborhood for $165,000. It will cash flow of 8,000 to 10,000 annually once itās stabilized in a few months. Good value add opportunities with it as well.
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Detroit did register its first year of population growth from '22 to '23. Great analysis all around, just wanted to drop in the extra info.
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It would be great to see the final product when finished! Ive never considered section 8 investing but your videos are definitely making me want to jump all in! I currently own 3 "cash tenant" rental properties in fl. Much more expensive to scale in orlando. Thanks for your videos.
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Nice videos
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So true about Augusta GA. Thatās where all my rental properties located.
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I would love to hear any and all additional information that you have on Tulsa! Or if anyone else wants to chime in that's great too.
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What do you think of Philadelphia PA and would it fit into this list? Based on my research I think it hits the criteria of population growth, has home appreciation at over national rates/inflation, rent growth over inflation, and is about a .6-.8 on the rent to price ratio. However homes certainly arenāt as cheap as other places on the list. What are your thoughts?
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What tools or websites are you using to find this data to cross check
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Where do you put Huntsville Alabama?
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We moved at the end of 2023! We did a similar search but for 2 to 3 bedroom rentals. I looked for cities with a declining population so our rent would stay low. We are in the Midwest but in a city you didn't name in your video. My forecast is a city with slightly declining population and low rents will grow in the next 2 to 7 years because renters are fed up with high rents.
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Tennessee- Murfreesboro, Clarksville
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Augusta and Columbia sounds good to me!
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I invest in North adams, Adams, MA and it is the best ROI.
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I'm a little biased since I'm from and still live in Syracuse (San Diego was too expensive to stay and too far from friends & family lol)... But the population growth in Syracuse especially (but Roch as well) is projected to be near 50% over the next decade or so thanks to all the semiconductor companies and government subsidies. The chips act encouraged micron to spend up to $100B on the factory in Syracuse and the federal government designated Syracuse to Buffalo as a semiconductor tech hub to further encourage investment. Kinda left out Malta NY (sorry globalfoundries) with that lol.
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This was fantastic. I get that most people will want to adjust for typical wages etc. but I'm actually interested in the most NOMINALLY affordable places to invest in rentals, as a person on a fixed income. Anyone know of places publishing those lists? Nearly identical to this, but basically a "best places for people on fixed income to invest in real estate" list.
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I'm in Birmingham al. I would say that the Jefferson County area in general is a better overall area to invest in beyond just Birmingham.
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Lol i feel kind of dumb... most people include rental growth in their initial analyzing process. I never include it. If i cant cover the bills day one its not a good investment. That is for performing assets and not brrrrs.š
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Keep it up Dave! Best thing on bigger pockets šÆ