With rising inflation, everyone is looking at protecting their purchasing power if not growing their wealth. Looking at the list of best passive income-producing assets, we know that real estate tops the list.
Factors To Consider When Choosing Best States For Real Estate Investors
To maximize the returns from your real estate investment, you want to buy property in states with the following features:- Population Growth- Job Growth- Rental Occupancy Rate- Rent-to-income Ratio- Tenant Default Rate- Landlord Friendly Laws- Registration Requirements- High Rent-to-purchase Ratio
Factors To Ignore When Choosing Best States For Real Estate Investors
The following factors should have no bearing when you choose the best states for investing in real estate.- Local Taxes- Rising Property Prices- Weather
At least three factors play an essential role in making Idaho one of the best states for real estate investors. First, people are moving away from large cities to smaller ones, and you will find many in Idaho. Secondly, the cost of living in Idaho is 2.3% lower than the United States national average.
Arizona is experiencing the third-fastest recovery of jobs from its pandemic losses in the nation. It is expected that there will be over 700,000 new jobs added to the economy before 2030.
The average earner in the state brings home $55,841 a year. While the average U.S. worker makes $19.33 per hour, the average in Utah is $26.85 an hour.
Many people from New England and elsewhere choose to retire in this state. While the percentage of workers is lower than in some states, the median household income is $76,227.
Many people are escaping California and moving north to Montana, where they have more elbow room, making it one of the best real estate states. Real estate has appreciated an average of 17% over the last two years.