Arizona is growing, with a population of 7 million people no doubt due to good weather, low unemployment and a strong economy. This state also has an average sale price of just $ 240,000, so it’s budgeting for the smart investor as well.
If you think about buying investment properties in Arizona, the top markets highlighted below could be ideal.
Phoenix
As you ponder where to buy investment real estate in Arizona, Phoenix will definitely appear on your list. This growing city is home to five million inhabitants, a strong economy and many job opportunities.
As you know, these are factors that often make buying residential or commercial investment properties a smart move. Phoenix also has robust nightlife, sunny weather, and many attractive restaurants and golf courses.
Short-term rental properties are hot due to the city’s growing tourism business, which attracts extras every year for the Phoenix Film Festival, among other events. Rents and sales prices are rising, and real estate experts claim that the average house price could rise by 25% in the next four or five years.
Tempe
Tempe is a popular city for the purchase of long-term single-family rentals. Arizona State University is based here, and more than a dozen other colleges are nearby.
You can expect to have many students interested in your rental properties in Tempe. This is also worth considering: Some estimate that Tempe’s job market will grow by 50% over the next decade, compared to just 33% across the United States.
Tucson
Tucson is family-friendly and has a cost of living well below the national average. This historic city also has excellent public schools and is nestled among beautiful scenery; this is another factor that makes it popular for young families.
One of the upcoming real estate markets for savvy investors in Tucson is Corona de Tucson. It is a beautiful area in which to buy a long-term rental property, especially a single-family home. Families like this community because of the low crime rate and nearby schools.
Residents often rent in Corona de Tucson because house prices here are among the highest in the city. Downtown has many popular bars and restaurants, which makes it tempting for business investors as well.
Glendale
This small bedroom community about nine miles west of Phoenix is popular with families, retired couples and young adults. Your tenants can participate in an NFL game at Cardinals Stadium, and Adobe Mountain Desert Park is just minutes away.
This town is known as the ancient capital of the state. The growing population and labor market attract many properties.
Prescott
Prescott is not as large as other cities in Arizona, but many locals prefer homeownership to rent. So if you like real estate, you may want to think about a homeowner financing single-family homes to home buyers who don’t have the money or credit for a traditional mortgage.
Prescott also has universities and colleges, so it’s still an attractive place for buying toys as well. This growing city may be a good choice for new real estate investors, as homes remain relatively inexpensive here.
Mesa
Fifteen miles from Phoenix, Mesa is a center for business and education and ideal for growing families. Rental properties are quickly catching on here, as parks are a short walk away, and a number of world-class golf courses are also nearby.
Mesa is highly valued due to a low median selling price of less than $ 300,000, so it is becoming a hot commodity for Arizona investors.
Summary
Arizona is popular for relocation because it has a strong economy and a growing housing market. Warm weather and excellent but affordable restaurants also make it a popular destination for tourists.
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