Many economists believe that the American economy is continually strengthening. Primarily, this is due to the resurgence of fresh job opportunities, higher wages, reduced taxes, and low unemployment rates. These factors should boost homebuyer demand and reinvigorate the housing market in 2019.
Millennials are sure to drive the market strongly during the next few years. This demographic has been renting, by and large, over the last half decade – but now wants to get a foot on the property ladder. Low downpayment mortgage products, and other financial products aimed at millennials, make it simpler for new homebuyers to do this. Another trend for 2019 that the should reflect in the housing market is the increase in overseas investors. The flourishing economy is attracting more overseas investors from places like Singapore and China to purchase investment real estate in America.
Here are some of the hottest real estate markets anticipated for 2019:
1. Long Island City Queens, NY
Amazon has announced that one of its’ two headquarters in North America will be in Long Island City, as well as in Crystal City, VA. The e-commerce behemoth will create 50k jobs in each city. This will involve building a four million square foot headquarters in Queens. According to Forbes, Long Island City is America’s fastest expanding neighborhood, because it is near Manhattan and has good transport links – along with a plethora of new housing projects. It’s a bustling area that will continue to increase in value over the coming months.
2. Austin, TX
Living costs are reasonably low in Austin, and it is a nice area with a capable workforce. More than two million people live there and it is becoming increasingly popular with others. Austin is a resource rich, happening city and the commercial property market is thriving. People who make room for real estate taxes and allow additional time for approvals, ought to be sitting pretty in future.
3. Los Angeles, CA
Traditionally, downtown LA was a dangerous place to venture into, however over the last few years the authorities have introduced big measures to change this. Now, armed guards patrol the streets on two wheels. There’s no doubt that the city will be gentrified further, because tech firms are relocating there to escape high prices in San Francisco, and the Olympics is being hosted there in 2028.
4. Chicago, IL
Lots of property investors regard Chicago as the top city to buy real estate in. It was voted number one for affordability, out of the big metropolitan areas, and has a worldwide reputation as a center for business. Low risk investors are quick to note the range of sectors that protect Illinois from the fluctuations in real estate prices that coastal areas experience. This is why Chicago is the first choice for many homebuyers.
5. Minneapolis/St. Paul, MN
In all likelihood, Minneapolis/St. Paul in Minnesota is America’s most underrated property investment location. It has one of the country’s lowest apartment vacancy rates. Also, it has strong job opportunities in expanding sectors, such as technology and healthcare, and is home to the head offices of eighteen Fortune 500 companies. At this rate, the Twin Cities will not be a secret for much longer.
My team at LendPlus offers financial solutions for borrowers in all types of financial situations. For more information, visit their website at www.lendplus.com.