Investing in US real estate: a house in which states can make you a millionaire

Countless millionaires have built their fortunes on real estate, and you can too. True, when choosing a state, remember that location is everything. Edition Yahoo! told in which states it is worth buying real estate in the next 5 years.

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“Real estate investing has long been considered a reliable way to build wealth,” said Mike Qiu, owner of Good as Sold Homebuyers in Seattle. — Although the real estate market can be unpredictable, some states consistently show promising potential for real estate investment. Several states are expected to offer lucrative opportunities over the next five years due to factors such as population growth, economic prosperity and favorable policies.”

If you're looking for a place to start your path to wealth in real estate, these five states should be at the top of your list.

On the subject: Investing in real estate: where to buy a house in the USA, so that later you can make the most money on selling or renting it

Texas

Mark Severino, owner of Best Texas House Buyers, makes no secret of his preference for his home state and backs it up with facts.

“Obviously, I am inclined to promote the creation of a rich Texas,” he said, and gave three reasons “why Texas is the best state to buy real estate and accumulate wealth over the next five years.”

First, it is the rise in real estate prices.

“The average cost of a single-family home in Texas has been rising steadily since at least 2000,” Severino said. — When the national price falls, the decline in Texas lasts only a short time and then resumes its value. This allows for huge returns for property owners with the right investments.”

Secondly, the constant growth of the population.

“More than half a million people move to Texas every year,” he noted. “The number of people leaving is significantly lower, making the net population increase in Texas from domestic migration positive each year in the hundreds of thousands.” This covers housing needs and also locks in costs as demand remains stable.”

Finally, the state is known for its favorable landowner laws.

“Compared to other states, Texas has more property rights, a faster eviction process, and laws that generally favor landlords when there is a dispute with a tenant. This is important for property owners as it gives them the confidence that their investment is better protected than in other states. In addition, this approach simplifies the management and profitability of a real estate portfolio.”

Washington

Like Severino, Qiu is partial to his home territory, which in his case is in the Pacific Northwest.

“With its vibrant technology industry and thriving economy, Washington State has become a magnet for real estate investment,” Qiu said. “The Seattle area in particular has seen significant growth and offers a wide range of investment opportunities, including residential and commercial properties. The presence of large technology companies also contributes to the region’s attractiveness in real estate.”

North Carolina

For years, North Carolina has grown its population at a feverish pace, and in 2022 its population grew faster than all but two of the other states.

“The state has attracted attention for its robust population growth, affordable housing options and diverse economy,” Qiu explained. “Cities like Charlotte, Raleigh and Durham boast strong real estate markets, fueled by factors such as job growth, low cost of living and high quality of life. These factors, combined with North Carolina’s business-friendly environment, make it a favorable state for real estate investment and wealth creation.”

Ryan Fitzgerald, an experienced North Carolina realtor and owner of Homes Raleigh, supports Qiu.

“In my hometown of Raleigh, the rapid growth has been impressive,” Fitzgerald said. “The family I helped buy a home five years ago has nearly doubled their investment thanks to affordable real estate, a high quality of life and job growth in the technology and healthcare sectors.”

Tennessee

Florida's absence from this list may seem like a glaring omission, given that it was chosen as the number one state to relocate since the pandemic. But experts believe that the state's market is saturated, overvalued and in need of correction - and that the next big thing could be a prominent Mid-South state.

“Tennessee has recently become a popular destination for real estate investment,” Qiu said. “Cities like Nashville and Memphis are experiencing rapid growth thanks to factors like affordable housing, favorable tax environments, and thriving music and entertainment industries. These factors make Tennessee an attractive state for investors looking to capitalize.”

Aaron May, a real estate agent for Coastal Luxury Real Estate Partners, agrees.

“Tennessee has gained attention in recent years as a state with a favorable business environment and low cost of living,” he affirmed. “Nashville in particular is experiencing significant growth, fueled by a vibrant music and entertainment industry. With no state income tax and a steady influx of young professionals, the future of Tennessee's real estate market is promising."

Colorado

The state offers a unique combination of snow-capped mountains, arid desert, fast-growing cities, and excellent real estate opportunities.

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“Colorado's breathtaking scenery and recreational opportunities have elevated its real estate market to new heights,” Qiu argued. “With cities like Denver, Boulder and Colorado Springs experiencing a surge in population growth, the state is an attractive investment environment. In addition, Colorado's thriving technology industry and stable job market contribute to its real estate appeal. Investors looking to capitalize on this growth can explore a variety of residential and commercial opportunities.”

Mei cited many of the same factors as Qiu when he called Colorado a winning market, including population growth and a strong economy. It advertises the state's unique blended lifestyle experience.

“Cities like Denver and Boulder offer a combination of urban amenities and natural beauty that make them attractive to both residents and investors,” May said. “Additionally, the state’s commitment to sustainability and renewable energy enhances its long-term prospects.”

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