The Right REI Stuff: 10 Markets that’ll Show You the Money
Despite ongoing troubles in the U.S. housing market, some areas post green lights for investors looking for relatively high and fast price gains in the next year. According to Money magazine, these markets have what it takes to make for solid real estate investments (REI). (Additional data provided by Wikipedia and the U.S. Census Bureau.)
1. McAllen, Texas:
- U.S. Census data for 2003 estimated the city’s population to be 116,500.
- 12-month forecast: 4 percent
- Median home price: $109,000
- One-year price change: 2.1 percent
- Five-year price change: 23.3 percent
- Change in foreclosure rate: 23 percent
- U.S. Census data for 2003 estimated the city’s population to be 216,000.
- 12-month forecast: 2.7 percent
- Median home price: $121,000
- One year price change: 3.4 percent
- Five year price change: 20.1 percent
- Change in foreclosure rate: 5 percent
- U.S. Census data for 2003 estimated the city’s population to be 236,600.
- 12-month forecast: 2.7 percent
- Median home price: $156,000
- One year price change: 2.9 percent
- Five year price change: 29.4 percent
- Change in foreclosure rate: 20 percent
4. Syracuse, N.Y.:
- U.S. Census data for 2003 estimated the city’s population to be 144,000.
- 12-month forecast: 2.6 percent
- Median home price: $126,000
- One year price change: 0.8 percent
- Five year price change: 29.5 percent
- Change in foreclosure rate: 27 percent
5. Buffalo and Niagara Falls, N.Y.:
- U.S. Census data for 2003 estimated Buffalo’s population to be 285,000; Niagara Falls to be 54,000.
- 12-month forecast: 2.4 percent
- Median home price: $105,000
- One year price change: 1.6 percent
- Five year price change: 24.5 percent
- Change in foreclosure rate: 14 percent
6. New Orleans, La.:
- U.S. Census data for 2003 estimated the population to be 469,000.
- 12-month forecast: 2.2 percent
- Median home price: $158,000
- One year price change: 1 percent
- Five year price change: 43.7 percent
- Change in foreclosure rate: 49 percent
7. Scranton, Pa.:
- U.S. Census data for 2003 estimated the population to be 74,300.
- 12-month forecast: 2.2 percent
- Median home price: $128,000
- One year price change: 7.2 percent
- Five year price change: 41.1 percent
- Change in foreclosure rate: 8 percent
8. Grand Rapids, Mich.:
- U.S. Census data for 2003 estimated the population to be 195,600.
- 12-month forecast: 1.9 percent
- Median home price: $124,000
- One year price change: -3 percent
- Five year price change: 8.3 percent
- Change in foreclosure rate: 37 percent
9. Baton Rouge, La.:
- U.S. Census data for 2003 estimated the population to be 225,100.
- 12-month forecast: 1.9 percent
- Median home price: $170,000
- One year price change: 5.7 percent
- Five year price change: 38.3 percent
- Change in foreclosure rate: 14 percent
10. El Paso, Texas:
- U.S. Census data for 2003 estimated the population to be 584,100.
- 12-month forecast: 1.8 percent
- Median home price: $134,000
- One year price change: 6.9 percent
- Five year price change: 51.9 percent
- Change in foreclosure rate: 32 percent
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