5 Housing Markets Poised for the Most Stable Growth Over the Next Year
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House hunting is never easy — especially in a market that feels as changeable as the wind. GOBankingRates spoke with experts to learn about housing markets that are set to shine in the upcoming months and year.
Forget the roller-coaster markets that’ll give you whiplash — and look instead markets that’ll let you sleep soundly at night (in your potentially new home, of course).
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Here are five housing markets poised for the most stable growth over the next year.
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The Mighty Midwest: More Than Just Cornfields
Once considered the “fly-over states,” the Midwest is actually home to a diverse and fabulous real estate market that’s showing signs of stable growth.
Bluebird Lending’s CEO, Michael Gevurtz, and president, Jess Schulman, are betting big on this region. They’ve got their eyes on Columbus, Ohio, as well as Wisconsin, Illinois, Michigan and Indiana. Why? Well, according to these lending gurus, “These areas have higher monthly rents than mortgages (on average) while the areas maintain an overall lower cost of living and lower income taxes.”
In other words, your dollar can stretch further here than in many other places. Plus, they’re seeing loan applications from these areas skyrocket faster than a firework. It’s an area to watch.
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Columbus: More Than Just Buckeyes
Let’s zoom in on Columbus for a hot minute. Jessica Lauren, real estate investor and editor-in-chief at Fire Damaged House Aid, is singing Columbus’ praises.
“The Columbus area is experiencing an economic boom,” she said. “The Intel chip factory (a $20 billion investment) will be located in nearby New Albany. The same city recently saw Amgen open a new manufacturing facility to the tune of nearly $400 million.”
But it’s not all suit-and-tie business. Lauren pointed out that Columbus is a hub for education, government and even sports. “Ohio State University and 18 other two- and four-year colleges and professional schools are based in Columbus,” she shared. That means a steady stream of young talent and a trained workforce.
Thomas J. Brock, CFA, CPA, an expert contributor with Annuity.org, added his two cents: “Between 2010 and 2020, it was one of the fastest-growing metro areas in the Midwest.” He pointed out that while demand is high, supply is tight, thanks to zoning regulations and limited new construction. For sellers and investors, that’s like music to their ears — or the sound of a cash register, if you prefer.
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Philadelphia: Not Just for Cheesesteaks Anymore
Next up, we’re heading east to the land of Rocky and rebellious colonists — Philadelphia.
“The city has undergone a remarkable transformation over the last decade,” Lauren said. “Neighborhoods that once were dilapidated and vacant are now restored to their former glory.” Projects like the Columbus Boulevard and Delaware River redevelopment project are proof that Philadelphia’s getting a face-lift that would make a plastic surgeon jealous.
And let’s not forget about the culture. From the Philadelphia Museum of Art (cue the “Rocky” theme) to a thriving local art scene, there’s more to do here than stuff your face with cheesesteaks (though that’s definitely on the list).
Denver: Where the Housing Market Is as High as the Mountains
Let’s head west to the land of craft beer and mountain views — Denver. Lauren pointed out that it’s not just Denver proper that’s booming but also surrounding areas, like Golden, Aurora and Lakewood.
“Greater Denver has had a housing boom for some time, but the vast open spaces around Denver have seen remarkable new home construction — and that will continue through the next year,” Lauren predicted. The best part? There’s something for everyone, from luxury mansions that’ll make your jaw drop to cozy, more affordable family homes.
Indianapolis: The Dark Horse of the Housing Market
Lauren sees Indianapolis as the sleeper hit of the real estate world.
“Indy (including the surrounding area to the north and southeast) have been booming for nearly a decade, but this growth has expanded recently with the housing boom,” she noted. Areas like Fishers to the north and the “green” cities to the southeast are seeing new houses pop up quickly.
But it’s not just about the houses. The city has a diverse economy, with major players like Eli Lilly, Simon Property Group and even racing-related businesses calling it home.
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This article originally appeared on GOBankingRates.com: 5 Housing Markets Poised for the Most Stable Growth Over the Next Year
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