{"id":176622,"date":"2024-08-23T13:41:05","date_gmt":"2024-08-23T19:41:05","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=176622"},"modified":"2024-08-23T13:55:29","modified_gmt":"2024-08-23T19:55:29","slug":"best-markets-for-first-house-hack","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/best-markets-for-first-house-hack","title":{"rendered":"The 10 Best Markets for Your First House Hack"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">It\u2019s no secret that affordable housing is becoming harder <\/span><span data-preserver-spaces=\"true\">to find<\/span><span data-preserver-spaces=\"true\"> for many young professionals, especially those who recently graduated from college with a pile of student loan debt. However, more young professionals are discovering a path to homeownership while kick-starting their real estate investing portfolio: <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\/house-hacking-strategy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">house hacking<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">House hacking is a real estate investment strategy where you rent out part of your <\/span><span data-preserver-spaces=\"true\">main<\/span><span data-preserver-spaces=\"true\"> residence to cover housing costs, such as mortgage payments. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is a great strategy investors can use to afford their first properties, especially if they have the freedom to live anywhere in the country.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">With that in mind, I wanted to highlight a handful of prime entry markets where house hacking can lead to homeownership and real estate income. These markets are still affordable\u2014with median home prices less than the national average\u2014and are also experiencing solid job growth and price appreciation. After all, just because a market is affordable doesn\u2019t mean it\u2019s a good place for your first investment.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Selecting the Best Markets for Your First House Hack<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">For this analysis,<\/span><span data-preserver-spaces=\"true\"> I incorporated median home prices and rental data from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> I also retrieved job growth data from the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/oes\/tables.htm\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bureau of Labor Statistics<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I\u2019ve seen a lot of other news sources discuss \u201caffordability\u201d without taking property taxes and rising insurance costs into account. So, I incorporated data from the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/taxfoundation.org\/data\/all\/state\/property-taxes-by-state-county-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tax Foundation<\/span><\/a><span data-preserver-spaces=\"true\"> and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.insurance.com\/home-and-renters-insurance\/home-insurance-basics\/average-homeowners-insurance-rates-by-state\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Insurance.com<\/span><\/a><span data-preserver-spaces=\"true\">, respectively. (Goodbye, most cities in Texas and Florida.)<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">After filtering out the most unaffordable markets and areas where job growth was below the national average, I\u2019m left with the 44 markets below. I chose to visualize these by one-year job growth since it\u2019s a key metric I evaluated for this specific analysis.<\/span><\/p>\n\n\n<p><iframe title=\"Best Markets For Your First House Hack\" aria-label=\"Map\" id=\"datawrapper-chart-23H2v\" src=\"https:\/\/datawrapper.dwcdn.net\/23H2v\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"657\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">From the 44, I chose <\/span><span data-preserver-spaces=\"true\">10<\/span><span data-preserver-spaces=\"true\"> cities <\/span><span data-preserver-spaces=\"true\">that have<\/span><span data-preserver-spaces=\"true\"> the best fundamentals for buying your first house hack. They aren\u2019t as well known as others. But unless you have enough money for the large <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/down-payment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">down payment<\/span><\/a><span data-preserver-spaces=\"true\"> required for those attractive high-appreciation or faster-growing markets, you may want to consider these \u201cunderdog\u201d markets instead.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">From this list, I highlighted 10 cities that offer incredible investment opportunities for young professionals looking for their first house hack. They are presented below in no particular order.<\/span><\/p>\n\n\n<p><iframe title=\"Best 10 Markets For Your First House Hack\" aria-label=\"Table\" id=\"datawrapper-chart-oM67z\" src=\"https:\/\/datawrapper.dwcdn.net\/oM67z\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"758\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Chattanooga, TN-GA<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Chattanooga built a citywide fiber-optic \u201csmart-grid\u201d network, <\/span><span data-preserver-spaces=\"true\">which offers<\/span><span data-preserver-spaces=\"true\"> some of the fastest <\/span><span data-preserver-spaces=\"true\">citywide<\/span><span data-preserver-spaces=\"true\"> internet speed to homes and businesses in America.<\/span><span data-preserver-spaces=\"true\"> The grid has also undoubtedly helped Chattanooga become a good place for startups <\/span><span data-preserver-spaces=\"true\">as well<\/span><span data-preserver-spaces=\"true\">, as noted by the VC firms with a presence in the city.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Chattanooga metro area is a primarily blue-collar economy <\/span><span data-preserver-spaces=\"true\">largely<\/span><span data-preserver-spaces=\"true\"> focused on manufacturing and logistics, with a good-sized presence of healthcare and banking jobs. The city also benefits from its forward-thinking approach to its smart grid.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The job market has steadily grown over the past few years<\/span> <span data-preserver-spaces=\"true\">and is continuing to see healthy price appreciation as well.<\/span> <span data-preserver-spaces=\"true\">If you like the growth and amenities that Tennessee has to offer but can\u2019t afford Nashville, Chattanooga would be a fine pick.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.33% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $309,819 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 5.47% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,596 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.80% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market: <\/span><\/strong><span data-preserver-spaces=\"true\">45 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,101 (Calculated using a 20% down payment, 7% interest rate, statewide average insurance, and countywide median property taxes)<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Columbia, SC <\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Columbia is the capital of South Carolina and home to the largest college in the state, the<\/span> <span data-preserver-spaces=\"true\">University of South Carolina, <\/span><span data-preserver-spaces=\"true\">as well as<\/span><span data-preserver-spaces=\"true\"> Fort Jackson, the U.S. Army\u2019s largest initial entry training installation. That makes roughly 20% of the workforce employed by the government.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> means more stability but <\/span><span data-preserver-spaces=\"true\">overall less growth than its<\/span><span data-preserver-spaces=\"true\"> Charlotte, North Carolina, and Charleston, South Carolina<\/span><span data-preserver-spaces=\"true\">, counterparts<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> Columbia also has the lowest median price out of this article\u2019s top 10 list.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If<\/span><span data-preserver-spaces=\"true\"> affordability is most important to you<\/span><span data-preserver-spaces=\"true\">, this may be a solid choice<\/span><span data-preserver-spaces=\"true\">.<\/span> <span data-preserver-spaces=\"true\">But<\/span> <span data-preserver-spaces=\"true\">as far as economic growth goes<\/span><span data-preserver-spaces=\"true\">, there are better markets on this list.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.41% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $253,466 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.06% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,553 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">4.76% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market: <\/span><\/strong><span data-preserver-spaces=\"true\">51 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,733<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Fayetteville-Springdale-Rogers, AR-MO<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Fayetteville, Arkansas MSA, also called Northwest Arkansas (NWA), comprises Fayetteville, Springdale, Rogers, Bentonville, and a few smaller surrounding towns. Its growth <\/span><span data-preserver-spaces=\"true\">is driven<\/span><span data-preserver-spaces=\"true\"> by three Fortune 500 companies: Walmart, Tyson Foods, and J.B. Hunt Transportation Services.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">While I don\u2019t prefer metros with primarily one or two large employers (what happens if they leave?), Walmart HQ is probably here to <\/span><span data-preserver-spaces=\"true\">stay,<\/span><span data-preserver-spaces=\"true\"> and has also issued a strict <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.foxbusiness.com\/economy\/walmart-cutting-hundreds-corporate-jobs-asking-remote-workers-return-office-report\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">work-from-office policy<\/span><\/a><span data-preserver-spaces=\"true\">. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is driving relatively <\/span><span data-preserver-spaces=\"true\">huge<\/span><span data-preserver-spaces=\"true\"> growth in the area, as most white-collar Walmart office workers <\/span><span data-preserver-spaces=\"true\">will<\/span><span data-preserver-spaces=\"true\"> now need to live near HQ.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.31% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $342,579 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.74% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,631 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.75%<\/span> <span data-preserver-spaces=\"true\">(National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 57 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,333<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Greenville\u2013Anderson\u2013Greer, SC<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Greenville has a strong manufacturing, distribution, and healthcare economy and should continue to see healthy growth for the foreseeable future. But I\u2019m not convinced this market has more potential than Fayetteville, Arkansas, or Chattanooga, Tennessee, for an outsized return on investment.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.80% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $299,908 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.69% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,585 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.38% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 50 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,973<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Indianapolis\u2013Carmel\u2013Greenwood, IN<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Indianapolis has a low unemployment rate (3.6% as of June 2024), and its job market grew by 2.49% over the past year (for comparison, the national average was 1.49%). The metro area had a five-year percent price growth of 56.29% (national: 49.49%) and a one-year percent price growth of 3.3% (national: 4.28%). <\/span><span data-preserver-spaces=\"true\">I wish the appreciation were a little higher, but Indianapolis remains one of the last affordable yet still-growing cities <\/span><span data-preserver-spaces=\"true\">in the country<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Indianapolis also has a healthy transportation and life sciences economy (and <\/span><span data-preserver-spaces=\"true\">in<\/span><span data-preserver-spaces=\"true\"> fact, has one of the <\/span><span data-preserver-spaces=\"true\">largest<\/span><span data-preserver-spaces=\"true\"> life science clusters in the nation), with its <\/span><span data-preserver-spaces=\"true\">major<\/span><span data-preserver-spaces=\"true\"> exports being pharmaceuticals, motor vehicle parts, and medical equipment and supplies.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Indianapolis has the benefit of being the only metro with more than 1 million jobs on this top 10 list. <\/span><span data-preserver-spaces=\"true\">And<\/span><span data-preserver-spaces=\"true\"> while the city has technically seen a <\/span><span data-preserver-spaces=\"true\">small<\/span><span data-preserver-spaces=\"true\"> decline in population, many people have been moving to the outer suburbs, giving the MSA a total positive increase in population.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In conclusion, the diverse economy and low cost of living could continue to drive growth (albeit slower <\/span><span data-preserver-spaces=\"true\">growth<\/span><span data-preserver-spaces=\"true\"> than popular metros like Austin, Texas; Boise, Idaho; and Nashville, Tennessee) into Indianapolis. This city could be a fine place to grow your career if you\u2019re in the right industry and buy your first property.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.49% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $284,630 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.30% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,588 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.13% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 39 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,057<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Lafayette\u2013West<\/span><span data-preserver-spaces=\"true\"> Lafayette\u2013Frankfort, IN&nbsp;<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Lafayette sits one hour north of Indianapolis and two hours south of Chicago and is home to Purdue University, <\/span><span data-preserver-spaces=\"true\">which is<\/span><span data-preserver-spaces=\"true\"> known for its engineering, technology, and agriculture programs. Purdue has produced Nobel Prize winners <\/span><span data-preserver-spaces=\"true\">as well as<\/span><span data-preserver-spaces=\"true\"> several astronauts, including Neil Armstrong. Next to Purdue is the West Lafayette <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.prf.org\/researchpark\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Purdue Research Park<\/span><\/a><span data-preserver-spaces=\"true\">, where technology and health science companies employ over 3,000 people.<\/span><\/p>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.purdue.edu\/newsroom\/releases\/2022\/Q2\/discovery-park-district-at-purdue,-a-1-billion-development,-highlights-the-success,-visible-impact-of-university-private-community-partnerships.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Lafayette also ranked No. 1<\/span><\/a><span data-preserver-spaces=\"true\"> on Realtor.com\u2019s winter 2023 housing affordability index, which also took local economy, price appreciation, and lifestyle amenities into account (similar to what we\u2019ve done here).<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, because Lafayette is such a small market, the winter and summer breaks of the college have a relatively <\/span><span data-preserver-spaces=\"true\">large<\/span><span data-preserver-spaces=\"true\"> impact on the number of jobs in the MSA, and it <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> isn\u2019t growing as fast as other similarly-sized towns (like St. George, Utah).<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.23% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $266,785 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 8.45% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,429 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.22% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 32 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,820<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Lexington-Fayette, KY<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Lexington <\/span><span data-preserver-spaces=\"true\">appears to have<\/span><span data-preserver-spaces=\"true\"> a solid healthcare, manufacturing, and logistics-based economy.<\/span><span data-preserver-spaces=\"true\"> Its job growth has been <\/span><span data-preserver-spaces=\"true\">fairly<\/span><span data-preserver-spaces=\"true\"> healthy, <\/span><span data-preserver-spaces=\"true\">along<\/span><span data-preserver-spaces=\"true\"> with its price appreciation and rent growth.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Known as the \u201cHorse Capital of the World,\u201d the city has limits on homebuilding so as not to <\/span><span data-preserver-spaces=\"true\">encroach<\/span><span data-preserver-spaces=\"true\"> on the many horse ranches in the area. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> has created artificial upward pressure on home prices, as supply is limited. This market may be worth more investigation.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.26% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $299,845 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.52% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,415 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 5.50% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 44 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,111<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myrtle Beach-Conway-North Myrtle Beach, SC-NC&nbsp;<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Myrtle Beach is a resort city that has seen <\/span><span data-preserver-spaces=\"true\">large<\/span><span data-preserver-spaces=\"true\"> growth over the past few years, and the surrounding metropolitan area has seen considerable growth. The city is also visited by an estimated 20 million tourists per year, making it one of the most visited cities in the country.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">According to the Bureau of Labor Statistics, Myrtle Beach has seen a <\/span><span data-preserver-spaces=\"true\">large<\/span><span data-preserver-spaces=\"true\"> increase in <\/span><span data-preserver-spaces=\"true\">the number of<\/span><span data-preserver-spaces=\"true\"> trade, transportation, and utilities jobs over the past year. However, the median age is 50.9 years old. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> may turn off young professionals from relocating to the area.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.53% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $338,480 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.80% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,881 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.88% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 75 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,130<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Springfield, MO<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Springfield is the third-largest city in Missouri, and its economy <\/span><span data-preserver-spaces=\"true\">is based<\/span><span data-preserver-spaces=\"true\"> on healthcare, manufacturing, retail, education, and tourism. It\u2019s also home to the corporate headquarters of Bass Pro Shops and O\u2019Reilly Auto Parts.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Low cost of living, quality healthcare, and outdoor activities <\/span><span data-preserver-spaces=\"true\">seem to be<\/span><span data-preserver-spaces=\"true\"> the driving force for this MSA.<\/span> <span data-preserver-spaces=\"true\">It appears to have a growing job market<\/span><span data-preserver-spaces=\"true\">, but <\/span><span data-preserver-spaces=\"true\">I\u2019m<\/span><span data-preserver-spaces=\"true\"> not convinced<\/span><span data-preserver-spaces=\"true\"> there\u2019s any particular good reason a company should move here when they could <\/span><span data-preserver-spaces=\"true\">simply<\/span><span data-preserver-spaces=\"true\"> move 90 minutes south to Northwest Arkansas and take advantage of the growth happening there.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I\u2019d pick Fayetteville, Arkansas, over Springfield, although it\u2019s worth noting the median home price in Springfield is approximately $84,000 cheaper.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.39% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $257,747 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.53% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,288 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.48% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 44 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,843<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Waco, TX<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Waco is centered halfway between Austin and Dallas <\/span><span data-preserver-spaces=\"true\">and is<\/span><span data-preserver-spaces=\"true\"> about an hour-and-40-minute drive from both <\/span><span data-preserver-spaces=\"true\">of them<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> Baylor University is the largest employer, and the MSA has seen relatively <\/span><span data-preserver-spaces=\"true\">big<\/span><span data-preserver-spaces=\"true\"> gains in employment in recent years. But I don\u2019t think the growth is good enough to endure Texas\u2019s high property taxes and insurance rates.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">1-Year Job Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.06% (National: 1.48%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Price:<\/span><\/strong><span data-preserver-spaces=\"true\"> $261,013 (National: $420,800)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.81% (National: 4.28%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,563 (National: $1,462)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">1-Year Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.46% (National: 4.49%)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Days on Market:<\/span><\/strong><span data-preserver-spaces=\"true\"> 34 (National: 45)<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Estimated Monthly PITI:<\/span><\/strong><span data-preserver-spaces=\"true\"> $2,010<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">While finding affordable housing is increasingly challenging for young professionals, the strategy of house hacking presents a viable pathway to both homeownership and real estate investment. By targeting less mainstream yet promising markets, new investors can find opportunities that align with their financial realities and career goals.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The markets highlighted in this analysis offer a combination of affordability, job growth, and potential for appreciation\u2014<\/span><span data-preserver-spaces=\"true\">key<\/span><span data-preserver-spaces=\"true\"> factors for those looking to make their first investment. Some of these markets may not be <\/span><span data-preserver-spaces=\"true\">the most<\/span><span data-preserver-spaces=\"true\"> glamorous, but they provide a solid foundation for building wealth through real estate.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Young professionals willing to explore these underdog markets may find that house hacking in these areas not only makes homeownership achievable but also sets the stage for long-term financial success.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_57932550af9b70b220105dbf2265f90b\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_a60a50ad1a05400b7923a98ad509adf4\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_34226990ec24dac25291f19318856c02 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/best-markets-for-first-house-hack&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/best-markets-for-first-house-hack&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rising prices and crushed affordability have made house hacking an even better way to start your investment journey. These 10 markets offer the best opportunities. <\/p>\n","protected":false},"author":613753,"featured_media":176628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7356,7364],"tags":[],"class_list":["post-176622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-house-hacking","category-housing-markets"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=176622"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/176628"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=176622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=176622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=176622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}