{"id":177894,"date":"2024-09-30T13:27:16","date_gmt":"2024-09-30T19:27:16","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=177894"},"modified":"2024-10-03T07:46:08","modified_gmt":"2024-10-03T13:46:08","slug":"13-real-estate-hotspots-with-the-best-economies","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/13-real-estate-hotspots-with-the-best-economies","title":{"rendered":"13 Real Estate Hot Spots You Won&#8217;t Want to Miss Next Year"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">Certain cities across the United States are emerging as economic powerhouses, creating ideal conditions for real estate investors.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I\u2019ve published two previous articles on cities with <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/housing-markets-with-the-highest-tech-job-growth\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">growing tech hubs<\/span><\/a><span data-preserver-spaces=\"true\"> and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cities-with-income-growth-show-where-prices-are-expected-to-rise\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">high income<\/span><span data-preserver-spaces=\"true\"> increases<\/span><\/a><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">both of<\/span><span data-preserver-spaces=\"true\"> which <\/span><span data-preserver-spaces=\"true\">are highly correlated<\/span><span data-preserver-spaces=\"true\"> with price appreciation. Just take a look at the relationship between income and price growth for the top 100 metropolitan areas:&nbsp;<\/span><\/p>\n\n\n<p><iframe title=\"Relationship Between Income and Price Growth\" aria-label=\"Scatter Plot\" id=\"datawrapper-chart-xIjom\" src=\"https:\/\/datawrapper.dwcdn.net\/xIjom\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"389\" 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\">Now, for the third installment in this series, I\u2019ve decided to filter and rank each city\u2019s economy as a whole, <\/span><span data-preserver-spaces=\"true\">under the assumption<\/span><span data-preserver-spaces=\"true\"> that the stronger a city\u2019s economy is, the more likely wages will rise, and with them, real estate prices.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I\u2019ve analyzed the data, crunched the numbers, and identified 13 cities with the <\/span><span data-preserver-spaces=\"true\">strongest<\/span><span data-preserver-spaces=\"true\"> economies that should be ripe with investment opportunities. Read on to discover where you should be looking next to maximize your returns in 2024.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How I Calculated the Top 13 Cities<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">First, I downloaded employment and wage data from the Bureau of Labor Statistics (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BLS<\/span><\/a><span data-preserver-spaces=\"true\">). I also included population data from the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.census.gov\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">U.S. Census Bureau<\/span><\/a><span data-preserver-spaces=\"true\">. Finally, I retrieved GDP-per-MSA data from the Bureau of Economic Analysis (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bea.gov\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BEA<\/span><\/a><span data-preserver-spaces=\"true\">).<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Next, I calculated one- and five-year growth for population, total employment, and wages for each market. I also used the population data to help create GDP-per-capita data for each city.<\/span><\/p>\n\n\n<p><iframe title=\"GDP per Capita\" aria-label=\"Bar Chart\" id=\"datawrapper-chart-bHPOA\" src=\"https:\/\/datawrapper.dwcdn.net\/bHPOA\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"812\" 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\">Then, I filtered out all cities <\/span><span data-preserver-spaces=\"true\">that had<\/span><span data-preserver-spaces=\"true\"> population, employment, or wage decline over the past year. The most robust economies shouldn\u2019t be declining in any of these metrics.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I also only kept metros where the five-year wage and employment growth were <\/span><span data-preserver-spaces=\"true\">greater<\/span><span data-preserver-spaces=\"true\"> than the national median (in addition to higher-than-median GDP per capita). I thought this was a good gauge of general economic growth.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Finally, I wanted to rank the remaining metros by job growth. So I created a \u201crelevant employment growth\u201d index that ranked five-year percentage employment growth while still keeping size into account (a 10% increase for a city with 1 million jobs is more impressive than a 10% increase for a city with only 50,000 jobs, but including only absolute growth into an index has its <\/span><span data-preserver-spaces=\"true\">own<\/span><span data-preserver-spaces=\"true\"> problems).&nbsp;<\/span><\/p>\n\n\n<p><iframe title=\"5-Year Relative Growth Index\" aria-label=\"Map\" id=\"datawrapper-chart-BPO9o\" src=\"https:\/\/datawrapper.dwcdn.net\/BPO9o\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"513\" 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><em><span data-preserver-spaces=\"true\">Note: Because I used some college-level data science to create the relevant employment growth index, I\u2019ll spare you the details. But feel free to comment if you\u2019d like me to explain how I derived it.<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">After filtering, I <\/span><span data-preserver-spaces=\"true\">was left<\/span><span data-preserver-spaces=\"true\"> with 13 U.S. cities with the best economic metrics, ranked by relevant employment growth. If you don\u2019t see your favorite metro in the list, it\u2019s likely because it either had less-than-stellar employment growth or had an income decline over the past year. Many metros did.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Results<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Now,<\/span><span data-preserver-spaces=\"true\"> let\u2019s jump into the results, going from the <\/span><span data-preserver-spaces=\"true\">least<\/span><span data-preserver-spaces=\"true\"> relative employment growth to the highest.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">13. <span data-preserver-spaces=\"true\">Allentown-Bethlehem-Easton, PA-NJ<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Allentown-Bethlehem-Easton%2C%20PA-NJ&amp;city=Allentown&amp;state=PA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Allentown, Pennsylvania MSA<\/span><\/a><span data-preserver-spaces=\"true\"> has undergone a renaissance in the past few decades, from a failing steel manufacturing town in the 1980s to a growing hub for established businesses and startups alike. Allentown\u2019s economy <\/span><span data-preserver-spaces=\"true\">is currently supported<\/span><span data-preserver-spaces=\"true\"> by distribution, financial services, and healthcare jobs and remains in close driving proximity to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Philadelphia-Camden-Wilmington%2C%20PA-NJ-DE-MD\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Philadelphia<\/span><\/a><span data-preserver-spaces=\"true\"> (about one hour) and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=New%20York-Newark-Jersey%20City%2C%20NY-NJ-PA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York City<\/span><\/a><span data-preserver-spaces=\"true\"> (about two hours).<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $56,910.88<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth<\/span><\/strong><span data-preserver-spaces=\"true\">: 4.8%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">400,600<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.19%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.1%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022*:<\/span><\/strong><span data-preserver-spaces=\"true\"> $53,539.79<\/span><\/li>\n<\/ul>\n\n\n\n<p><em><span data-preserver-spaces=\"true\">*The most current GDP and population numbers are from 2022.<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $336,043.87<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.26%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,796.08<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.35%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.53%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">12. <span data-preserver-spaces=\"true\">Columbia, SC <\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Columbia%2C%20SC&amp;city=Columbia&amp;state=SC\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Columbia, South Carolina MSA<\/span><\/a> <span data-preserver-spaces=\"true\">is supported<\/span><span data-preserver-spaces=\"true\"> by the<\/span><span data-preserver-spaces=\"true\"> University of South Carolina, Fort Jackson, and healthcare and manufacturing companies.<\/span><span data-preserver-spaces=\"true\"> It\u2019s also the second-most affordable market on this list (just behind Oklahoma City), with relatively high prices and rent growth.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $52,590.72<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.47%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">434,900<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.63%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">4.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $53,718.41<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$252,535.39<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">9.16%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$1,563.14<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.53%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.62%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">11. <span data-preserver-spaces=\"true\">Colorado Springs, CO <\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Colorado%20Springs%2C%20CO&amp;city=Colorado%20Springs&amp;state=CO\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Colorado Springs, Colorado MSA<\/span><\/a><span data-preserver-spaces=\"true\"> is supported by military, professional services, distribution, healthcare, and tech jobs.<\/span> <span data-preserver-spaces=\"true\">I think<\/span><span data-preserver-spaces=\"true\"> Colorado Springs is an example of a steady market that continues to show healthy growth.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $61,301.24<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.92%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">336,600<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.21%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.4%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $53,998.04<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $464,485.54<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,904.88<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.12%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.41%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">10. <span data-preserver-spaces=\"true\">Greenville-Anderson-Greer, SC<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Greenville-Anderson%2C%20SC&amp;city=Greenville&amp;state=SC\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Greenville, South Carolina MSA<\/span><\/a> <span data-preserver-spaces=\"true\">is supported<\/span><span data-preserver-spaces=\"true\"> by distribution, professional services, and manufacturing jobs. It\u2019s seen strong employment growth, particularly in the blue-collar and financial sectors.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $58,228.04<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">5.1%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">467,200<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.61%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">4.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $50,607.38<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $299,935.17<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.23%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,566.16<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.54%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio: <\/span><\/strong><span data-preserver-spaces=\"true\">0.52%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">9. <span data-preserver-spaces=\"true\">Cincinnati, OH\u2013KY\u2013IN<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Cincinnati%2C%20OH-KY-IN&amp;city=Cincinnati&amp;state=OH\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Cincinnati MSA<\/span><\/a><span data-preserver-spaces=\"true\"> is supported by healthcare, financial services, and logistics jobs.<\/span><span data-preserver-spaces=\"true\"> But I think Columbus has the better economy of the two Ohio metros thanks to its higher employment and wage growth. Keep reading past Fayetteville, Arkansas, to see Columbus\u2019 metrics.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $57,448.04<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.21%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">1,166,200<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">0.8%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $69,222.47<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$288,937.75<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 8.61%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,546.9<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">7.15%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio: <\/span><\/strong><span data-preserver-spaces=\"true\">0.54%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">8. <span data-preserver-spaces=\"true\">Fayetteville\u2013Springdale\u2013Rogers, AR<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Fayetteville-Springdale-Rogers%2C%20AR&amp;city=Fayetteville&amp;state=AR\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Fayetteville, Arkansas MSA<\/span><\/a><span data-preserver-spaces=\"true\">, commonly referred to as Northwest Arkansas, has an economic ecosystem supported by Walmart, Tyson Foods, J.B. Hunt Transport Services, and all the individual vendors that service these companies, comprising a healthy, growing economy. With <\/span><span data-preserver-spaces=\"true\">strong<\/span><span data-preserver-spaces=\"true\"> job and wage growth, low unemployment, and appreciating prices, this market remains <\/span><span data-preserver-spaces=\"true\">one of<\/span><span data-preserver-spaces=\"true\"> my top picks.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $54,845.96<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.21%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 311,900<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.24%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">3.0%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $56,074.19<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $342,107.28<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">10.86%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,612.96<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.51%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.47%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">7. <span data-preserver-spaces=\"true\">Columbus, OH <\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Columbus%2C%20OH&amp;city=Columbus&amp;state=OH\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Columbus, Ohio, MSA<\/span><\/a><span data-preserver-spaces=\"true\"> economy is incredibly diverse and supported by government, finance, healthcare, manufacturing, and tech jobs, and has seen strong wage growth in the past few years. If the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/property-tax-faq\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> property taxes<\/span><\/a><span data-preserver-spaces=\"true\"> were a bit lower, this might\u2019ve been my favorite market. At a <\/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\">state average of 1.59%<\/span><\/a><span data-preserver-spaces=\"true\">, I believe there are a few better metros for real estate investors. But if you don\u2019t mind that, this market has excellent fundamentals.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $55,651.44<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">4.99%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1,168,600<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">0.9%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $66,834.95<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$316,666.35<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">8.92%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,568.42<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.3%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.5%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">6. <span data-preserver-spaces=\"true\">Oklahoma City, OK<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Oklahoma%20City%2C%20OK&amp;city=Oklahoma%20City&amp;state=OK\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Oklahoma City MSA<\/span><\/a><span data-preserver-spaces=\"true\"> has a growing number of professional services, healthcare, and government jobs supporting the economy. However, OKC sits in the heart of Tornado Alley, which drives up home insurance rates. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/oklahoma-city-ok\/#cheapest-home-insurance-companies\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bankrate.com<\/span><\/a><span data-preserver-spaces=\"true\">, \u201cthe average annual cost of home insurance is $4,846 for a policy with a $300,000 dwelling limit, which is 113% more than the national average cost of $2,285.\u201d I\u2019d prefer not to invest in a city known for its high occurrence of property-damaging weather events.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $56,676.88<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.92%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 706,200<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1.56%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.5%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $52,153.23<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$237,117.57<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">7.96%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,365.59<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 5.66%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio: <\/span><\/strong><span data-preserver-spaces=\"true\">0.58%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">5. <span data-preserver-spaces=\"true\">Boise, ID<\/span><\/h2>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Boise%20City%2C%20ID&amp;city=Boise&amp;state=ID\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Boise, Idaho<\/span><\/a><span data-preserver-spaces=\"true\">, has seen a <\/span><span data-preserver-spaces=\"true\">large<\/span><span data-preserver-spaces=\"true\"> increase in employment over the years. While unlikely to grow at the same rate it did during the pandemic, the city should continue to see healthy job growth for the foreseeable future. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is a solid market for any investor who can afford it.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $56,876.56<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.74%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 408,100<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.42%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">3.7%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $51,952.8<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $480,564.72<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.94%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,835.37<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.47%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.38%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">4. <span data-preserver-spaces=\"true\">San Antonio\u2013New Braunfels, TX<\/span><\/h2>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=San%20Antonio-New%20Braunfels%2C%20TX&amp;city=San%20Antonio&amp;state=TX\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">San Antonio, Texas<\/span><\/a><span data-preserver-spaces=\"true\">, offers many military, healthcare, and professional services <\/span><span data-preserver-spaces=\"true\">jobs<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> The area remains relatively affordable and has solid employment growth. <\/span><span data-preserver-spaces=\"true\">The only thing<\/span><span data-preserver-spaces=\"true\"> I <\/span><em><span data-preserver-spaces=\"true\">don\u2019t <\/span><\/em><span data-preserver-spaces=\"true\">prefer <\/span><span data-preserver-spaces=\"true\">is<\/span><span data-preserver-spaces=\"true\"> the high property taxes (<\/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\">a state average of 1.68%<\/span><\/a><span data-preserver-spaces=\"true\">, even higher than Ohio\u2019s).<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $53,292.2<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.74%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 1,178,000<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">1.82%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">4.0%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $52,860.79<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$288,944.75<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 6.65%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,505.12<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">4.29%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.52%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3. <span data-preserver-spaces=\"true\">Raleigh-Cary, NC<\/span><\/h2>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Raleigh-Cary%2C%20NC&amp;city=Raleigh&amp;state=NC\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Raleigh, North Carolina<\/span><\/a><span data-preserver-spaces=\"true\">, has seen growth in healthcare, pharmaceutical, and technology employment over the years, and it doesn\u2019t look like it\u2019s stopping anytime soon. <\/span><span data-preserver-spaces=\"true\">STEM growth drives appreciation, and the rising number of STEM jobs will likely <\/span><span data-preserver-spaces=\"true\">have a positive impact on<\/span><span data-preserver-spaces=\"true\"> price appreciation throughout the metro area in the coming years.<\/span> <span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is <\/span><span data-preserver-spaces=\"true\">currently<\/span><span data-preserver-spaces=\"true\"> one of my favorite markets due to its strong fundamentals, and I can\u2019t recommend it enough.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $59,586.28<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.73%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 748,600<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 3.14%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">3.8%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $70,178.38<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $447,526.11<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 9.35%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,797.17<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">5.91%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.4%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2. <span data-preserver-spaces=\"true\">Tampa-St. Petersburg-Clearwater, FL<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Tampa-St.%20Petersburg-Clearwater%2C%20FL&amp;city=Tampa&amp;state=FL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tampa, Florida, MSA<\/span><\/a><span data-preserver-spaces=\"true\"> has experienced steady growth in the healthcare, finance, insurance, and technology sectors. <\/span><span data-preserver-spaces=\"true\">Overall,<\/span><span data-preserver-spaces=\"true\"> it\u2019s a good market with solid fundamentals and a diverse economy.<\/span><span data-preserver-spaces=\"true\"> However, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fox13news.com\/news\/florida-home-insurance-crisis-cost-price-premium-institute-rates\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">insurance prices <\/span><span data-preserver-spaces=\"true\">are likely to<\/span><span data-preserver-spaces=\"true\"> continue rising<\/span><\/a><span data-preserver-spaces=\"true\">, as many properties are at risk from extreme weather events. <\/span><span data-preserver-spaces=\"true\">Personally,<\/span><span data-preserver-spaces=\"true\"> I\u2019ll be skipping this market.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $57,930.6<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">3.96%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">1,548,700<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">2.48%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">3.8%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022: <\/span><\/strong><span data-preserver-spaces=\"true\">$57,049.28<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $382,195.19<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">11.03%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$2,125.23<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 8.88%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio:<\/span><\/strong><span data-preserver-spaces=\"true\"> 0.56%<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">1. <span data-preserver-spaces=\"true\">Phoenix\u2013Mesa\u2013Chandler, AZ<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Powered by the nation\u2019s largest nuclear facility (Palo Verde Generating Station) and containing the largest public university in the United States (ASU), it should come as no surprise that <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Phoenix-Mesa-Chandler%2C%20AZ&amp;city=Phoenix&amp;state=AZ\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Phoenix<\/span><\/a><span data-preserver-spaces=\"true\"> is a booming metropolis. What <\/span><em><span data-preserver-spaces=\"true\">is <\/span><\/em><span data-preserver-spaces=\"true\">surprising is how much the city grew relative to its already-large size. The economy is diversified, ever-growing, and one of the strongest in the country. I also grew up here and have seen its enormous growth firsthand.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But does this growth have a downside? New-build developments may slow down\u2014the Rio Verde Foothills neighborhood outside of Scottsdale had recently experienced a crisis when <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/grist.org\/housing\/arizona-rio-verde-foothills-water-wildcat-subdivisions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">it lost its water supply<\/span><\/a><span data-preserver-spaces=\"true\"> (don\u2019t worry, it\u2019s back\u2014just with a much higher utility cost to residents).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Will Phoenix\u2019s growth spur more water supply crises like this? Maybe, maybe not. But it may limit the rate of suburban sprawl, which may drive up prices in existing homes as demand for housing continues. <\/span><span data-preserver-spaces=\"true\">If you can afford it,<\/span><span data-preserver-spaces=\"true\"> now may be an ideal time to enter this market.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Key economic indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Average Wage in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">$63,566.88<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Wage Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 4.41%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Total Employment in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2,413,300<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Employment Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 2.58%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Unemployment Rate in 2024: <\/span><\/strong><span data-preserver-spaces=\"true\">3.9%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">GDP Per Capita as of 2022:<\/span><\/strong><span data-preserver-spaces=\"true\"> $61,450.29<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability indicators:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Median Price in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $459,067.25<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Price Growth: <\/span><\/strong><span data-preserver-spaces=\"true\">10.16%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Median Rent in 2024:<\/span><\/strong><span data-preserver-spaces=\"true\"> $1,884.26<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Five-Year Compound Rent Growth:<\/span><\/strong><span data-preserver-spaces=\"true\"> 7.61%<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rent-Price Ratio: <\/span><\/strong><span data-preserver-spaces=\"true\">0.41%<\/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\">There\u2019s no such thing as the perfect economy. However, each of these 13 cities saw wage, job, and population growth (and GDP per capita) greater than the national median over a five-year period, which could make them excellent markets for your next investment.<\/span> If you'd like to examine the data yourself, you can download it on our\u00a0<a href=\"https:\/\/www.biggerpockets.com\/resources\/market-data\/economic-markets-data\" target=\"_blank\" rel=\"noreferrer noopener\">Resources page<\/a>.<\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Personally, after<\/span><span data-preserver-spaces=\"true\"> I selected<\/span><span data-preserver-spaces=\"true\"> my market, I used the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/deals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BiggerPockets Deal Finder<\/span><\/a><span data-preserver-spaces=\"true\"> to help me find properties that fit my investment criteria.<\/span><span data-preserver-spaces=\"true\"> It might be helpful for you as well.<\/span><\/p>\n\n\n\n<div id=\"hero-block_f363f08e2a972a93eef4ab9c2954a760\" class=\"first:mt-0 hero-block py-4  alignfull   has-background has-slate-50-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 Hottest Deals of 2025!<\/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\">Uncover prime deals in today's market with the brand new Deal Finder created just for investors like you! Snag great deals FAST with custom buy boxes, comprehensive property insights, and property projections.<\/p>\n\n\n\n<div id=button-custom-event-block_c3fe64cc14153a8feee79d1f98fb22d4 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/deals\" x-on:click=\"window.analytics.track(&#039;Blog Block | Deal Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/13-real-estate-hotspots-with-the-best-economies&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Snag a Deal<\/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\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/07\/1-6-1.png\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Some cities across the United States are emerging as economic powerhouses, creating ideal conditions for real estate investors. Here&#8217;s where to look.<\/p>\n","protected":false},"author":613753,"featured_media":152791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7364],"tags":[],"class_list":["post-177894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-markets"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/177894","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=177894"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/177894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/152791"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=177894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=177894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=177894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}