How to? - research area specific demographics and analytics

Question

Hi Folks,

I'm a newb on my way to my first real estate purchase - A place to live, and probably house hack/room rent, and quite likely house rental after a few years of living in the home and getting situated etc. and moving on to my next property. So I am looking for a place that I would be quite content to live in for however long, but also a place that will have good rental possibilities. So I'm curious how and where I would assess demographics/analytics, and what demographics/analytics to consider. Avg. income, business/jobs in area, how to find what business might be moving to or from said areas, school districts, and other considerations I'm not aware of. Key indicators (is that a thing?), like a Costco or Home Depot or some such business in the area.

FYI, I'm in Washington State. I just went full time remote work from home, so I am not limited to any commute restrictions. And I would like to be near nature - mountains, ocean, rivers, forests etc. (not all of those necessarily, but as many as possible)

I'm looking at some further out of the way places where things are a bit more affordable, and more nature, but also is centrally located enough to have a good supply of renters, and might be prosperous in the years to come. So how might I asses the health of smaller towns or cities etc?

For example, I'm really interested in Sequim and Port Angeles on the Olympic Peninsula. Or perhaps Kitsap County. I have a theory that these areas could do well over the years as many boomers/tech folks from the greater Seattle area retire and migrate to the Peninsula for more space and nature and cheaper housing etc.

So yeah, what websites and info and considerations should I pursue? Or logistical considerations etc.

Thank you for any assistance. (And if any Washington folks would like to connect, feel free to shoot me a message)

-Trevor

Mike Sumsky · Answer

Hi Trevor, I live in Kitsap county and have a lot of rental property over here, mostly in Bremerton. It’s a great area for investing and I agree with your sentiments of future growth potential. Feel free to reach out if I can help.

Megan Shay · Answer

@Jumbo Dixon I'm also in Kitsap. :-) Poulsbo, specifically. Poulsbo and Silverdale are very popular with the Navy crowd, especially the folks at the Bangor submarine base. Healthcare workers, too. And yes, boomers and tech folks have been migrating, especially this year. The Kingston and Bremerton fast ferries helped, pre-COVID. And I do believe Kitsap will continue to draw more and more people. It's beautiful, charming, and close to all the nature one could desire. Plus, I have yet to see orcas on I5 but have TWICE on the Bainbridge ferry!

Check with your local library for lots of info. They can show you how to access all kinds of fun demographic tools.

Sherief Elbassuoni · Answer

@Jumbo Dixon, to get city-data you can use a website called "city-data" dot com.

It will have most of what you need

Jumbo Dixon · Answer

@Mike Sumsky - Thank you for the reply Mike. Much appreciated. I'm researching a bit more about the Bremerton area - and the Navy facilities - which appear to be spread out a bit. Seems like there would be a solid flow of potential tenants, in many cases with families, looking for homes to rent. I'll probably buzz you at some point - maybe if I'm passing through the area and looking around. Thanks again!

@Megan Shay - Thank you for your reply and thoughts on the areas. It looks like there is a fairly wide range of geographical range one could invest in a rental home, from Poulsbo to Bremerton - with the Naval facilities dispersed throughout the area. (It appears). And it would be nice to have more orcas in my life :)

@Sherief Elbassuoni - Thank you for the info and for reaching out. I appreciate it and look forward to chatting some more.

And for any newbs like me reading this post, I came across this Podcast by Chad Carson - covering things to consider and research -

https://www.coachcarson.com/id...

Thanks everyone!

-Trevor

Megan Shay · Answer

@Jumbo Dixon, yes. Around Bremerton, you have Port Orchard and Silverdale and then up north, Poulsbo, Kingston, and Hansville. All lovely areas and well-worth a day trip. Orcas are most likely in May-June. :-)

How to? - research area specific demographics and analytics

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