If you’re looking to buy a property on the East Coast, there are many wonderful cities to invest in. Compared to other parts of the country, the returns on investment are higher on East Coast properties. Plus, the East Coast has the smartest state (Massachusetts), the wealthiest state (Maryland) and the best dressed state (New York).
Are you ready to explore some of the best places to buy on the East Coast? Check out a few of our suggestions below.
Syracuse, New York
Syracuse is a top housing market for real estate investors who plan to invest in multi-family rental properties. Syracuse properties are affordable, and the average rental income is high, allowing investors to see a positive cash flow. In addition to multi-family homes, Syracuse also has a high rental demand for single-family homes, condos and townhomes.
Syracuse is the fifth most populated city in New York and is considered to be an educational and economic hub. There are endless things to do and see in Syracuse, including the Rosamond Gifford Zoo, the Erie Canal Museum, and Syracuse University.
Wilmington, North Carolina
Wilmington continues to support job growth and business development and has a lower-than-average unemployment rate as a result. There is also an increasing risk for rental properties in this area, though inventory still outweighs demand. Because of this, investors can snag a good deal on an investment property while knowing that tenants will be available.
Wilmington is a port city that overflows with coastal activities. It has a long boardwalk and a Historic District that is lined with restaurants, shopping, and nightlife. It’s also home to the University of North Carolina Wilmington.
The Boston real estate market is strong, though success does depend on the region you invest in. Some of the best investments can be found in the New England region. Neighborhoods to have on your radar include Mattapan, Roslindale, West End, Roxbury, and Charleston. These areas are diverse but have many potential tenants who are willing to pay high rent.
Boston is consistently ranked as one of the country’s best coastal cities and one of the most powerful economic cities in the world. The city is rich in history and features excellent job and academic opportunities.
Key West, Florida
Key West may be a hot vacation spot, but it’s also a great place to call home. Key West has a strong economy thanks to its tourism, and their unemployment rate is just 2.7%. Traditional rentals and Airbnb rentals are highly profitable in this area, with median property prices at $901,964.
Key West is a unique tropical island in the southernmost part of Florida. Many of the homes have the characteristic Key West look – pastel-colored and conch-style – though you can find traditional homes in Old Town, a historic district of Key West.
The East Coast is an influential part of the country with massive opportunities for real estate investment and economic growth. These are a few of our favorite places to buy in right now, but there are many others. If you’re interested in buying a property on the East Coast and need to secure hard money, contact First Equity Funding today.