There are several trusted guides released in the real estate industry each year that publish helpful data. Many of these guides publish data that is useful to buyers and sellers of homes. If you're considering investing in real estate, there are good and bad areas of the country to invest. While there is more than one source to review, below you'll find the best places to buy investment property in 2014 compiled independently.
Best Cities to Buy Investment Property in 2014
1. Jacksonville, Florida
The median price for a home for sale in Jacksonville is around $90,000. The average monthly rent for a home in this city is about $1,200. This is one of the highest monthly rental prices available to rental property owners in the state of Florida.
2. Ocala, Florida
Current median prices for a standard three bedroom home in Ocala, FL is about $75,000. Rent is slightly cheaper than larger cities like Jacksonville. The average cap rate for a home purchased in this city is currently above 10 percent.
3. Palm Bay, Florida
Houses are usually on the market for $91,000 and above for a standard home in this city. Investors seeking to purchase a property with a higher than average rental price can find that rent is $1,200 and above for this area of Florida.
4. Memphis, Tennessee
The housing crisis is still strong in the state of Tennessee. Many homes have been tied up in foreclosure or have completed the sale process. The average price of an above average home is $72,000. Rent is currently averaging $1,000 or more each month making Memphis an area for growth in the rental industry.
5. Las Vegas, Nevada
Homes in Las Vegas are some of the most expensive in the U.S. The recovery in the housing market in some parts of Nevada has increased the competition in this city. With rent averaging above $1,500 a month, Las Vegas is a growing rental market with a high cap rate.
6. Toledo, Ohio
Homes can be purchased in many Ohio cities for $67,000 and under. Toledo is one area of the state of Ohio hit hard by the housing crisis. Current rent is about $960 and the average cap rate is above 10 percent.
7. Detroit, Michigan
Foreclosure rates remain high in Detroit and other Michigan cities. The average home sells for $95,000 in Detroit and rental prices are just under $1,200 a month. Buyers in this city can buy and hold real estate to hold out for long-term gains.
8. Orlando, Florida
Homes in Orlando are among the most expensive in the state of Florida. With average homes selling at $108,000 or more rent prices can remain above $1,300 a month to help sustain rental income for investors.
9. Syracuse, New York
Cities in the state of New York can have varying home prices. The current average in Syracuse is $88,000 for a three bedroom average home. Rent pricing is about $1,050 a month although the cap rate in this part of the country is among the lowest for investors.
10. Atlanta, Georgia
Homes in the metro Atlanta area often sell for $84,000 on average. Renters pay upwards of $1,150 a month for a basic house in the city limits. An average cap rate of 9.7 percent is common in this part of Georgia for investors.
Buying Jacksonville, FL Rental Homes in 2014
New investors who are studying the market can perform their own analysis of which city is the best to invest into in 2014. Jacksonville has the largest population of any Florida city and grows annually. The Panama Canal expansion now underway is expected to continue growing the local economy. Investors seeking Florida investment solutions can receive more information about properties that exist in the JWB portfolio on this website.