South Carolina ranks securely in the nation’s top 20 housing investment markets, according to Forbes, noting that despite rising prices, investing in homes as rental properties remains a solid bet in 2016.
Following a close look at economic trends and data via a collaboration with North Carolina-based data firm Local Market Monitor, Forbes generated a list of “2016’s Best Buy Cities,” resulting in a respectable 15th place spot for Charleston, South Carolina, with its rank based on an average home price of $287,220.
The results derived from screening 100 largest metropolitan statistical area and divisions — a formal geographic designation system practiced by the U.S. Census Bureau — to cull out communities for traits most conducive to real estate investment. Commonalities include robust job and population growth, along with predicted home value appreciation.
Disclosing a bias toward employment growth this time around, Ingo Winzer, who is Local Market Monitor’s founder and president, explained that the financial downturn and foreclosure crisis altered the typical patterns, which usually rely on overall economic health. Florida and Texas each scored well, with seven and three cities on the list, respectively; as did Michigan’s Grand Rapids, claiming first place.
“We’re in a time period where economic growth has taken over again,” Winzer said, expressing mild surprise at Florida statistics. “Since the national economy has stabilized and is growing again, the factors that prompt people to go to Florida have recovered.”