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3 Best States To Buy Property in the Next 5 Years, According to Experts

Updated: 04-11-2024, 06.08 PM

Whether you’re looking for a perfect home to live in or as a real estate investment, you want to spend your money wisely. And with as hot as the real estate market has been over the past few years, how will you know where you can make a solid investment in an area that hasn’t reached its maximum financial potential?

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GOBankingRates asked real estate experts and investors for their thoughts on the best states for purchasing property over the next five years. They agreed on two things, for sure: avoid the pricey coasts and look inland.

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According to Zillow, the average home price in Ohio in August 2024 was about $232,000 — nearly $130,000 less than the average price nationally. Real estate experts have taken notice.

“In cities like Toledo, Columbus, and Dayton, there is a lot of projected growth,” said Seamus Nally, the CEO of TurboTenant, which helps landlords with their property management. “People are already starting to move to these areas in higher numbers, as the economies are growing and job opportunities are expanding. But, real estate prices are still pretty good right now. In the next five years, I expect prices to start increasing as the population and demand in these areas increase, so investing sooner rather than later may prove quite fruitful.”

The average home prices in Dayton ($149,406) and Toledo ($121,585) fall well below the average price in Ohio and rose more than 7% in the past 12 months, per Zillow.

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Michael Gevurtz, founder and CEO of Bluebird Lending — a national private lender largely servicing real estate developers and investors — concurred that Ohio is a popular spot for property acquisition based on the increase in loan applications from the state.

However, states adjacent to Ohio could prove to be good places to buy, whether as your primary residence or an investment. Homes there generally rent for more than the mortgage, and the state has a low income tax, which can drive growth, he said.

That trend is spreading to other midwestern states, including Wisconsin, Illinois, Michigan and Indiana, he said.

Austin Hair, the managing partner at Leaders Real Estate, said Florida is an ideal spot to buy property. He has been investing in real estate in the state since 2011.

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