What Are the Best and Worst Places to Buy Real Estate?

What Are the Best and Worst Places to Buy Real Estate

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If you are looking to buy some real estate, then you may have wondered where the best places are. Although real estate prices have comedown significantly since their peak in 2008, there are still many places that the experts consider to be overpriced. Let's take a look at some of your options.

Best Places to Buy Real Estate

There are a few places in the United States where real estate has become pretty cheap. The best example of this is Detroit. Ever since the automobile companies went bankrupt and were required to restructure, they were forced to lay off many workers. This led to a cascading effect which caused other business to suffer and subsequently shut down. As a result, Detroit has one of the highest unemployment rates in the United States. Thousands and thousands of people have left Detroit to look for jobs elsewhere, and hardly anyone is moving in. This means that there are a whole bunch of houses on the market which can't sell. Many of these houses are dirt cheap. Houses which previously were valued at over $100,000 are often selling for less than $10,000. If you can line up a job in Detroit ahead of time, or if you have a job that isn't dependent on your physical location, then you might be able to purchase a home for pennies on the dollar in Detroit.

Another great place for real estate is in the plains. Almost anywhere in Kansas, Oklahoma, or Arkansas has great real estate prices. A great benefit of this location is that there is also robust employment in many of the cities. Not only is the real estate cheap, but these states have some of the lowest costs of living in the country. According to CNBC, Fort Smith, Arkansas is the cheapest city in the United States to live in, and Oklahoma and Arkansas are tied as the cheapest states to live in. Tulsa, Oklahoma is a great city that has some of the lowest rentals and home prices in the country. Not only will your home be cheaper, but you'll pay less for food, gas, and all the other necessities of life. One of the drawbacks of living in this area is that it is largely in the middle of "Tornado Alley". This means that there are sometimes tornadoes which can destroy entire neighborhoods. This also means that your insurance costs may be a bit higher than if you lived in a place like the Midwest.

Worst Places to Buy Real Estate

Despite how much real estate has fallen, there are still a few places where homes are still really expensive. The best example of this is California. California is an extremely desirable place to live, largely because of the superior weather. Especially in Southern California, the weather is mild all year long. This creates a lot of demand and competition among buyers, which has kept the prices high.

Overall, there are definitely some great places to buy real estate if you are willing to do your own research and look for the deals. This article only touched on a few considerations, but there are certainly others.

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