Major U.S. cities including New York, Chicago, Detroit, and Los Angeles are losing population as smaller cities in the South are gaining. In particular, cities in Texas (Dallas, Austin, and San Antonio) and North Carolina (Charlotte and Raleigh), as well as Nashville, TN, are experiencing population growth.
In his October 6, 2015, article, “The Cities Americans are Thronging to and Fleeing,” writer Joel Kotkin of Forbes magazine noted, “…people generally move to places with greater economic opportunity and a reasonable cost of living, particularly affordable housing.”
And who are the most likely to move? Young people aged 25 to 34, as well as people approaching retirement.
Interestingly, both Austin, TX, and Charlotte, NC, were cities that Laura and I considered as relocation options before deciding on Greenville, SC. Major factors in our decision to move to Greenville included the fact that the local economy is growing based on major European investment and a strong automotive sector (South Carolina is the #2 state in the country for auto manufacturing); homes are affordable (the average price is under $200,000); the city offers a fair taxation system and a high quality of life (including excellent health care facilities, active lifestyle, vibrant downtown with numerous cultural amenities, and a beautiful natural environment).
With home prices and rental rates increasing 10-15 percent in the past year, cities with growing populations are not only good places to relocate to, they are also great places to invest in real estate! As a real estate broker and investor, I own properties both local to my residence and also out of state. If you’d like to find out more about how to invest in real estate, contact me today.