Arizona is growing, with a population of 7 million people due no doubt to good weather, low unemployment, and a strong economy. This state also has a median home sale price of only $240,000, so it’s budget-friendly for the savvy investor, as well.
If you’re thinking about buying investment properties in Arizona, the top markets highlighted below could be ideal.
Phoenix
As you consider where to buy investment property in Arizona, Phoenix will inevitably turn up on your list. This growing city is home to five million residents, a strong economy, and plenty of job opportunities.
As you know, these are factors that often make buying residential or commercial investment properties a smart move. Phoenix also has robust nightlife, sunny weather, and many attractive restaurants and golf courses.
Short-term rental properties are hot because of the city’s growing tourism business, which attracts out-of-staters annually for the Phoenix Film Festival, among other events. Rents and sales prices are rising, and real estate experts contend thatthe median home price could increase by 25% in the next four or five years.
Tempe
Tempe is a popular town for the purchase of long-term single-family rentals. Arizona State University is based here, and more than a dozen other colleges are nearby.
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You can expect to have plenty of students interested in your rental properties in Tempe. This is also worth considering: Some estimate Tempe’s job market will soar by 50% over the coming decade, compared to only 33% across the United States.
Tucson
Tucson is friendly to families and has a cost of living that’s well below the national average. This historic town also has top-notch public schools and is nestled among lovely scenery; that’s another factor which makes it popular for young families.
One of the up and coming real estate markets for savvy investors in Tucson is Corona de Tucson. It’s a fine area in which to acquire a long-term rental property, especially a single-family home. Families like this community for the low crime rate and nearby schools.
Residents often rent in Corona de Tucson because home prices here are among the highest in the city. Downtown has plenty of popular bars and restaurants, which makes it tempting for commercial investors, too.
Glendale
This small bedroom community about nine miles west of Phoenix is popular with families, retired couples, and young adults. Your renters can attend an NFL game at Cardinals Stadium, and Adobe Mountain Desert Park is just minutes away.
This small town is known as the antique capital of the state. The growing population and job market are attracting plenty of real estate investors.
Prescott
Prescott isn’t as big as other Arizona towns, but many locals prefer home ownership over renting. So if you like residential properties, you may want to think about owner financing single-family homes to home buyers who don’t have the cash or credit for a traditional mortgage.
Prescott also has universities and colleges, so it’s still an attractive location for the purchase of rental homes, too. This growing town may be a good selection for new real estate investors because homes remain relatively inexpensive here.
Mesa
Fifteen miles from Phoenix, Mesa is a hub for business and education, and ideal for growing families. Rental properties are snatched up swiftly here because parks are a short walk away, and several world-class golf courses are also nearby.
Mesa is highly regarded for a low median sale price of less than $300,000, so it’s becoming a hot commodity for Arizona real estate investors.
Summary
Arizona is popular for relocations because it has a strong economy and a growing housing market. Warm weather and excellent but affordable restaurants also make it a popular destination for tourists.
