Norada Real Estate Investments

Archives for November 2022

NYC Housing Market Report: Rent Prices Are Skyrocketting

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Renters should brace themselves for significant increases in rent prices as we enter the second half of the year. Despite the fact that New York City is swiftly adjusting to a new normal in the aftermath of the pandemic, the NYC rental housing market is hampered by historically low inventory levels. Because of the abnormally tight rental market conditions, rents are anticipated to rise more, at least until the seasonal decline in demand for rentals that occurs after the summer.

Despite continuously improving inventory, landlords are racing to reverse the pandemic discounts they provided, forcing rents to rise. Despite a large increase in the number of people leaving the city throughout the pandemic, the number of persons looking for rental homes has remained continuously high. The removal of rental incentives is yet another sign that landlords remain hopeful about demand. Because of the high rents in Manhattan, many people are eager to relocate to the more affordable neighborhoods of Brooklyn and Queens.

According to a report published by New York Post, the average rental price in Manhattan, Brooklyn, and Queens has risen to a new all-time high. Beginning last month, various factors contributed to the excessive rental market in New York, including a lack of availability, rising mortgage rates, peak season, and the Housing Stability Tenant Protection Act, which was enacted in 2019 and enacted expanded tenant eviction protections. Rising Fed interest rates have pushed would-be home purchasers into the rental market, making an already tight market even tighter.

“People who were thinking about moving somewhere else, let’s say in the suburbs, where mortgage rates are 3.1 percent at the end of December, now they are in fives; that is a significant increase,” Jonathan Miller of Miller Samuel who analyzed the findings told The Post. “So those people who were perhaps looking at that as an option might be sitting put. And sitting puts fewer apartments available. So the irony of this Fed move is while it’s cooling the purchase market, it is putting more pressure on the rental market.”

Douglas Elliman, a real estate agency in New York, has released a report analyzing the median rental pricing across the five boroughs, and it does not appear to be slowing down any time soon.

NYC Housing Market – Rental Report

Manhattan

Average rental price: $5,058; Median: $4,050

The median rental price for Manhattan is now at an average of $4,050, which is $800 over what it was just a year ago, according to the eye-opening June market reports compiled by Douglas Elliman and Miller Samuel. Specifically, the average rental price in Manhattan has reached $5,000 for the first time in Big Apple History. The median rent is the mid-point value of the total price samples. Average rent is the sum of all rents divided by the number of the sample size.

NYC housing market report
Source: New York Post composite

The average rental price of $5,058 indicates that a tenant would spend roughly $61,000 annually on housing alone, as the median rent has set a record for the fifth consecutive month. The number of new leases increased for the fifth consecutive month, and the vacancy rate stayed below 2 percent for the seventh consecutive month. The average rent for a studio apartment is $3,145, while a one-bedroom apartment costs $4,278, and a two-bedroom apartment averages $5,722.

Brooklyn

Average rental price: $3,822; Median: $3,300

Average rental prices in Brooklyn reached $3,822 per month, up about $100 from last month’s average. That marks a new high for the borough for the second straight month. According to Elliman's report, the average monthly rent for a studio is now $2,284. A one-bedroom apartment rents for an average of $3,240, while a two-bedroom apartment costs $4,040.

Last year at this time, the median rent was approximately $500 less, or $2,700 per month. Last summer, studio apartments offered an 11.2% discount, one-bedroom apartments offered a 25.3% discount, and two-bedroom apartments offered a 26.8% discount. Since then, prices have increased between 20 and 50%.

Northwest Queens (Long Island City, Astoria, Sunnyside, Jackson Heights)

Average rental price: $3,352; Median: $2,973

Queens is still the most affordable option when it comes to renting, although prices have risen for the second consecutive month. Monthly rental costs averaged $3,352 with a median of $2,973. In comparison, the median rental price in the Northwest section of Queens was $2,700 at this time last year, roughly $300 less than it is today.

The average monthly rent for a studio is approximately $2,782, according to the most recent research by Elliman. A one-bedroom apartment averages slightly over $3,000 per month, while a two-bedroom apartment costs approximately $4,168 per month. For New Yorkers or those hoping to wait it out, you may have to wait a little longer. If rents hit an affordability barrier beyond which they cannot increase, this does not imply that they decrease; rather, it merely indicates that they do not increase.

Source: https://nypost.com/article/where-nyc-real-estate-rental-market-stands-right-now-housing-prices/

Where to Buy Chicago Investment Properties in 2022?

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Looking to invest in the Chicago real estate market? If you're wondering where should you buy Chicago investment properties, you'll find all the answers here, in one place. Chicago is one of the major cities in the U.S., where you can find affordable investment properties for sale. However, not every neighborhood in Chicago is desirable for residents, and many desirable neighborhoods are a poor choice for real estate investment.

On this page, you’ll learn about some of the best neighborhoods for buying Chicago investment properties. The average property in Chicago costs just over 345,000 dollars. According to Redfin, a real estate brokerage, the Chicago housing market is somewhat competitive. The average homes sell for about 1% below list price and go pending in around 56 days but hot properties can sell for about 2% above list price and go pending in around 34 days.

In March 2022, Chicago home prices were up 0.7% compared to last year, selling for a median price of $345K. On average, homes in Chicago sell after 59 days on the market compared to 36 days last year. There were 3,222 homes sold in March this year, up from 3,216 last year. Chicago properties come in at around 260 dollars a square foot; this value increased roughly nine percent year over year.

The average home in New York costs nearly a million dollars, while a cheap home in Los Angeles costs half a million dollars. This makes Chicago investment properties a relative bargain. The average rent for a one-bedroom apartment is roughly a thousand dollars. Two-bedroom apartments in Chicago cost an average of 1300 dollars a month. Chicago rents have increased by 1.65% compared to last month, and are up by 11.16% compared to last year. The average rent for a Chicago 1-bedroom apartment is $2,155 while the average rent for a 2-bedroom apartment is $2,771.

As of March 2022, the median home price in the Chicago Primary Metropolitan Statistical Area is $310,000, up 5.1% from March last year. e Chicago PMSA has yet to revert to their pre-Covid levels on average. In the Chicago PMSA, the March 2020 median sale price was $260,000 (in $2020) and $290,000 (in $2022); the comparable figure for price recovery in March 2022 is 107% after adjustment (119% before adjusting). The median price forecast presented by UIC SHDRE indicates positive annual growth for April, May, and June in both Illinois and the Chicago PMSA, according to a recent report released by Illinois Realtors®.

The median price in Chicago PMSA is predicted to increase by 10.3% in April, 8.8% in May, and 8.8% in June. As a complement to the median housing price index (HPI), the SHDRE HPI forecasts a positive growth trend for the Chicago PMSA. In Chicago PMSA, the SHDRE HPI (Jan 2008=1) is forecast to change by 10.3% in April, 8.8% in May, and 8.8% in June. SHDRE (Stuart Handler Department of Real Estate) HPI takes housing characteristics into account and constructs comparable “baskets” of homes for each month.

Realtor.com also predicts a positive annual appreciation albeit slower than last year. According to them, Chicago-Naperville-Elgin, Ill.-Ind.-Wis. median price will appreciate by only 1.9% over last year (by the end of 2022).

Chicago Investment Properties For Sale

Should You Invest In Chicago Investment Properties?

Chicago is on the UBS list of the world’s richest cities. It is often rated as having the most balanced economy in the United States. For those who wish to invest in Chicago investment properties, know that there are several neighborhoods in this city that present a great opportunity to investors.

This is true whether you want to cater to families searching for starter homes, growing families, or the general rental population. Strong economic and job growth makes Chicago an ideal place for real estate investment. It is home to 12 Fortune Global 500 companies and 17 Financial Times 500 companies, having the third-largest gross metropolitan product in the United States.

Chicago has high private sector employment leading to a strong rental market, with over 50% of the population of renters. The tourism and hospitality industries have added thousands of jobs, generating billions of dollars in direct spending by visitors. Chicago’s real estate market has been one of the slowest to recover since the housing bubble burst at the start of the Great Recession.

Home prices were 19% below their pre-crash levels in 2017, and they aren’t expected to hit peak values until 2021. Chicago is the 3rd largest metro, very densely populated with an abundance of small multifamily properties. It is also one of the most affordable metros to live in the entire nation. It has an incredibly deep pool of potential renters at all levels of the market.

It's is the only metro in the country where typical renters spend less than 20% of their annual income on housing. Many factors guarantee that they’re not going to turn into new home buyers any time soon. Many people prefer to rent in Chicago for career and financial flexibility, to save a down payment, and to avoid repair bills, real estate taxes, and real estate market risk.

It is a prime destination for investors who would like to buy Chicago investment properties where the ROI is going to be high and likely to improve over time. In the city of Chicago, there are approx. 77 neighborhoods where you can buy investment properties. There are about 15-20 which are potentially overvalued right now, depending on who you ask and the product type.

Intrinsic values for the rest of the neighborhoods may not even be close to reaching their full potential. Taxes are reasonable (excluding Downtown Chicago neighborhoods), rents are very high and there's a high demand for Chicago rental properties.

Mortgage interest and property taxes remain tax-deductible for many Chicago home buyers. Rent, however, is generally not tax-deductible. In addition to annual tax deductions, homeowners can often make money on the sale of their homes and take profits tax-free within certain limits. The price to rent ratio is also reasonable in Chicago.

Plus, home investors can buy on a huge margin, in some cases with just 3% to 5% down. That’s a good deal that can't found in other big markets like NYC and San Franciso. We chose to ignore the short-term impact of the ongoing pandemic on the Chicago real estate market. People need places to live. Those who wanted to downsize or move into a larger property will need to move forward with their plans once life returns to normal.

This is why we think it makes sense to assess the Chicago real estate investment using pre-pandemic numbers, which should be back in effect by the end of the year. Investors can make good money in this city by building a portfolio of Chicago investment properties and renting them out to a massive population of renters.

Best Places To Buy Chicago Investment Properties

Chicago Investment Properties

With its low cost of living, relatively large housing inventory levels, and high affordability, Chicago has a large no. of renters. Therefore, buying investment properties in Chicago, and renting them out is an excellent choice for real estate investors. Here are the top neighborhoods in Chicago where you can buy investment properties.

1. Chicago's Rogers Park Neighborhood

You can find Chicago investment properties in Rogers Park. Rogers Park is an older neighborhood in Chicago which is dominated by pre-WW2 single-family homes and small multi-family apartment buildings. It is an affordable, walkable neighborhood. For example, the average home here costs around 220,000 dollars.

That makes it a relative bargain for those who want to invest in Chicago investment properties. While it is located 10 miles from downtown, the commute to Chicago's central business district is quick with many options. Public transportation is extensive with access to several bus and rail lines.

Rogers Park is also one of the most affordable areas in the city; that’s unusual given how close it is to the shore of Lake Michigan. Furthermore, they can gain access to many modern amenities in downtown Evanston. This is why Rogers Park's home values are increasing. The rental market is bolstered by the presence of Loyola University.

You’ll get high rental rates for Chicago investment properties near the ten beaches in the area, especially in the summer. With its extensive lakefront green space and unique street-end beaches, Rogers Park is a great place to live as well as invest in real estate.

2. Chicago's Logan Square Neighborhood

You can buy Chicago investment properties in Logan Square. Logan Square is a century-old neighborhood in downtown Chicago. It retains its tree-lined streets and classic Greystone buildings in addition to the massive Palmer Square green space. If you are looking for a good neighborhood to buy Chicago investment properties, know that the bungalows here are considered highly desirable by Millennials.

The area is gentrifying, though that’s true of the entire Northwest Side. This area has already seen decent appreciation, but it is notable for the very high rents. The average rental rate in this area is roughly two thousand dollars a month. Logan Square has been a hot neighborhood for real estate investment in Chicago for a long time.

Zillow ranked it one of the hottest real estate markets in Chicago in early 2020. The typical home now costs 500,075 dollars, up 6.5% over the past year. Studios cost 1300 to 1700 dollars a month, while two-bedroom apartments rent for 1600 to 2400 dollars. Three-bedroom apartments and homes can cost 2500 dollars a month to rent.

There are also opportunities for bargains for property buyers. For example, the higher property prices mean the average home in Logan Square sits on the market for around 100 days, and many buyers may accept a lower price tag to free them up to move or get them out from under their mortgage.

3. Chicago's Pilsen Neighborhood

You can buy Chicago investment properties in the Pilsen neighborhood. Pilsen is a great area for those who want a diverse portfolio of investment properties without having to run all over the city. Pilsen is located on Chicago’s Lower West Side. It features a mix of condos, apartment buildings, and single-family homes.

The area is suburban enough to attract families. Its schools are a C+, which is close to the Chicago average. Parks and other amenities explain why Niche.com gave the area a B- for families. For those who want to buy Chicago investment properties, the presence of the University of Illinois at Chicago is a point in its favor.

You can rent to students if you can’t find professional couples to rent a condo or apartment. Yet Pilsen seems to attract young adults who graduate from the university and move into local apartments. Others move here to work in the UIC Medical District. Another point in favor of the area is the L Pink Line’s three stops in the area, giving residents easy access to the rest of the city.

Pilsen properties can be among the most profitable Chicago real estate investments. The median rent is around 1600 dollars a month. The average property costs 300,000 dollars, a little less than the city average. You can find properties in need of rehabilitation for less than this.

Refurbish it to cater to students in search of Chicago rental properties or meet the expectations of picky Millennials, and you’ll see a significant return on the investment. If you convert a large classic home into several units, you could charge 900 to 1200 a month for a one-bedroom apartment or 1200 to 1300 dollars a month per studio apartment.

4. Chicago's Avondale Neighborhood

You can buy investment properties in Chicago's Avondale neighborhood. Avondale has started to gentrify as people get priced out of Logan Square, Wicker Park, and Bucktown. This is one of the more expensive middle-class areas to buy Chicago investment properties. The average home here costs around 400,000 dollars. However, many reports are suggesting the area will go even higher.

For example, the area is well serviced by the Blue Line ‘L' (24-hour rapid transit train service) and buses. And that’s aside from the easy access to I-90. If you don’t want to speculate in real estate, know that this family-friendly area still commands high rents, so you’ll see significant income from your investment property.

Avondale received a B from Niche.com for its family-friendliness, though the school district was rated a C. You can easily expect to see a significant appreciation of your investment property in this neighborhood. The area is in such demand that the price per square foot for Avondale homes is around 280 dollars a square foot, 40 dollars more than the average for Chicago investment properties.

This area does offer an excellent rental income. The average rent for a studio apartment is 1300 dollars a month. A two-bedroom apartment costs 1400 to 1900 dollars a month. A three-bedroom apartment or house costs up to 2000 dollars a month.

5. Chicago's Humboldt Park Neighborhood

Humboldt Park is another good neighborhood to buy investment properties in Chicago. The home prices in Humboldt Park peaked in 2006 but fell dramatically during the Great Recession. Home prices here hit a record low in 2012. Humboldt’s housing prices are on the rise again, though they remain below their 2006 peak.

The typical home value is around 379,417 dollars (ZHVI), while rents are around 1700 dollars a month. The area is notable for the number of foreclosed and distressed properties available to investors, and this helps pull the average rental rate down. This is why neighborhood rents could rise a little higher before they hit the Chicago average of 1700 to 1800 dollars a month.

Another option is breaking up a large home into several smaller units. You’d receive 1700 to 1800 dollars for a one decent bedroom apartment. A two-bedroom apartment could rent for up to 2000 dollars a month. Humboldt offers a variety of housing types for those who want to buy Chicago investment properties.

You can find single-family homes and fairly large apartment buildings. Housing is expensive enough to preclude many residents from buying. The schools rate a C+, though the area’s crime is average for the city. The area received a grade of B- from Niche.com for family friendliness. Buses connect the neighborhood to the rest of the city. The area is notable for being biker friendly.

6. Chicago's West Town Neighborhood

You can buy investment properties in Chicago's West Town neighborhood. West Town has several points in its favor for Chicago real estate investment. It has low crime by Chicago standards. It is a walkable community. It offers great amenities. West Town has a suburban feel. The schools are average for Chicago, but crime and safety are slightly better than average. Yet homes are so expensive that many would-be buyers are forced to rent.

The only downside for those considering investing in Chicago properties is the price tag. The average home here costs around half a million dollars. This may be offset by the 2400 dollar a month median rental rate. You may be able to get a discount on these potential Chicago investment properties. For example, the average home sits on the market for four or more months.

Chicago Turnkey Investment Properties For Sale

Are you looking for a turnkey investment property in Chicago? NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in Chicago and many other growth markets in the United States.

We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Chicago. Consult with one of the investment counselors who can help build you a custom portfolio of Chicago turnkey investment properties in some of the best neighborhoods.

All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Chicago turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

References:

  • About the Chicago real estate market
    https://www.redfin.com/city/29470/IL/Chicago/housing-market
    https://chicago.curbed.com/2020/3/9/21171723/chicago-real-estate-coronavirus-home-buying
    https://www.mashvisor.com/blog/chicago-real-estate-market-2019-neighborhoods https://www.biggerpockets.com/forums/311/topics/531073-is-investing-in-chicago-brilliant-or-ridiculousgo https://www.bestchicagoproperties.com/blog/five-reasons-to-buy-rather-than-rent-in-chicago/
  • Best Chicago Neighborhoods
    https://en.wikipedia.org/wiki/Logan_Square,_Chicago
    https://www.zillow.com/logan-square-chicago-il/home-values/
    https://www.niche.com/places-to-live/n/lower-west-side-chicago-il/
    https://www.domu.com/chicago/neighborhoods/pilsen
    https://www.zillow.com/avondale-chicago-il/home-values/
    https://www.domu.com/chicago/neighborhoods/avondale
    https://www.niche.com/places-to-live/n/humboldt-park-chicago-il/
    https://www.zillow.com/humboldt-park-chicago-il/home-values/
    https://www.domu.com/chicago/neighborhoods/humboldt-park
    https://www.zillow.com/west-town-chicago-il/home-values/
    https://www.niche.com/places-to-live/n/west-town-chicago-il/
    https://www.rentcafe.com/blog/cities/rogers-park-chicago-neighborhood-guide/
    https://chicago.curbed.com/2019/6/4/18646462/chicago-best-neighborhood-homes-buy-rent
    https://homevestorsfranchise.com/the-best-chicago-neighborhoods-for-real-estate-investing-slp/

Top Reasons to Buy Birmingham Investment Properties

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If you are thinking of buying Birmingham Investment Properties in 2022, you might be wondering whether it is the right decision or not. Well, for a start let us know a little bit about this beautiful city of Birmingham. It is in no doubt the most populous city in the state of Alabama. Several factors have led to the truth of this statement. It is 330 square kilometers of land and 5.2 square kilometers of water. The city was first founded in the year 1871 AD.

Since then, the city of Birmingham, Al has seen an upward trend in terms of its population growth. One of the factors that have led to this increase is its rich nature of mountainous ridges and a good share of physical scenery. Since its year of discovery, the city has been an educational center in the state of Alabama and has been the favorite destination of many educational aspirants who come here to seek careers of their choice. 100's schools have been set up in the city of Birmingham and several top-notch universities.

The city's ever-growing population shows a need for real estate investments and developments for the good of the new growing population. Birmingham is home to world-class medical research, a celebrated food and arts scene, and the Birmingham Civil Rights National Monument. It has been voted one of the nation’s most livable cities with a thriving community and more green space per capita than any other city in the nation. There has been a steady increase in Birmingham home values at 10% in the past year.

The forecast for the next 12 months is that it will be a seller's real estate market and the prices will increase. Therefore, buying Birmingham investment properties is considered to be a wise decision by experienced real estate investors who know the market very well. The Birmingham AL real estate market continues to take steps in the right direction in 2020. Lets us discuss the major economic developments and 12 great reasons to go for Birmingham real estate investing in 2020.

Birmingham Investment Properties For Sale

Economic Developments In Birmingham, Alabama

Birmingham is an affordable market with growing demand for housing. A seller's market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. As economies grow, the supply of money tends to become less restrictive. As money becomes easier to borrow, more home buyers enter the housing market. With easier lending requirements making more buyers available, inventories of homes go down or take less time to sell.

In the census of 2010, the city of Birmingham, AL had registered two 212,237 members of the public. Vast development projects with some great comebacks have been made in the city with buildings such as Wells Fargo Tower being acknowledged as the tallest building in the state of Alabama until 2007 when the RSA Battle House Tower was built. 100-year-old insurance agency, Fisher Brown Bottrell Insurance, has opened its first Alabama office in Birmingham.

According to the Mayor of Birmingham, the city is experiencing a unique surge in energy around enhancing the city’s innovative capacity, primarily centered on the “Innovate Birmingham” initiative. He announced that Birmingham Innovation will construct a 100-gigabyte network to increase internet accessibility to the city. Mayor William Bell said the city has seen growth in the neighborhoods beyond the building permits.

Community Safe Rooms are being built in Smithfield Estates, North and Central Pratt, and Sandusky at a total cost of $3.4 million. The building permits throughout the city’s neighborhoods are up 11.6 percent, and downtown is experiencing a building boom of more than $1 billion. The total valuation of construction is up by 50.7 percent. There are proposed developments at the CrossPlex Village and Ensley Public Safety Complex and additions to the revitalization in Woodlawn, Avondale, and East Lake.

The metro region has seen an increase of over 14,400 jobs under the Mayor's administration with major contributors like Kamtek, LabCorp, and Oxford Pharmaceuticals. Great profits have been reaped by real estate investors who bought Birmingham investment properties in the past, and I am sure that many more investors from across the US will come in with time to exploit the vast real estate market of Birmingham.

The development forecast for the coming years seems promising with some great prospects. If I was an investor, would I be in luck investing in Birmingham investment properties? Well, how about we discuss the city's developmental progression and get the answer. Birmingham, AL would be a great place for real estate investment with an overall Niche grade of B-. This puts the city of Birmingham ahead of many other cities in the US.

Why Should You Invest in Birmingham Investment Properties?
  • Ranked #2 for lowest property taxes.
  • Ranked #7 Most Affordable Market” – Zillow
  • Ranked most affordable cities for first-time home buyers – Lending Tree
  • Ranked #1 in America's Most Affordable Cities” – Forbes
  • Winner of the 2021 World Games.
  • Law, medicine, nursing & engineering.
  • Hub of 550 technology companies.
  •  Voted #1 Best City for Millennial Entrepreneurs (Thumbtack, 2015).
  • 12th largest banking center in the nation and third in the Southeast.

More Reasons to Invest in Birmingham Properties

  1. For one, the city harnesses diversity by having different people living together in harmony and unity. Crime rates are minimal in the area meaning security over time is improving.
  2. An interesting fact about Birmingham is that the rent percentage of housing is higher than the buying rate. What this means is that the rate at which natives buy houses is lower than the renting rate with a difference of 6%.
  3. The buying rate is at 47% while renting rate is at 53%. This would be a good figure for anyone interested in investing in the area, especially in building rentals and accommodation rooms.
  4. Another interesting fact about the city is that it is ranked 36 among the 228 cities with the lowest cost of living in America. The reason for the fast invasion of new inhabitants is now clear.
  5. The Real estate cost in this city is ranging from $50,000 to $100,000 for the buyers and ranges from $500 to $1000 for rent. This is one of the most affordable deals in the real estate market.
  6. The city is rated as a suburban city that is moving in the right direction. There are great public schools in the city of Birmingham enhancing quality learning for students.
  7. An investor who would come in to exploit the needy real estate market here would make great profits and also help out the residents when it comes to raising living standards.
  8. Not only jobs but also housing facilities are required to cater to students. New real estate developments need to be made to house the learned percentage of the masses undertaking studies in the different Universities in Birmingham, and this shows the truth of the statement that it is an educational center for Alabama.
  9. As per Zillow, Birmingham market trends indicate an increase of 23.9% in typical home values over the past year.
  10. The typical value of homes in Birmingham is currently $105,772.
  11. Birmingham's housing market remains among the most affordable markets in the nation, which looks good for homeowners, investors, and renters alike.
  12. Birmingham is a steady real estate market where investors can purchase Birmingham investment properties for $80,000 to $100,000. This makes it a prominent place for new investors to get their feet wet and for anyone searching for a good investment that can create a stable monthly rental income.
  13. Birmingham was ranked #1 in America's Most Affordable Cities by Forbes.

Where To Buy Investment Property in Birmingham, AL?

There are around 92 neighborhoods in Birmingham, AL. Highland Park has a median listing price of $699K, making it the most expensive neighborhood. Ensley Highlands is the most affordable neighborhood in Birmingham, with a median listing price of $65,000 on Realtor.com, a real estate listings website. Some of the best neighborhoods in Birmingham, Alabama are Highland Park, Greystone, and Crestwood South. Here are some of the best neighborhoods in Birmingham where you can consider buying investment properties.

1. Huffman – Birmingham, AL

Huffman is a quiet and peaceful area in Jefferson County. Living in Huffman offers residents a dense suburban feel and most residents own their homes. The Typical Home Value in Huffman is $175,165 (Zillow Home Value Index). Huffman's home values have gone up 24.1% over the past year. Huffman is a seller's market with growing demand, which means that there are more people looking to buy than there are homes available.

2. Spring Lake – Birmingham, AL

Spring Lake is also in Jefferson County. It is a suburban neighborhood and most residents own their homes. The Typical Home Value in Spring Lake is $186,383 (ZHVI). Spring Lake home values have gone up 23.4% over the past year. Spring Lake is a seller's market with growing demand in 2022, which means that there are more people looking to buy than there are homes available.

3. Liberty Highlands – Birmingham, AL

Liberty Highlands is a neighborhood in Birmingham that offers an urban feel and most residents own their homes. The Typical Home Value in Liberty Highlands is $136,348 (ZHVI). Liberty Highlands home values have gone up 33.5% over the past year. According to Realtor.com, Liberty Highlands is a VERY HOT SELLER'S MARKET. It ranks in the top 13% of neighborhoods in the area and the top 30% in the U.S. Homes sell 17 days faster and are 12% more popular than homes in the surrounding area. Hot markets attract more buyers and sellers, resulting in a higher competition and faster sales.

4. East Thomas – Birmingham, AL

East Thomas is an urban neighborhood in Birmingham. The Typical Home Value in East Thomas is $54,532 (ZHVI). East Thomas home values have gone up 24.0% over the past year. It is an affordable neighborhood in Jefferson County.

5. Hooper City – Birmingham, AL

Hooper City is a large suburban neighborhood in Birmingham. The Typical Home Value in Hooper City is $48,678 (ZHVI). Hooper City home values have gone up 20.1% over the past year.

6. Sherman Heights – Birmingham, AL

Sherman Heights is an urban neighborhood in Birmingham. The Typical Home Value in Sherman Heights is $234,645 (ZHVI). Sherman Heights home values have gone up 17.7% over the past year. Sherman Heights is a seller's market with a growing demand in 2022, which means that there are more people looking to buy than there are homes available.

7. Roebuck – Birmingham, AL

Roebuck is an urban neighborhood in Birmingham. The Typical Home Value in Roebuck is $119,912 (ZHVI). Roebuck home values have gone up 23.9% over the past year. Realtor.com shows there are currently 31 homes for sale in Roebuck, Birmingham. Roebuck is a seller's market with a growing demand for real estate, which means that there are more people looking to buy than there are homes available. In April 2022, the median listing home price in Roebuck was $112.9K, trending up 18.8% year-over-year (Realtor.com). The median listing home price per square foot was $86. The median home sold price was $112K.

8. Bush Hills – Birmingham, AL

Bush Hills neighborhood in Birmingham offers a suburban feel and most residents own their homes. The Typical Home Value in Bush Hills is $98,070. According to ZHVI, Bush Hills' home values have gone up 37.8% over the past year. As of April 2022, Bush Hills is a balanced market which means that the supply and demand of homes are about the same. A balanced market typically has a total sales to total listings ratio between 0.12 and 0.2. In April 2022, the median listing home price in Bush Hills was $145K, trending up 34.8% year-over-year. The median listing home price per square foot was $85. The median home sold price was $153K.

9. Crestwood North – Birmingham, AL

Crestwood North is a suburban neighborhood and one of the best places to live in Alabama. The Typical Home Value in Crestwood North is $367,476. As per Zillow, Crestwood North home values have gone up 18.6% over the past year. Crestwood North is a popular neighborhood for home buyers who can afford to buy a home at the median price of more than $350K.

It is a seller's market with a growing demand in 2022, which means that there are more people looking to buy than there are homes available. In April 2022, the median listing home price in Crestwood North was $339.3K, trending up 6.3% year-over-year. The median listing home price per square foot was $228. The median home sold price was $355K on Realtor.com.

10. Roebuck Springs – Birmingham, AL

Roebuck Springs is a suburban neighborhood in Birmingham. The Typical Home Value in Roebuck Springs is $227,479, which is an increase of 24.4% over the past year. Roebuck Springs Historic District is a popular neighborhood for home buyers who can afford to buy a home in the median price range of $237K. In April 2022, the median listing home price in Roebuck Springs Historic District was $237.5K, trending up 18.8% year-over-year. The median listing home price per square foot was $119. The median home sold price was $250K.

Birmingham, AL Housing Price Trends 2022

Housing market trends for Birmingham, AL seem promising for investors as houses for buying are moderately expensive. Price increases in the Birmingham housing market were largely driven by increased demand amid tight inventory. This shift has resulted in price growth in the Birmingham area approaching the state and national averages, at 13 to 14 percent from a year ago. In 2022, home price growth is expected to slow to 7 to 9 percent year on year, as rising mortgage rates and affordability concerns dampen consumer demand.

According to a report published by Alabama Center for Real Estate (ACRE), Birmingham residential sales for the first quarter of 2022 totaled 3827 units, representing a decrease of 298 transactions when compared to 4125 units that were sold in the first quarter of 2021. The median selling price in Birmingham for the first quarter of 2022 was $277,550, a 12.06% increase from the first quarter of 2021's the median selling price of $247,683. The inventor was down in the last quarter. The residential units available for sale in the first quarter of 2022 decreased by 1535 units when compared to the same period last year.

The typical home value in Birmingham is $103,431 (Zillow Home Value Index). This value is seasonally adjusted and only includes the middle price tier of homes. Birmingham home values have gone up 23.5% over the past year and 121% over the past decade. According to statistics from NeighborhoodScout, in the past year, Birmingham's rate of appreciation has been 16.22 percent. The most recent quarter's house appreciation rates in Birmingham were 6.07 percent, which amounts to an annual appreciation rate of 26.57 percent. It shows that the forecast is positive for this year as well.

Birmingham Investment Properties For Sale on Norada

The advantages of investing in Birmingham real estate are that they will give you a 100% guarantee of returns and a great profit over time. Mortgage rates are ever increasing in Alabama State and a few years, business centers and market centers will be set up in Birmingham. The natural beauty of this city will attract many different residents to live in the area.

The famous tourist attraction sites such as the Shades Valley, the Red Mountain on the north of the city, and the most magnificent the Cahaba River basin, are calling back people to the city of Birmingham. The city was named among the United States' most diverse ecosystems. For Birmingham investment properties, you need to pay the lowest taxes in the US.

This article aimed to educate and motivate investors to buy Birmingham Investment properties. However, we always recommend doing your research and taking the help of a local real estate consultant. Birmingham's development in the next coming years is a positive sign for the real estate investors looking to buy investment properties in Birmingham, Alabama. Buying an investment property is different from buying an owner-occupied home.

Norada's Birmingham investment properties for sale are designed to make money as rentals, which means you must look at it solely as an income-producing entity just like any other business. These are “Turnkey Cash Flow Investment Properties” located in some of the best neighborhoods of Birmingham, Alabama.

Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor is your ability to find great real estate investments. According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities.

We can help you succeed by minimizing risk and maximizing profitability. We recommend contacting an Investment Counsel for our current markets and a FREE Strategy Session by clicking “here.”

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.niche.com/
  • https://www.realtor.com/             
  • https://www.birminghamal.gov/about/
  • https://www.zillow.com/birmingham-al/home-values/
  • http://alabamanewscenter.com/2017/01/12/birmingham-mayor-delivers-state-of-the-city-with-emphasis-on-growth-development

Where Are Housing Prices Falling 2022?

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Fortune reached out Moody's Analytics to get access to its latest proprietary housing analysis. The financial intelligence business predicted home price changes in 414 markets between 2022 and 2024. Moody's Analytics expects that 210 of the nation's 414 major housing markets will see home prices falling in the next two years and 204 will see home prices rise. 183 of the 413 biggest U.S. home markets are “overvalued” by more than 25%. Boise, Idaho, is 71.7% overvalued, and Flagstaff, Arizona, is 60.6%.

Redfin revealed its “risk score” on Friday, which identifies the home markets that are most vulnerable to a “housing slump.” The greater a market's “risk score,” the more likely it is that house prices will fall year over year.  Redfin examined 98 regional housing markets and evaluated indicators such as home-price volatility, average debt-to-income ratio, and home-price growth. Among the 98 markets measured by Redfin, Riverside had the highest likelihood of seeing a “housing downturn.”

It was followed by Boise, Cape Coral, North Port, Las Vegas, Sacramento, Bakersfield, Phoenix, Tampa, and Tucson. Popular migration destinations where home prices soared during the pandemic, such as Boise, Phoenix, and Tampa, are most likely to see the effects of a housing downturn amplified and year-over-year home prices decline if the economy enters a recession, a scenario that some economists believe is likely as inflation persists and stock markets stumble.

<<<Also Read: Will the Housing Market Crash? >>>

Homeowners in those markets who are considering selling should market their properties as soon as possible to avoid price drops. Rust Belt cities like Cleveland and Buffalo, which are still inexpensive, are the most resilient to a housing market crash. The U.S. housing market slowed significantly in the spring due to rising mortgage rates. Redfin studied which metros are most vulnerable to home-price reductions if the country enters a recession and which are most immune to an economic slump.

Recession-proof northern metros, including Cleveland and Buffalo, NY, are relatively inexpensive. Prospective homebuyers in these places can proceed with confidence. Redfin's examination of 98 U.S. metros with relevant data utilizes home-price volatility, average debt-to-income ratio, and home-price growth. Each metro is given an overall risk score relative to the others. 100 indicates the highest possibility of a housing market slump, including home-price decreases, while 0 indicates the lowest.

“Recession fears are escalating, mostly because the Fed has signaled it will continue to raise interest rates to tame inflation and cool consumer demand. Higher interest rates led to surging mortgage rates, which have already cooled down the housing market,” said Redfin Senior Economist Sheharyar Bokhari. “If the U.S. does enter a recession, we’re unlikely to see a housing-market crash like in the Great Recession because the factors affecting the economy are different: Most homeowners have a fair amount of home equity and not much debt and unemployment is low.”

Housing Markets at Risk of Falling Home Prices

If the U.S. enters a recession, Riverside's home market will chill the most. It has the highest danger score of any major U.S. city, 84. It's more likely than other metros to see prices drop year over year during a recession or economic slowdown, according to housing and economic statistics. Riverside, which includes San Bernardino, Ontario, and Palm Springs, has variable house values and was a favorite location during the epidemic for both permanent movers and second-home buyers.

Riverside is followed by Boise (76.9), Cape Coral, FL (76.7), North Port, FL (75), and Las Vegas (74.2).

Sacramento, CA (73.1), Bakersfield, CA (72.2), Phoenix (72), Tampa, FL (70.7), and Tucson, AZ (70.1) round out the top 10.

Many of these housing markets, like Riverside, are popular migration destinations or have quickly growing property prices, both of which increase their likelihood of a housing slump. Boise, Cape Coral, North Port, Las Vegas, Sacramento, and Phoenix were among the 20 fastest-cooling areas in May when mortgage rates reached 5.5%. As the economy continues to decline, prices may fall in many of these metros. Six of the 10 areas most at risk of downturns are among the most popular destinations for Redfin.com users moving from one metro to another.

Maricopa County (Phoenix) and Riverside County gained more residents from other parts of the U.S. than anywhere else in 2021, according to the U.S. Census. The most vulnerable metros have likewise seen an outsized price rise. North Port has the nation's fastest-growing house values, up 30.5 percent year over year in May, followed by Tampa (28.1 percent) and Las Vegas (26.8 percent ). Overall, nine of the ten most vulnerable locations had faster-growing house values than the national median (the exception is Sacramento, however, home prices there rose more than 40% throughout the pandemic, reaching $610,000 in May 2022).

Several of those metros went from inexpensive to unaffordable during the epidemic, owing in part to the migration of individuals from other locations. Among them is Boise, where the typical home price increased from $330,000 to $550,000 between May 2020 and May 2022, and Phoenix, where it increased from $300,000 to $485,000.

“Boise’s market is already turning around, as a lot of the people who moved to Idaho during the pandemic are either moving back to their hometowns or cashing in and moving to more affordable places. The housing market was hot during the pandemic, largely because of out-of-town buyers,” said Boise Redfin agent Shauna Pendleton.

Three at-risk metros are in California and three in Florida. San Jose, Oakland, and San Francisco experienced relatively moderate price increases throughout the epidemic, its people tend to have high salaries and considerable home equity, and their housing markets started falling fast in the first half of 2022, mainly owing to collapsing tech stocks. Not all homes in these metros will lose value. Large single-family houses in spread-out areas are recession-proof.

Housing Markets in Which Prices Are Unlikely to Fall

Relatively affordable Rust Belt metros are most resilient in the face of a recession. In case of a recession, Akron, Ohio has the lowest risk of experiencing a housing decline. It has the lowest total risk score of any major US city at 29.6. Low home-price volatility, a low debt-to-income ratio, a small number of second houses, and the fact that properties in Akron are unlikely to be flipped are some of the characteristics that make the city relatively stable.

With an overall risk score of 30.4, Akron is followed by Philadelphia, Montgomery County, PA (31.4), El Paso, TX (32.2), and Cleveland (32.4). The top ten include Cincinnati (32.6), Boston (32.6), Buffalo, NY (33.1), Kansas City, MO (33.4), and Rochester, NY (34.4). Almost all of those metros are inexpensive and have relatively slow-increasing prices, both of which would benefit their housing markets in the event of a recession.

Almost all of the most resilient metros are located in the northern United States, either in the Rust Belt or on the East Coast. Three of them are in Ohio, two in New York, and two in Pennsylvania. In nine of the ten most resilient metros, prices climbed at a slower rate than the national average (El Paso is the exception).

Seven of the 10 metros least in danger of a housing downturn had a median sale price below $300,000 in May, and nine of them were below the $431,000 national median. Affordability benefits property markets in a recession because more people can buy houses, and such locations may attract out-of-town buyers. Boston is pricey, although property prices climbed modestly throughout the epidemic. It's busy and lost residents as remote work became prevalent.

U.S. Metros Most and Least Susceptible to a Housing Downturn in the Next Recession

Ranked by highest to the lowest chance of a housing downturn. The ranking combines 10 indicators to come up with an overall risk score for each metro, relative to the other metros in this analysis. The highest possible score is 100 and the lowest possible score is 0. The indicators are as follows: home price volatility, average debt-to-income ratio, average home-loan-to-value ratio, labor market shock, percent of homes flipped, how much the housing market is “cooling” compared with other metros, the year-over-year change in domestic migration, the share of homes in the metro that are second homes, year-over-year price growth and elasticity of supply. Each factor is weighted equally.

U.S. Metro Area

 Overall Score Average Home-Loan-to-Value Ratio, 2021 Percent of Homes Flipped in 2021 Rank: How Quickly Housing Market Cooled in First Half of 2022 Net Domestic Migration in 2021, YoY Share of Second Homes, 2021 Price Growth in 2021, YoY
Riverside, CA 84 83% 4.50% 15 19,204 7.70% 21.00%
Boise, ID 76.9 6 6,782 6.00% 30.90%
Cape Coral, FL 76.7 81% 2.90% 11 7,345 23.40% 23.60%
North Port, FL 75 79% 4.40% 18 8,283 20.20% 23.30%
Las Vegas, NV 74.2 84% 8.30% 12 -15,143 7.60% 18.60%
Sacramento, CA 73.1 81% 5.40% 2 4,157 4.30% 19.30%
Bakersfield, CA 72.2 87% 3.80% 21 6,111 2.50% 17.30%
Phoenix, AZ 72 82% 10.30% 17 -15,530 7.20% 25.40%
Tampa, FL 70.7 85% 7.40% 22 524 8.10% 19.60%
Tucson, AZ 70.1 84% 7.70% 54 -2,677 7.10% 21.50%
San Diego, CA 69.8 81% 5.30% 8 -8,189 3.70% 17.50%
Jacksonville, FL 69.3 85% 7.20% 36 4,136 6.20% 16.60%
Stockton, CA 68.2 84% 4.70% 5 3,578 1.00% 19.30%
Knoxville, TN 67 86% 4.60% 13 4,527 5.20% 18.30%
Orlando, FL 63.8 85% 6.40% 31 -6,536 8.70% 16.70%
Charleston, SC 63.4 85% 3.80% 67 -2,921 7.60% 15.40%
West Palm Beach, FL 63.3 80% 3.10% 30 972 12.00% 17.40%
Fresno, CA 60.6 85% 4.70% 37 2,719 2.90% 17.90%
Raleigh, NC 60.4 83% 8.90% 42 3,430 2.60% 17.50%
Oxnard, CA 59.8 79% 2.50% 28 323 3.30% 16.70%
Salt Lake City, UT 57.7 -3,020 2.00% 22.80%
Columbia, SC 56.9 90% 4.40% 2,296 3.20%
Providence, RI 56.6 85% 2.70% 44 3,664 3.90% 15.40%
Atlanta, GA 56.4 86% 9.90% 47 -4,229 2.20% 19.20%
Miami, FL 56.3 82% 2.90% 53 -5,120 5.90% 18.60%
Charlotte, NC 56.1 85% 10.10% -6,444 2.70% 16.50%
Virginia Beach, VA 55.8 92% 3.20% 80 864 3.40% 8.30%
Tacoma, WA 55.5 9 -3,571 1.70% 19.80%
Detroit, MI 54.8 87% 5.20% 70 -2,062 1.00% 15.40%
Los Angeles, CA 54.8 79% 4.10% 46 -69,329 1.90% 17.30%
Austin, TX 54.6 16 -8,609 3.90% 31.60%
Portland, OR 54.3 82% 3.70% 14 -17,716 2.30% 15.40%
Anaheim, CA 53.9 76% 4.50% 20 -6,644 3.80% 16.00%
Denver, CO 53.8 82% 6.90% 7 -18,063 2.40% 16.70%
Colorado Springs, CO 53.7 87% 5.00% 693 2.50%
Baton Rouge, LA 52.4 89% 3.00% 2,287 2.40% 9.80%
Greenville, SC 52.1 85% 3.50% 32 1,771 4.70% 14.00%
Winston-Salem, NC 51.9 87% 5.10% 2.70% 13.70%
Grand Rapids, MI 51.7 86% 3.60% 29 1,028 2.40% 15.20%
Greensboro, NC 51.7 87% 6.70% 38 -181 2.10% 11.80%
Warren, MI 50.5 86% 2.90% 35 6,180 1.60% 11.40%
Tulsa, OK 50.1 88% 3.40% 45 2,325 2.10% 12.50%
Fort Lauderdale, FL 49.9 82% 3.00% 72 -5,121 7.50% 13.30%
Fort Worth, TX 49.6 50 1,978 1.70% 18.30%
Nashville, TN 49.3 84% 8.30% 48 -6,093 3.40% 17.00%
Allentown, PA 48.6 87% 2.20% 62 3,722 3.40% 14.20%
Camden, NJ 47.9 88% 3.00% 75 4,300 0.50% 17.90%
Houston, TX 47.7 24 -334 2.90% 15.50%
Seattle, WA 47.6 79% 1.90% 4 -37,365 1.80% 17.20%
Nassau County, NY 47.4 80% 3.60% 58 12,296 4.70% 15.20%
Albuquerque, NM 46.8 -1,714 2.80%
New Orleans, LA 46.6 88% 2.90% 23 -3,930 3.40% 10.70%
San Antonio, TX 46.6 40 -138 2.90% 15.10%
San Jose, CA 46.4 74% 2.50% 1 -22,661 0.80% 13.60%
San Francisco, CA 46.3 72% 1.90% 10 -55,918 2.40% 4.80%
Oakland, CA 45.8 78% 2.60% 3 -23,280 1.00% 16.30%
Dallas, TX 45.4 40 -5,685 1.70% 17.90%
Richmond, VA 45.4 87% 3.70% 59 1,995 1.40% 12.30%
Oklahoma City, OK 45.3 88% 5.10% 52 476 1.70% 10.60%
Washington, D.C. 44.2 87% 2.50% 28 -35,800 1.50% 10.10%
New Haven, CT 44.1 87% 2.00% 82 4,492 1.90% 15.80%
Birmingham, AL 43.4 88% 5.90% 68 95 1.40% 8.40%
Little Rock, AR 43.1 89% 4.90% 43 472 1.80% 10.70%
Frederick, MD 42.9 84% 2.00% 25 -58 0.90% 11.70%
Memphis, TN 42.7 87% 7.50% 33 -535 1.20% 13.30%
Honolulu, HI 42.6 79% 0.50% 19 6.20% 7.80%
St. Louis, MO 42.2 86% 3.40% -2,214 1.30% 10.10%
Baltimore, MD 41.9 86% 2.60% 74 6,085 1.40% 8.50%
Bridgeport, CT 41.7 81% 1.10% 88 8,871 2.00% 11.60%
Worcester, MA 40.8 86% 1.80% 57 3,354 1.20% 16.10%
Indianapolis, IN 39.9 41 902 1.40% 13.50%
Newark, NJ 39.3 84% 1.90% 73 7,348 2.80% 13.20%
Wichita, KS 39.3 -1,813 1.10% 12.50%
Lake County, IL 38.6 85% 1.80% 87 2,746 1.70% 14.40%
Louisville, KY 38.6 87% 4.80% 34 -378 1.20% 9.70%
Wilmington, DE 37.8 88% 2.80% 64 738 1.80% 11.30%
Hartford, CT 36.8 86% 1.70% 80 7,182 1.80% 12.00%
Minneapolis, MN 36.8 85% 3.70% 50 -10,673 1.30% 11.10%
Gary, IN 36.7 939 1.20% 9.70%
Pittsburgh, PA 36.4 87% 1.60% 76 -337 1.50% 12.70%
Elgin, IL 35.8 84% 1.10% 60 3,590 0.60% 11.50%
New York, NY 35.4 78% 1.70% 48 -2,01,570 2.80% 12.30%
Syracuse, NY 35.2 86% 2.20% 1,510 3.30% 11.00%
Milwaukee, WI 35.1 86% 3.30% 79 -2,993 1.40% 7.20%
Omaha, NE 35.1 87% 4.90% 56 -237 1.30% 9.70%
Albany, NY 34.5 87% 2.00% 90 3,521 2.80% 13.70%
Chicago, IL 34.4 86% 1.80% 70 -32,998 1.30% 11.70%
Columbus, OH 34.2 85% 3.40% 61 2,507 1.40% 13.50%
Rochester, NY 34 85% 2.00% 86 1,330 3.20% 12.60%
Kansas City, MO 33.4 -1,491 1.30% 10.90%
Buffalo, NY 33.1 86% 2.60% 78 1,877 1.40% 17.00%
Boston, MA 32.6 79% 1.20% 63 -23,964 2.80% 12.20%
Cincinnati, OH 32.6 87% 3.90% 84 -360 1.30% 13.90%
Cleveland, OH 32.4 86% 2.50% 71 225 1.20% 9.50%
El Paso, TX 32.2 89 -24 1.80% 13.90%
Montgomery County, PA 31.4 83% 1.80% 66 6,685 0.80% 11.00%
Philadelphia, PA 30.4 86% 2.00% 64 -15,721 1.40% 10.10%
Akron, OH 29.6 87% 2.70% 83 2,029 1.20% 7.90%

 

Source: https://www.redfin.com/news/metros-recession-risk-housing-downturn-2022/

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