Why Invest in North Carolina?
North Carolina is a great choice for real estate investors to own single-family homes. Boasting of wonderful cities like Raleigh Durham and Chapel Hill, better known as the Research Triangle, charming rural areas, superb beaches, magnificent mountains, year-round recreational opportunities, a fascinating culture, and a unique vibe, North Carolina is attracting thousands of potential renters and single family home buyers every year. Over the past years, North Carolina population growth rate has been around 1% which is higher than the national average (0.7%) and this process is still ongoing.
The coastal state’s economy is very diverse and solid, supporting a plethora of industries such as biotechnology, energy, information technology, finance and attracts new startups. The economy growth in North Carolina means an influx of renters, real estate investors, active buyers, as well as aspiring homeowners.
With the population increase, strong job growth, and features like public transportation, educational opportunities, access to quality healthcare make North Carolina a stellar opportunity for real estate investors.
Investment Considerations for North Carolina Real Estate
- Job Hub-Knowledge-based industries such as Biotech, energy, finance and IT industries have their company headquartered in North Carolina. As a result, the state enjoys a continuous job growth and low unemployment rates. This draws tenants and buyers to the area which translates into a consistent cash flow likelihood for real estate investors.
- Increasing Rental Demand- Being home to numerous organizations combined with top notch universities such as UNC Chapel Hill, N.C. State, and Duke University, North Carolina is a place with a large population of professionals and recent graduates. With the strong population growth and ample employment opportunities, the housing marketing and rental demand is constantly growing. This means real estate investors in North Carolina can find plenty of tenants who are employed and could afford to pay rent on time.
- Affordable Entry Price of Homes-North Carolina enjoys a continuous population growth with a rate of about 1%. Between July 2016 and July 2017, the state has gained approximately 115,000 new residents. Many properties are being built – in the Triangle area alone, there were at least 633 new approved divisions over the past 7 years and more than 40,000 houses built or construction-approved. Moreover, entry prices of homes stay affordable: new houses sell for around $111,100 in Fayetteville, around $185,100 in Durham, around $185,100 in Charlotte, and around $221,100 in Raleigh. This is good news for real estate investors who can purchase fairly-priced houses and take advantage of the high rental demand.
- Popularization of Living Destination-With the mountains in the west, the Piedmont in the middle and the coast in the east, North Carolina is home to over 10 million people and growing. An increasing number of people choose North Carolina as a living destination thanks to more than 170 companies like Cisco, Syngenta and RTI offering jobs, top universities like Duke University offering education, and leisure scene like Blue Ridge Parkway and Emerald Isle. Because it’s a popular living destination, real estate investors in North Carolina see a low vacancy rates on their rental properties, which means a steady stream of income year round.
What are the Best Markets to Invest in North Carolina?
North Carolina is a fast-growing state that offers multiple opportunities for real estate investors. Continuously developing employment, education, and leisure options make real estate investing in North Carolina a smart call for property investment.
Getting Started in Real Estate Investing? HomeUnion® Can Help
HomeUnion® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in North Carolina; and across the United States and calculate home values RENTestimate for every property in North Carolina. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.