HomeUnion reports that Manhattan is the worst place for investing.
IRVINE, Calif., April 6, 2016 – HomeUnion, an online real estate investment management firm enabling value investing in residential properties, has released new data on the best places to invest in rental homes in the New York Area. According to HomeUnion, New Jersey is the best place to invest in homes, while New York City is the worst.
New Jersey’s Middlesex County was named the best place to invest with a 7.3% cap rate and median investment home price of $171,000, while Union County ranked second with a cap rate of 7.3%, and median investment home price of $175,000. Meanwhile, investment properties in Suffolk County on the east end of Long Island had an average cap rate of 5.3%, with median prices of $340,000.
Long Island SFRs Lead New York State
“Long Island outperformed other regions of New York State on our list of the best places for investing in rental homes in the region,” says Steve Hovland, manager, research services for HomeUnion. “Suffolk County ranked fourth with average SFR cap rates of 5.3%, while Nassau County ranked seventh with cap rates of 4.1%. Home prices were also relatively low compared to the high-demand boroughs of Brooklyn and Manhattan, where median investment home prices range from nearly three-quarters of a million dollars to almost $1.5 million.”
Below is the complete ranking of the best places to invest in the New York Area:
|Rank||County||State||4Q 2015 Median Investment Sales Price||4Q 2015 Median Rent||4Q 2015 Investment Cap Rate||County Seat|
|11||New York||NY||$1.4 Million||$3,617||1.9%||Manhattan|
HomeUnion is an online real estate investment management firm, bringing value investing to the individual investor in residential properties. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in SFR properties. The company uses a combination of data-driven proprietary analytics to incorporate over 120M homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 21 locations. HomeUnion’s role spans the lifecycle of the investment transaction: from identifying sound investments; handling all aspects of acquisition; maximizing income; protecting asset value; and selling it when the time comes.