Real estate remains one of the most lucrative investment strategies for investors looking to scale their businesses and diversify their portfolios. With the average fix and flip project yielding a $66,000 profit and the average home appreciation hitting 5.70%, it has never been a more profitable time to invest in property.
However, identifying the top places to invest in real estate can be challenging. Experienced and successful property investors spend countless hours comparing and considering several investment property markets, along with other factors, before even spending a dime.
The East Coast offers diverse property investment opportunities. It teems with some of the most formidable cities in the country. Mountains and countryside are surrounded by majestic natural elements, not to mention beachfront property is abundant. No matter where you’re looking for investment property, there’s something for everyone.
Top 5 Places to Invest on the East Coast
With globally recognized cities like New York City, Boston, Atlanta, and Washington D.C., the East Coast is one of the top places to invest in property. The region’s powerhouse cities dominate the finance, technology, healthcare, and education industries, making it the ideal location for young professionals and families looking to buy or rent property. Meanwhile, the East Coast’s robust history and modern attractions further fuel tourism and the need for short- and long-term rental properties.
With so much to offer, the East Coast is poised to continue to attract a diverse market, with strong:
- Job growth
- Employment rate
- Population growth
- Property appreciation
Whether you are looking to invest in long-term rental properties or fix and flip projects, the East Coast offers a plethora of opportunities. As one of the top places to invest in real estate, let’s look at the 10 best cities to live- and invest in on the East Coast in 2024:
1. Raleigh, North Carolina
Raleigh has maintained a strong market demand over the past five years. At the center of the Research Triangle–consisting of Raleigh, Durham, and Chapel Hill–Raleigh is home to one of the strongest tech job markets in the country.
With a high student population and low average rent ($1,400 – $1,600), Raleigh is one of the top places to invest in rental properties. Its thriving job market and below-average unemployment rate (3.5%) make the city a worthwhile investment opportunity for fix and flip investors.
2. Orlando, Florida
Orlando continues to experience exceptional job growth, fueled by its robust tourism industry. However, outside of world-renowned attractions like Walt Disney World and Universal Studios, the city has brought growth to its healthcare, tech, and education sectors.
These economic opportunities and Florida’s beautiful climate have facilitated significant population growth throughout the area. With the median home price between $370,000 to $400,000 and unlimited family-friendly attractions, Orlando is one of the best places to live on the East Coast–and a hotbed for single-family investors looking to flip or rent properties.
3. Atlanta, Georgia
Over the past decade, Atlanta has seen substantial job and population growth–with an annual growth rate between 2% to 3%. A major tech, healthcare, and education business hub and a regional transportation center with Hartsfield-Jackson Atlanta International Airport, Atlanta maintains a vibrant and growing job market.
Its economic prosperity, cultural and entertainment attractions, and relatively affordable cost of living–with below-average home and rental prices–have created a rising demand within Atlanta’s housing market and a top place to invest in real estate.
4. Jacksonville, Florida
Like its sister city to the South, Jacksonville continues to see solid job growth across various sectors, including finance, healthcare, logistics, and technology, attracting several new and expanding businesses over the past two decades.
Its location within driving distance of many of Florida’s best attractions, and economic prosperity, make Jacksonville a highly sought-after destination for young professionals and their families. Additionally, the city’s substantially below-average rental costs ($1,400 – $1,600) and median home prices ($325,000 – $350,000) further cement its status as a top place to live on the East Coast, and makes it one of the best places to invest in.
5. Syracuse, New York
A lesser-known real estate investment market, Syracuse possesses significant upside potential at a cheaper cost. Driven by its education industry, with Syracuse University in the heart of the city, Syracuse maintains a strong rental market through incoming students.
In addition, the city continues to expand its manufacturing and technology job markets. Not to mention, Syracuse’s exceptional affordability and location make it an upcoming and popular destination for new families. With average rental costs around $1,100 and median home prices below $200,000, the Orange-Men city is ripe for the taking and a top place to invest in real estate.
Rent or Sell Your Investment Property?
Finding the answer to rent or sell your investment property in 2024 requires three things:
- An evaluation of industry dynamics and investment opportunities
- An objective look at ROI potential using a rent vs. sell calculator
- Weighing the pros and cons of each based on market demands, business goals, and overall financing
Both renting and selling come with their share of pros and cons. The decision should ultimately be determined by market insights, your personal business goals, and, most importantly, your financing.
Finance of America Commercial: Your Real Estate Investment Capital Partner
- Pinpoint the top places to invest in real estate
- Secure the funding necessary to meet their project needs
- Outpace and outperform the competition
FACo has the experts, tools, and financing to help you secure properties wherever you invest. So, if you are looking for the top places to invest on the East Coast, and need competitive financing for your investment properties, get in touch with FACo. CLICK HERE to schedule a FREE consultation with a FACo expert today!
