If you’re a real estate investor who’s looking to invest in single-family homes, North Carolina is a great choice for expanding your portfolio. The coastal state boasts wonderful cities like Durham and Raleigh, charming towns like Fort Bragg and Fayetteville, magnificent mountains, beautiful beaches, and year-round recreational opportunities.
Moreover, NC has a solid and diverse economy. The state supports a myriad of industries, including energy, information technology, biotechnology, and finance. No wonder the state experienced a population growth of 1.1%—which is almost twice the national average (0.6%)—between 2107 and 2018. Here are some more reasons why an increasing number of real estate investors are turning their attention to the “Tar Heel State.”
North Carolina is a hub of knowledge-based industries, such as the biotech, finance and IT industries. Moreover, 12 Fortune 500 and 27 Fortune 1000 companies are headquartered in the state. These include Goodyear Tires, Duke Energy, Lowe’s, and Bank of America Corp. Consequently, North Carolina enjoys a low unemployment rate and continuous job growth. This attracts property buyers and tenants into the state, which translates into a likelihood of a steady cash flow for real estate investors.
Homes are Affordable
As we’ve mentioned, the population of North Carolina has been experiencing a steady growth, which means homes and properties are high in demand. Around 630 new divisions have been approved in recent years—in just the Triangle area alone. However, the average home prices in the state have stayed affordable. For instance, in Fayetteville, the average price of a home is around the $103,000—which is considerably lower than the national average of $231,000.
NC Isn’t just About Work
With the coast in the east, the Piedmont in the center, and the mountains in the west, North Carolina is a state unlike another. Its home to more than 10 million people—a figure that’s growing steadily. While most people choose the state as a living destination because of the employment opportunities it offers, NC also has other attractions, such as top educational institutions like Duke University, and leisure scenes like Emerald Isle and the Blue Ridge Parkway. Because of the state’s growing popularity as a living destination, the vacancy rates of rental properties are decreasing—a fact that’s being realized by real estate investors now.
Looking to buy or sell property in Fayetteville or Fort Bragg, NC? A highly experienced and reputable realtor, Phillip Fehler offers expert real estate services in the area. Get in touch with his representatives to learn more.