Where are America’s hot boomtowns and what highly profitable new trends for real estate investing could you be overlooking?
Despite ongoing complaints about the performance of the U.S. economy, not only is the housing market improving rapidly but many towns are experiencing huge booms thanks to tech and energy related jobs. The resulting population explosions in these boomtowns are creating huge housing headaches for residents and migrating workers as well as huge real estate investing profits for investors.
In some of these towns construction activity is quadrupling and rents more than doubling in months.
According to a recent CNN Money report these are America’s fastest growing boomtowns:
Williston, ND
Dickinson, ND
Andrews, TX
Midland, TX
Vernal, UT
Elk City, OK
Elko, NV
Odessa, TX
Casper, WY
Of course there are many other factors to consider before selecting a real estate investing destination. Simply jumping on the latest news to gamble on the promise of a new boomtown or hot spot without thorough due diligence can be risky.
However, there is no ignoring the fact that housing is in extremely short supply in many areas of the country with rents sky rocketing. In fact, in some towns there literally isn’t enough housing at any price leaving many resorting to living out of RVs or cars.
This isn’t just the case in hot job markets either. Tough economic times have many sleeping out of their vehicles out of necessity or just the choice to save the money. Even a patrol of some of the nation’s wealthiest cities at night like Naples, Florida reveals hot competition over parking spaces in local Walmart and McDonalds parking lots.
This might be an acceptable way to live for a short period of time but many would love a hybrid solution that at least also provided easy access to the internet, bathrooms, showers and perhaps laundry facilities.
So could RV parks and other innovative solutions that mimic these set ups be a creative way for real estate investing pros to turn vacant lots into big income earners?
