Job opportunities drive the list of hottest U.S. markets, according to Zillow
Great news for investors in Orlando multifamily real estate: the City Beautiful has been named the #2 hottest housing market for 2019 by Zillow.
Despite a slight cooldown in the U.S. housing market in general, the success of the top performers has been fueled by rapid home value and rent appreciation, the abundance of job opportunities, income growth and low unemployment.
San Jose took the #1 position, with the nation’s lowest unemployment rate, still-climbing household income and enduring housing cost appreciation. However, housing affordability proves to be a continuing challenge, and many skilled workers are looking to leave California in search of more affordable states that still offer a robust tech community.
Orlando’s #2 position on the hottest housing market list is thanks to a booming job market—with the fifth-most job openings per person of all major markets—and reasonable rent prices, in spite of the fact that the city’s 3.1% year-over-year rent growth leads the state average of 1.5%, as well as the national average of 1.0% (source: ApartmentList). This healthy rent growth from last year means a healthy return on investment for multifamily investors.
In other Florida markets, Jacksonville also made the list, with reasonable rent averages and good population growth.
The top ten markets in full:
- San Jose, CA
- Median Home Value: $1,251,200
- Median Rent: $3,521
- Household Income: $117,474
- Population Growth: 1.0%
- Orlando, FL
- Median Home Value: $233,700
- Median Rent: $1,472
- Household Income: $55,089
- Population Growth: 2.8%
- Denver, CO
- Median Home Value: $403,800
- Median Rent: $2,075
- Household Income: $76,643
- Population Growth: 1.2%
- Atlanta, GA
- Median Home Value: $215,000
- Median Rent: $1,411
- Household Income: $65,381
- Population Growth: 1.6%
- Minneapolis, MN
- Median Home Value: $265,200
- Median Rent: $1,659
- Household Income: $76,856
- Population Growth: 1.4%
- San Francisco, CA
- Median Home Value: $953,000
- Median Rent: $3,417
- Household Income: $101,714
- Population Growth: $1.0%
- Dallas, TX
- Median Home Value: $237,800
- Median Rent: $1,611
- Household Income: $67,382
- Population Growth: 2.3%
- Nashville, TN
- Median Home Value: $252,200
- Median Rent: $1,499
- Household Income: $63,939
- Population Growth: 2.1%
- Jacksonville, FL
- Median Home Value: $208,200
- Median Rent: $1,357
- Household Income: $58,709
- Population Growth: 1.8%
- San Diego, CA
- Median Home Value: $592,800
- Median Rent: $2,573
- Household Income: $76,207
- Population Growth: 0.6%
Source: Zillow Data
You can read the full report from Zillow here.
Want more multifamily insights? You’ll find the latest market news, expert investor advice, real estate reports and more on our blog. Read the latest articles here.
Be the first to know with our new property alerts! You’ll find the subscription box at the top of the homepage.
For more investor insights, you can follow us on Facebook and LinkedIn, plus you can subscribe to our YouTube channel.]]>