Why Real Estate Is Looking Extra Hard At The Sun Belt
You might have previously thought that the only reason to look further south than usual was to invest in a holiday home, but there’s one trend that has been becoming overly apparent over the past few years: more and more people are moving to the Sun Belt. Savvy real estate investors would be wise to work out why, exactly, that is, and to decide whether they should look at investing down there, too.
Economic forces driving people there
While many of the points we cover at going to look at what is driving people from the northern half of the country down south, or from metropolitan centers to smaller cities, there has been a long-term migration from the Rust Belt into the Sun Belt that has been driven by a loss of jobs. As such, investors and buyers alike are looking at spotting those up-and-coming areas being developed into new economic opportunities.
Improved work-life balance
One of the characteristics of the city is the sheer hustle of it. There’s plenty of economic opportunity for those who are willing to work for it. But for those who have made it, have some comfort in their career options, or are simply looking to change, the hectic work-life of the city might be very unattractive. As such, a lot of people are seeing the Sun Belt and similar areas as a way to improve work-life balance and get a little time back.
An age of retirement
One of the defining economic changes of the past few years (expected to last for a few more, yet) that often goes underlooked is just how many people are retiring. A lot of Baby Boomers are reaching retirement age and, amongst other things, they’re looking to live far away from where they worked. For that reason, a lot of retirement-age individuals who have built their wealth are moving out into the Sun Belt.
The prices can be hard to ignore
The prices of homes within the Sun Belt are relatively low compared to some of the more metropolitan states of the country. As it stands, home real estate may provide a more affordable avenue for working families with the money to move. However, the increasing popularity of these states is starting to drive prices up, so it might be a matter of acting now or regretting it later in some cases.
Falling out of love with cities?
It’s not just the work-heavy lifestyle of the cities that is starting to grate on people, however. A lot of people are starting to fall out of love with city life, in general. The urban sprawl is becoming less attractive than the perceived freedom and peace of places not so centralized, a trend that might continue as cities continue to grow larger and more divided among economic lines.
The Sun Belt region is set to soar faster and further if the current trends prevail. For that reason, it might be time to think about making a visit and expanding that portfolio, yourself.
