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Eight best cities to invest in real estate: United States and Canada

Here are some of the best real estate markets in the U.S. and Canada.

Investing in real estate has the potential to earn you a second stream of income— if you know what you’re doing. The most important aspect in real estate (investing and in general) is LOCATION. Where a property is located will determine if you’ve made a good investment, or if you’ll potentially lose money.

A few things make a “prime” location: affordability and cost of living, job and population growth, and potential appreciation of property and potential income. Basically, are people flocking to a location for a particular reason? If so, then you’ve got yourself a prime location. With that being said, here are some of the best real estate markets in the U.S. and Canada.

United States
The average price of a home in the U.S. is close to $375,000, so investors tend to look for properties around this price range.

1: Dallas, Texas
Texas has multiple cities that are ideal for real estate investment, but Dallas has got to be the best city for real estate. First off, it’s part of the Dallas-Fort Worth Metropolitan Area— the fourth largest metro area in the U.S., and the population is expected to double in the next decade with nearly 350 people moving to the area every day. And this is one of the reasons why Texas is the best place to buy real estate.

2: Charlotte, North Carolina
Charlotte is currently one of the fastest-growing cities in the U.S., it’s been ranked one of the best places to live in North Carolina. It’s also a major banking and financial center— the second highest after New York City. On top of all of this, the median price of a home is $252,000.

3: Lake Los Angeles, California
The state of California has one of the highest costs of living in the entire country, especially if you look near the Los Angeles area— except for Lake Los Angeles. Here, the median price of a home is well under the average at $255,000. Despite its name, it’s not located near a significantly large body of water, but rather in northwest Los Angeles County. The lower housing costs and the fact that it’s located near a major, thriving city makes Lake Los Angeles a profitable investment.

4: Orlando, Florida
One would think that in Florida, the best properties would be located in beach towns, but Orlando is one of the best places in Florida for real estate. Home to the largest amusement park in the world, Orlando is a top tourist destination— also making it one of the best cities to invest in vacation rentals. The median price of a home in Orlando is $260,00, and the city has a strong economy with only a 2.5% unemployment rate.

Canada
The Canadian real estate market has been thriving in spite of the COVID-19 pandemic. However, when it comes to Canada, the best places to invest in real estate are not in the big cities, but rather right outside of them— with the exception of Vancouver. Ontario is Canada’s most populous province, so here are four cities to look to.

5: Guelph, Ontario
On average, houses in Guelph sell for about $500,000. Compared to U.S. prices that’s on the higher end, but the average price of a home in Canada is closer to $700,000. It’s not located too far from the Toronto metro area, meaning that it’s likely that people will migrate to this town to get away from the big city, but are still close enough to commute to work in Toronto. As one of the fastest-growing markets in Canada, Guelph is a college town, and is also considered a good place to raise a family.

6: Hamilton, Ontario
The average price for a home in Hamilton is $650,000. Again, this is under the Canadian national average. Food and healthcare are two of the biggest industries in Hamilton, making it a great place to relocate to. Like Guelph, it’s not too far from the Toronto metro area meaning that it has a high potential for growth.

7: Kingston, Ontario
Kingston is located two hours away from the Canadian capital of Ottawa (halfway between Toronto and Montreal), and has one of the lowest costs of living in the province. It can also be described as a college town— home of one of Ontario’s oldest universities, Queen’s University. Still a somewhat up-and-coming city, real estate investors will benefit most by investing in land to develop new properties, or just to hold on to. With many new developments being planned, investors should also look into residential and commercial developments.

8: Windsor, Ontario
Windsor is a small community located right across from the U.S. city of Detroit. This may be a good investment opportunity for U.S. investors living in or near Detroit who want to further expand their investment portfolios. The average price of a home in Windsor is more comparable to U.S. prices, at about $425,000. The town is also seeing some job growth, especially with more people moving away from the big cities.

The real estate markets in the U.S. and Canada are pretty similar, yet vastly different at the same time. For one, the cost of living is much higher in Canada— especially in the larger cities. However, these eight cities are some of the best places for real estate investment in these two countries.

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