A Pandemic Trend That Benefits the Southern States
It may not be hard to understand why people are moving to the Sunbelt. The name pretty much sums up the appeal of moving to the South — lovely weather, plenty of suns, limited snow accumulation. Now, factor in a global pandemic that has shown us most jobs can be done remotely and from the comfort of your own home. What does that mean? The perfect equation for a mass exodus from the north and midwest to the sunny southern states of the USA!
Why the Sunbelt?
If you remove the appealing concept of a temperate climate and pleasant year-round weather, the Sunbelt has other reasons for the mass migration. Many southern states have a much more affordable housing market than the highly populated cities of the northeast and midwest. Now that the idea of job location is less important, people can move to a location with a much lower cost of living and overall higher quality of life.
Specific Growth Data
According to BankRate, the top five states for population growth since the pandemic have been
- North Carolina
Diving deeper into the data, the primary markets for migration to Sunbelt cities are Atlanta (GA) and Dallas Fort-Worth (TX). The secondary market is Nashville (TN) and Raleigh (NC). Each of these cities has a much more affordable housing market and metropolitan areas that boast a growing youthful vibe appealing to Millennials and Boomers alike.
What Does That Mean for Raleigh?
Raleigh (AKA- The Triangle) is the second-largest city in North Carolina with a job market focused on research and the life science industry. The city is also a sprawling metropolitan area with affordable housing and the ability to achieve a work-life balance due to the outdoor activities, cultural venues, and amazing weather.
According to the World Population Review, Raleigh is one of the fastest-growing cities in the United States, with a growth rate of 3.4% per year. It is predicted that Raleigh will continue to steadily grow for the next five years. Couple this data with the current pandemic, and you get prime conditions for migration to the area and the perfect opportunity to capitalize on a rental market in full swing.
Owning a Rental in the Sun Belt
A temperate climate, a lucrative job market, and a newfound ability to work remotely have made Raleigh a great place to own rental property. With roughly 48% of the individuals moving to Raleigh wanting to rent instead of own, you also get the perfect opportunity to hone in on the rental real estate market.
What does this mean for real estate investors? Now is the time to diversify your rental portfolio and take advantage of the movement south. Real estate is a great investment plan and an even better way to leverage your hard-earned money. Through rental income, appreciation, and profits, real estate can generate consistent returns. With roughly half the population moving south wanting to rent and not own, there is a potential to get a valuable increase in your earnings.
At Oak City Properties, we’ve streamlined the experience of purchasing and owning investment properties through a trusted and reliable mindset built on decades of measured success. Our team of real estate and investment professionals is ready to help you manage your most significant assets through a hands-on approach that focuses on consistently generating results. Want to learn more about our commitment to effective real estate investing and property management? Give us a call at (919) 232-9222 or check out our website: https://oakcityproperties.com
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