Forecasters see pessimism in the overall 2016 housing market. However, the degree of caution depends on location. There are some areas that will witness both job growth and affordability, making for a positive real estate climate. Today, we will discuss the the top three cities that economists at Trulia found to fit that description. Top real estate professionals can find some communities within their area that possess the qualities found in these booming cities.
1. Grand-Rapids, Michigan
It goes without saying that consumers need money in their pockets to be able to purchase a home. Also, purchase prices must be within the range of the average resident; otherwise, few will be in the market to obtain property. Real estate professionals do not have to worry about any such problems in Grand-Rapids, Michigan. This river city is the 14th most affordable in the nation. Job growth proves a boon, as well, with the city ranking 22nd.
2. Charleston, South Carolina
There are lots of jobs in this picturesque South Carolina city. Ranked 6th in job creation, residents can expect to find suitable employment. The real estate market should experience a corresponding growth as these workers decide to move into better housing. Charleston receives a lot of inbound housing searches, placing 5th overall. Affordability is a problem for many, however, as research places the city at a dismal 66th. Though the Sunbelt economy has cooled to a degree, Charleston remains poised to do well in 2016, especially in the tourism industry. Those able to find well-paying jobs will be able to afford the somewhat high-priced local housing.
3. Austin, Texas
The Texas capital remains a popular destination for millennials searching for a bohemian lifestyle. Of course, these up-andcomers also want to have gainful employment, which is no problem in Austin. The city ranks third in job growth. Austin has a lot to offer. There is an outstanding intellectual environment because of the University of Texas. With both a plethora of government agencies and over 50,000 college students, this city can withstand even dire economic times. There were no Copyscape matches found. Moreover, the local hi-tech industry, drawn by the large pool of educated workers, includes giants Apple, Dell, IBM, and Samsung.
So, despite the fact that a Harris Poll found that 22 percent of all Americans believe rising interest rates will make it more difficult to get a mortgage in 2016, real estate professionals should remain calm. There are some markets that will see exponential growth. The key is to find microcosms of these larger positive trends within a particular city.