The two states of Texas and Florida dominate the Forbes Where to invest in 2015 list with Houston and Orlando property featuring in the top five. The two cities stand out for their high population growth, strong job creation and undervalued property prices. As a result, Houston and Orlando are “safe bets to invest”, for both first-time buyers and buy-to-let investors.
The Orlando property market continues full-steam ahead with single family homes and foreclosures at the helm in price increases. The surge in activity and prices has prompted property professionals to predict that now is the time to buy.
Not only has Florida left the recession well behind, the Sunshine State can look forward to strong economic growth and job creation at least until 2017. These excellent forecasts are also good news for the Florida property market, predicted to keep pace with the growing economy.
All the economic figures point to a buoyant year for the US economy in 2015. This year’s strong employment and financial growth will also boost the US property market, forecast to grow significantly. Property experts have highlighted ten areas for particularly strong activity in 2015 and Houston features as one of them.
November foreclosure statistics return Florida to the country’s number one position, although year-on-year activity has dropped markedly. Mortgage default figures also point to a decrease in a market where obtaining a mortgage for property in Florida remains a challenge.
With the local economy and job creation growing at a ‘blistering’ pace, property in Houston is in seriously short supply. Latest figures point to one of the lowest inventory levels in a city where rentals are perhaps the only way of satisfying demand.
Three recent surveys have revealed that financial and personal circumstances lead many Americans to favour renting a property over buying one. The tendency towards more single households, the perceived barrier to mortgage loans and the flexibility afforded by a rental all point towards continued buoyancy in this sector of the US property market.
Luxury residential property remains a favourite asset with investors who have shifted their attention to North America over the last year. Four American cities rank among the highest performers, all recording double-digit growth, confirming the continent’s strong appeal as an investment destination.
The U.S job market looks set to swing into action in 2014. Forecasts for Florida in particular show a positive trend in 2014, with estimates of adding around 176,000 new jobs to the state’s economy, with a particular concentration in the construction sector. Such job creation should help stimulate Florida’s economy through increased wages and confidence in the local market.
