Although the booming economy helped real estate developments all over the country, the Midwest seems to be benefiting the most. With a popular list of cities that are growing in population, investing in properties in this region is quite popular. In fact, a long-time financial and real estate expert, Mark Hanrahan, considers this area the future of many enormous projects. To better present the concept, however, consider some of the cities that are amongst the growth leaders in the Midwest.
Known for some sporting successes and lack thereof, Cleveland is amongst the most popular cities in the nation. It is located in the northern part of Ohio by Lake Erie. It is also a city where north of $8 billion has been invested between 2011 and 2015. These were the funds used to develop the infrastructure, residential housing, hotels, and much more. Expectedly, the property values in countless neighborhoods went up at unprecedented rates.
Also, Cleveland currently has a long list of projects that are either close to completion or well underway. These include a $400-million construction “nuCLEus”, a $175-million project “Innova”, as well as countless other renovation endeavors. In total, the financial investment that will be poured into Cleveland over the years is quite notable. Thus, people who want to start their business ventures in the Midwest should undoubtedly consider Cleveland.
The next city on the list is very similar in population size as it brings a little under 850,000 people. With unemployment rates falling below the national average, Indianapolis is a great city to look into for potential real estate purchases. Additionally, it is an area where business and professional jobs have seen a 3.5-percent growth in the last year. Such information is relevant as it speaks volumes about the city’s attitude towards small-to-medium-sized businesses.
Other reasons why Indianapolis is likely to experience a growth in property values include:
- Slow and steady decrease in living costs;
- Equal or very similar hourly wages across all industries and the national average;
- Constantly decreasing unemployment rate.
Thus, although there are areas where the city must still improve upon, investing in it before those improvements are made could be a profitable endeavor.
Located in the upper part of the Bluegrass State, Louisville is the next solid choice for prospective investors. Although Kentucky has an unemployment rate slightly above the national average, Louisville has seen a constant increase in business-related jobs. In fact, the growth factor between June and July of 2018 was measured at 5.3 percent. As with Cleveland, the financial investments in Louisville’s developments are at an upward-sloping curve. Thus, buying real estate now would be a good way to wait for steady returns as the city continues improving.
Kansas City, Missouri
As the largest city in the state, Kansas City is often under the spotlight when it comes to trending topics in Missouri. Currently, it is noted for a historically-low unemployment rate of 3.5 percent. Also, almost every job sector has seen growth over the last few months. For potential investors like Mark Hanrahan, these are all typical signs that there will be a rise in property values. Additionally, given the recent projects all over the city, the inflow of cash seems limitless. Thus, keeping a close eye on all of the changes in this region would be recommended from an investing perspective, claims Mark Hanrahan.
The list of cities in the Midwest that should be considered for potential investments goes on. This is because the entire region is undergoing a widespread urban development that is bringing the home values up. So, with proper research, almost any real estate investor could be able to profit off of the aforementioned changes.