continue to do so in coming years. In 2011, Lehigh Acres was home to a population of around 92,000. The total population is now situated at just under 125,000. As an investor, more people moving into the city should make it easier for you to find tenants and keep rents high. NO. 4 INDIANAPOLIS, IN Indianapolis, Indiana, is another popular real estate market with affordable home values. As of January 2023, the median sale price for a single-family home in Indianapolis is $215,000, which represents a year-over-year increase of around 1.5%. In fact, there hasn’t been a single month without year-over-year growth in home values in exactly four years. Five years ago, the median sale price for a home was a little over $136,000. By investing in the Indianapolis real estate market, you should have peace of mind that your property will appreciate in value over time. Homes only remain on the market for an
average of 33 days before being sold, indicating there are many buyers and renters on the market. Buyers who can’t afford to purchase a home because of the recession are more likely to rent, which means that you should be able to bring in new tenants without issue. Although all homes are selling relatively quickly, homes in popular areas of the city go from being listed to pending in just seven days. Like the other cities on this list, the population in Indianapolis has been on a steady incline for the past decade. In 2013, there were around 844,000 people living in Indianapolis. Today, the population is over 900,000 when taking current estimations into account. Another indication the market is recession-proof is the expected job growth in the city. The average rate of employment growth in the entirety of Indiana is around 2% in 2023 and 2024. By comparison, Indianapolis is expected to see employment growth of 2.9% for the same two years. Job growth
means more people will be moving into the city and looking to rent. BIRMINGHAM, AL If you’re looking to invest in a NO. 5 popular real estate market that also has affordable homes, Birmingham, Alabama, may be the perfect place to look. The median sale price for a single-family home was just under $210,000 in December 2022, which marked a 20.7% increase from the same month in 2021. When you purchase a home in Birmingham, you should receive a property that will increase in value as you hold it. Keep in mind that real estate is often considered a hedge against inflation. At a time when other in - vestments tend to drop in value, real estate values typically increase. You can also maintain a high income in a recession-proof market because of the ability to charge consistent rents. The median rent for a one-bedroom apartment in Birmingham is $1,298 as of February 2023, which is a sharp year-over-year increase of 27%. With this information in mind,
24 | think realty magazine :: november – december 2023
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