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The Top 20 Best Places to Invest in Real Estate in America
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Top Customer Reviews
I have been working as a realtor for the past 7 years and prior to that, a real estate developer for 20 years. This is a good tool to share with investors to help them analyze the economics of investing in real estate. This is truly a "buyer's" market now.
The charts are clear and information rich. The commentary provides a useful primer on the market.
This book is a good investment whether you are interested in learning how to think analytically about real estate, just dabbling in the market, or ready to make some investments.
For each market covered, the book touches on the components of total return and risk that any prudent investor would incorporate into their analysis. First, current pricing of each market is analyzed in terms of rents vs. home pricing (i.e. current yield) and this metric ('affordability') is placed into context via a ranking against the largest 379 cities in the country. Second, appreciation in home values is forecasted based on historical data and reversion to the mean analysis. For those interested in fundamental drivers of appreciation, rather than reversion to the mean, the book lists each market's inventory (supply) and employment/population (demand) statistics. Third, historical volatility is shown to provide a proxy for each market's riskiness vis-a-vis the national median and the S&P 500.
The only caveat I have with respect to the market profiles pertains to the pricing/affordability metrics whereby the calculations are based upon an assumed vacancy rate of 8.25% for all markets. I believe this convention likely creates a bias in the affordability rankings in favor of those markets with greater than average vacancy, which may or may not be helpful to the extent markets tend to revert to normalized (lower) vacancy levels over the next few years. Overall, the amount of relevant information provided is a bargain at the reasonable price of $15.