The Reality of the US Real Estate Market. Which is better East Coast or West
When choosing the best place to live, there are many decisive factors we must look at. Whether you are looking for a home to buy or trying to start a business, investing in real estate is always challenging. It takes time, money, and a lot of knowledge on the subject. Since the US real estate market can be divided into the East Coast and West Coast, let’s try to analyze both sides and determine which one is more suitable for investments.
US real estate market – East or West?
If you are moving to a new neighborhood, it is essential to pick the one most suitable for your needs. The cost of living, health care, educational system, these are all important aspects of our every-day lives. However, if you are looking at the US real estate market in need of buying a house, you need to see the bigger picture here.
Buying a house on the East Coast greatly differs from buying one in the other part of the country.
The Size of the Property
One of the major differences between properties in the US real estate market is in the size. For example, if we look at the average size of larger apartments, they are much bigger on the West Coast. What you would consider a large apartment in New York is a smaller one in Seattle or San Francisco.
Opportunity for Business
If you are looking to invest in a property that will generate monthly income, like apartments for rent, the East Coast is perfect. Because the space for expansion is limited, there are a lot of small apartments ideal for rent. An amazing fact is that the vacancy rate in New York, for example, is only 1%. That tells you how rare it is to have an unused apartment in that area.
With that in mind, if you have an opportunity to invest your money and buy a place on the East Coast, do not think twice. This is an investment that will pay off multiple times.
The Cost of Homes
Because of the same lack of space for expansion, the cost of homes is much higher on a per-square-foot basis than on the West Coast. You should consider this when buying a home. Never go above your budget.
It is only logical that the US real estate market affects other parts of your life. That being said, you should know that even relocation can cost more on the East Coast. That’s why you should always consider hiring affordable movers, like amplemoving.com.
East Coast – The Financial Center of the US
The economy greatly differs between the two sides of the US. All industries on the East Coast are primarily centered around the financial sector. You should have that in mind if you are planning on relocating your business establishment. If you are into financing, real estate, or any type of business that revolves around the financial sector, the East Coast is definitely for you.
West Coast – The Kingdom of Technology
If you are more into technology, and you are looking to buy a property, the West Coast is a better pick for you. This greatly affects the cost of the property, so make sure you are spending your money in the right place. Many technology brands are centered on the West Coast. Since it is known that luxurious brands can affect the prices of a property, you should keep track of any changes on the market.
Taxes on the East Coast
Another factor that affects property is taxes. You’ll lose a substantially larger amount of money on taxes if you are located on the East Coast. That’s why it’s much better for your wallet to invest your money into real estate on the West Coast, especially if you are the one paying the bills.
As I mentioned earlier, if you are planning to rent a place to someone, the East Coast is a better choice, but if you are planning to live there, it will cost less on the West Coast.
After everything that we’ve discussed today, this is the conclusion.
Real Estate on the East Coast:
- higher cost per square footage
- smaller properties
- lucrative if you are looking to rent a place to someone
Real Estate on the West Coast:
- better chances of buying a larger property for less money
- cheaper for living
- lower taxes
The Reality of the US Real Estate Market
The expansion of the US economy reaches its first decade, and the year 2019 is full of changes and innovations. Unemployment is below 4%, which is unbelievable. The US real estate market is expecting large changes in the years to come. We can safely say that the rent cost will go up.
Many investors have a worried look on their face, thinking about what is to come. It is known that nothing good lasts forever, so we must ask ourselves, what is the future of the real estate market for the West and the East Coast?
Interest rates are on the rise, and it is highly possible they will continue to grow. That’s why it is crucial to carefully plan every investment, taking into account all the essential factors.