Real estate ownership used to be a way of life for practically everybody with a job paying even a little more than the minimum wage. Even for those with a well-paying job, it is now more or less a pipe dream. Many homeless people work part-time or full-time occupations, with over 10% of the population in some places working. In the United States, the federal minimum wage is $7.5 per hour. It hasn’t changed since 2009, a period of 12 years. Over the decades, housing prices have grown dramatically, particularly in the fastest-growing real estate regions. Republicans have been staunch opponents of raising the minimum wage. In 2008, the housing bubble triggered the Great Recession. The United States has to set up at least $900 billion in special loans and bailout packages. Housing prices have plummeted, particularly in America’s fastest-growing real estate regions. People were unsure about the impact on real estate when the epidemic struck in 2020. Many people predicted that demand would collapse, which would lead to a drop in real estate prices. As more people began working remotely and could simply relocate, demand increased. An annual report on real estate in the United States and Canada is published by the Urban Land Institute. The report includes a list of America’s fastest-growing real estate markets.
Insider Monkey takes a look at the markets providing the most potential for real estate, starting with number 25: In Columbus, Ohio, due to a shortage of real estate and extremely cheap mortgage rates, real estate values in the state capital reached new highs in 2020. In the ranking of the 25 fastest-rising real estate markets in the United States, Orlando is ranked 24th. Because of the increasing demand, Orlando’s sales in November 2020 were up by at least 20%, although inventories were much lower. While Charleston, South Carolina has been counted among the best cities for renters in the United States, it is also a great market for purchasing real estate. Philadelphia’s real estate market has seen a lot of interest, with the median price of a house in the city being over $200,000. Indianapolis has begun to draw a large number of investors and, according to Forbes, is one of the hottest real estate markets in the United States. The main reason for this is that residences in the city are reasonably priced, with reasonable predicted returns. In the ranking of the fastest rising real estate markets in the United States, Washington, DC is ranked 20th. A larger government inevitably entails greater real estate values in the capital. The suburbs of Washington, DC, are also among the fastest-growing real estate areas in the United States. Boise, Idaho’s capital and most populous city, has a scorching real estate market, with the median price of a home in the city increasing by roughly 20.53 percent year over year. California has a number of cities on our list, and it is also one of the most expensive, with the median price lately rising to over $973,000. Read on more cities in the article 25 Fastest Growing Real Estate Markets in America.