Buying and selling investment homes has become a common way to put money to work. Rental properties are one of the most effective investments because they can give you both short-term and long-term means of developing wealth. In the short term, monthly rental income could be a steady source of income. In the long term, equity buildup and property appreciation can help build wealth and security.
Many property owners also find that having a portfolio of real estate investments is a great way to diversify their income. Not only that, but when the stock market is down, real estate tends to be less volatile than the stock market. This can be appealing to people who want a safe and reliable way to make extra money.
Those who have been considering putting money into real estate projects couldn’t have picked a more favorable time to do so than right now. Since the beginning of the COVID-19 pandemic, the real estate market has exploded across the country, and house prices have gone up. This growth has also been seen in Nampa’s property market. Let’s look at some reasons why Nampa is considered a great city to invest in rental properties.
Situated in the Boise-Nampa metropolitan area, Nampa is the second-largest city in the region. The city is also located roughly twenty miles west of Boise and six miles west of Meridian.
Like the rest of the Treasure Valley, Nampa has seen rapid expansion. Even without the Amazon fulfillment hub, business has expanded significantly. People want to live in north Nampa because it is close to the interstate and has plenty of diversified businesses. The city’s location, not far from both Boise and Meridian, makes it a great choice for property investors.
Nampa's job market has grown by 3.4% in the last year. Future job growth is expected to be 47.4% during the next 10 years, more than the US average of 33.5%.
Due to the city’s economic expansion, a younger and more educated workforce is tempted to move to Nampa. Because of this, the city is getting more and more new residents. Many of them are telecommuters who are trying to get away from the high housing costs and traffic in bigger cities. With many newcomers, rental properties are in high demand, making it a great time to put money into real estate.
The Best of Both Worlds
Nampa is an excellent blend of big-city bustle and quiet, rural charm. The city has a lively downtown and a well-stocked farmer's market, and its inhabitants even have easy access to Idaho Wine Country. Because of Nampa's location and natural beauty, property prices in the area have risen in the past few years.
Cheap Cost of Living & Affordability
Nampa is ranked as one of the best cheap cities to live in in the United States by Livability.com. The affordability and low cost of living are incentivizing many younger people to move to and rent homes in Nampa.
Here are some statistics about living costs, property prices, and population growth in Nampa:
In Nampa, compared to surrounding cities, housing, and utility prices are around 22% lower.
The city also has a lower cost of living than the national average, roughly 5%.
The median price of a home in Nampa is currently $149,700, according to data from recent sales and other property data sources. When compared to the national median value of $204,900, the median value in this state is a more reasonable $192,300.
Comparing the Nampa rental market to the rest of the state and the nation reveals a gross median rent of $874, vs. $825 and $1,023 respectively.
In general, the state saw an average yearly appreciation rate of 0.17%. The annual national average increase in home value was 0.13%.
Nampa saw a higher overall population growth rate of 17.03% over that same 10-year period than either the state or the nation at large (at 10.55% and 6.23%, respectively).
Choosing The Best Area to Invest in Nampa
Some people like living north of the interstate because it's easier to get to work than living farther south. While new development on the southern outskirts may offer stunning homes near the wine country with breathtaking views, these residences may be too far out to attract tenants who must travel to Boise for work.
Since the desirability of neighborhoods can vary greatly, you need to take the time to find a reliable source that can help you figure out the best places to invest in finding the right rental property for your portfolio so that you can make the most of your investment.
Choosing The Right Real-Estate Management Service
In order to own and run a successful rental property, you need to expend time, effort, experience, and knowledge. Avoid the hassle of learning the hard way by letting us do the heavy lifting for you.
Rooftop Real Estate Management, Inc. is based in Idaho Falls, and we provide a wide range of property management services. If you’re looking for a highly competent property manager in Nampa, then look no further, because you have found the right place.
We have been in Idaho long enough to become familiar with the landscape, the community, and the prospects for development, and we're dedicated to maximizing the return on investment for each of our clients. If you're looking to build a successful real estate investment portfolio, we'd like to be more than just your property manager.
We're confident in our ability to help our clients get the most out of their property investment.
Contact us today to find out more!