Are you thinking about investing in real estate?
Whether you're buying your first home or your tenth piece of investment property, you aren't alone if real estate is something that interests you. Although it seemed like the entire world slowed to a halt during the COVID-19 pandemic, people are getting back to work and resuming life as usual, and that includes buying real estate.
But one challenge involved with real estate investing is knowing where to buy. If you aren't sure where to look for your next land purchase, Sioux Falls real estate might be a good option to consider.
SD homes for sale in Sioux Falls are more popular than you might realize, but there's still time for savvy investors to get in on South Dakota's housing market. And if you're looking for a new place to call home, Sioux Falls has both beautiful countryside and convenient access to businesses.
Whether you're looking at ranch homes for sale for your family, or you're a real estate investor considering new locations, Sioux Falls has something for everyone. Keep reading to find out why Sioux Falls real estate has so much potential.
If you're looking at new homes for sale in Sioux Falls to start a family, you're in luck. Despite being one of only two major cities in South Dakota, Sioux Falls is very affordable compared to the national average.
According to Sperling's Best Places, the cost of living in Sioux Falls is 11.4% below the national average. Compared to other popular cities, that's extremely low. For comparison, the average cost of living in New York City is 87.2% above average.
That means housing, utilities, healthcare, and transportation could all cost you less than what you're spending. This is especially the case if you currently live in a high-demand area. The only categories where Sioux Falls meets or slightly exceeds the national average are groceries and miscellaneous expenses.
Perhaps best of all, South Dakota doesn't impose state taxes on either income or personal property. So as a resident of Sioux Falls, you'll be able to keep more of the money you earn, too.
For property investors and landlords, this means that Sioux Falls could be one of the first places families are looking to relocate to. In almost all respects, it's a great city to own high-quality housing in.
If you're a property investor, now might be the right time to get involved in Sioux Falls. Also according to Sperling's Best Places, the average home price in Sioux Falls is well below the national average.
The median home cost in Sioux Falls is $188,100. According to reports by Zillow, the median home cost for the entire United States is $269,039.
Despite the low cost of housing, home appreciation for the past 10 years has been a very decent 35.5%, and home appreciation in Sioux Falls is up by 7.5%. As a real estate investor, you can reasonably expect the value of your property in Sioux Falls to increase year after year.
If you're someone who's hoping to buy their first home, Sioux Falls is one of the best places you could look. Thanks to its relatively low property costs, getting a house in Sioux Falls is substantially easier than it might be in other cities.
For investors looking for acreages for sale, South Dakota has a lot to offer. But for people looking for a new place to live, Sioux Falls is widely considered one of the best cities in the United States.
According to Livability.com, Sioux Falls rates a number 10 on their 100 best places to live.
On its Sioux Falls page, Livability mentions that residents enjoy a wide array of entertainment options, including live music and sporting events. If you're the type of person who particularly likes good food, you're in luck, as Sioux Falls is home to more than 650 restaurants.
Perhaps best of all, the gorgeous Falls Park is home to the waterfall the city is named after. It's very well maintained by the city, and it makes for the perfect place for late evening or early morning walks. Falls Park also features an occasional farmer's market during the summer months, where local growers and artisans offer organic produce and homemade foods.
As more and more people discover the beautiful environment and excellent opportunities Sioux Falls offers, it's likely to become more popular over time. If Livability's high rating is any indication, property investors in Sioux Falls could see a much higher demand for homes in the coming years.
Sioux Falls real estate may not be in very high demand right now, but that just means it's easier to buy. It's also likely to change, however, as more jobs and opportunities open up in this beautiful, temperate city.
With below-average housing costs and a good rate of property appreciation, it's a great place for investors to build their empire. And thanks to a comfortable city with beautiful scenery, it's also the perfect place to raise a family.
To find out how you can start getting involved in Sioux Falls real estate, get in touch with Hegg Realtors today.