California is called the Golden State for many reasons. Plenty of sun, the gold rush, and extraordinary past opportunities to invest in real estate. While California is still an ideal setting for certain people, it is quickly becoming more difficult to justify buying property there. This is especially true because there are, arguably, 49 other states with more attractive real estate investment incentives.
For people who have only known California as home, it can be a little difficult to think about shopping for property anywhere else. Try to counter this bit of nostalgic grief by framing real estate investment properly. It helps to keep an open mind about a smart relocation. Here are five benefits that accompany property ownership outside of California.
1. Living More Comfortably, While Chasing Other Economic Opportunities
It is no secret that the cost of California acreage is only surpassed by certain select metropolitan properties in places like Manhattan. For the price of a simple home and plot in California, a small ranch can be purchased in many other states. Plus, the tax burdens in these places are much more manageable. Also consider states like North Dakota. Property prices there are also rising, but there is much more raw land available. Industry growth is also producing income opportunities that are setting records.
2. Investing Beyond Ballooning Markets, or Scarcity Fears
Investing in real estate simply because the market is volatile is not a secure plan. Try to remember 2007. Places like Utah and Colorado have balanced housing market statistics. Though there are upward trends, they are not only occurring because cities are running out of room.
3. Exploring States with More Resident-Friendly Governments
Sometimes, when reading California news, it seems as if the state government doesn’t actually like the job of managing its population. This is especially true when it comes to the act of finding affordable property in a safe neighborhood. Consider economically unique shifts like those in Wyoming. This state has just provided home buyer and business incentives for people using money vehicles like Bitcoin. This is a no-nonsense move to attract people who want to make the state home.
4. Escaping the “Nanny State”
Freedom is a huge issue with property buyers, regardless of age and class status. New California legislation, like the recent home solar power mandate, is the last straw for many people. There is a renewed desire for personal liberty in modern America. This is precisely why a state like Idaho is one of the fastest growing. In a city like Boise, new residents can enjoy metropolitan attractions, untouched wilderness areas, and private acreages with simple municipal laws to “homestead.”
5. Being Part of a Place with Growing Attractiveness for the Future
While a state like California has nearly endless attractions for visitors, most property owners would say that it is headed in the wrong direction. Why invest in an area that has an uncertain social and economic future? Bottom line real estate profits are only one factor in finding the right property. Take the time to learn about markets in areas that will likely remain popular for decades to come.