Which state offers fantastic year-round weather, average income levels, affordable real estate, and has been named America’s #1 state for businesses two years in a row?
North Carolina delivers all this and more.
For foreign investors, North Carolina stands out even more, offering a diverse range of options – from urban housing and mountain retreats to short-term vacation rentals and housing for the state's many college students. To maximize your investment, consider purchasing a rental property in one of its high-demand cities.
Charlotte is the largest city in North Carolina. It’s a thriving economic powerhouse known primarily as a banking industry hub and a rapidly growing population– currently exceeding 900,000 residents. Known as a major financial center and home to numerous Fortune 500 companies, including Bank of America and Honeywell, Charlotte attracts professionals from various sectors. Its strong rental market, fueled by a significant influx of new residents, creates investment opportunities for non-U.S. residents looking to provide rental property housing.
Greensboro is known for its rich history and cultural attractions, as well as a growing economy. The city offers a lower cost of living compared to other major cities, making it attractive to families and young professionals alike. Although Greensboro has lower monthly rent than Charlotte, it also offers a significantly lower price point to purchase property here. The steady demand for rental properties, coupled with a diverse job market, provides foreign investors with strong potential for returns.
Durham is a city on the rise. Durham is home to Duke University, a thriving tech scene, and a strong educational sector – all of which drive housing demand. Ongoing revitalization efforts are transforming old neighborhoods and unused structures, further boosting the city's appeal. With renters accounting for 48% of households, Durham offers foreign investors a stable rental market for student housing. It’s also seen significant appreciation in the past five years.
Only a short drive from Durham, you can find another strong market in Raleigh. As the state capital and part of the Research Triangle, Raleigh is known for its high quality of life and strong job market. With a booming tech industry, numerous research institutions, and a population that is steadily increasing at an annual rate of 1.27%, it’s easy to see why rental demand in Raleigh is continually rising. You can see this reflected in the median rent adjustment statistics. Foreign investors will find that Raleigh offers solid opportunities for both cash flow and long-term growth.
Fayetteville is home to Fort Bragg and yes, it’s worth bragging about this military base which is a major driver of housing demand. This city has a unique blend of military influence and Southern charm. The steady influx of military personnel combined with low priced homes in relation to other areas of North Carolina makes it a strong cash flow market. Foreign real estate investors who buy in Fayetteville can stretch their money further than in other parts of the state.
Beautiful beaches and a rich history make Wilmington, North Carolina, an attractive investment option. This old port city draws both new residents and tourists. Plus, its local branch of the University of North Carolina adds a sizable student population. With an average property tax rate of just 0.65%, real estate investors can retain more income from both short- and long-term rentals.
Rounding out our list of ideal North Carolina cities for real estate investment is Sugar Mountain, a small town renowned for its ski resorts and outdoor activities. Nestled in the beautiful Blue Ridge Mountains, Sugar Mountain receives 80 inches of natural snow each winter, making it a prime skiing destination. In the warmer months, visitors can enjoy golfing at a comfortable altitude and mountain biking. With so much to see and do, Sugar Mountain is an excellent place to invest if you're looking to generate vacation rental income.
North Carolina offers abundant short- and long-term rental opportunities, often with property tax rates below 1%. Additionally, most of the state experiences very mild winters, reducing wear-and-tear on properties. Its popularity among tourists, students, professionals, and families of all income levels makes it an attractive market. If you’re looking to generate additional income through a lucrative rental property, North Carolina should be on your list of places to invest.
Waltz makes it easy for foreign nationals to buy property in the United States. From quickly getting approved for a DSCR loan to signing contracts, and managing your property after the sale, Waltz is your trusted partner. Learn how Waltz differs from a traditional mortgage process.
All figures are accurate as of October 2024 and may change over time.*Sources for all city-related statistics:
Home price data: Zillow Housing Market
Rental price data: Zillow Rental Market Trends
Property tax data: Smart Asset Property Tax Calculator
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