by Jeanette Joy Fisher
Investors who follow real estate trends make money in any market. Although living in the suburbs took a hit over the past few decades, due in part to high fuel costs and lack of certain amenities, the 'burbs are beginning to make a comeback as people seek lower crime rates, smaller house payments, easy commutes, and better schools. The key is finding a suburb that's relatively close to a major urban area with affordable housing, good schools, safety, and access to cultural events.
An impossible dream, you say? Not if you know where to look. For instance, here are three suburbs that feature housing that's affordable to families making $50,000 to $60,000 a year--without having to live in the middle of nowhere, as the saying goes. All of these 'burbs are less than an hour's drive of a major city and have vigorous downtown areas with excellent eating establishments, lots of shopping, and cultural festivals throughout the year.
Our first great suburb is West Nyack, New York, only about thirty minutes from Manhattan. Actually, West Nyack is one of five villages that comprise an area on the west banks of the Hudson River known as The Nyacks. The median price of a West Nyack home is $605,700, which is about a third as much as the median in New York City ($963,700). West Nyack is also home to the largest shopping mall in the New York metro area.
Another suburb that meets our criteria is Sharon, Massachusetts, just a scant twenty minutes by commuter rail from Boston. Sharon offers excellent swimming, fishing, and boating opportunities in Lake Massapoag. With a median home price of $493,900, the area hosts a huge Fourth of July fireworks display and regular musical festivities. Area schools are also excellent.
The third affordable suburb is Sandia Heights, New Mexico, near Albuquerque. There are many homes available in the area in the $300,000 to $400,000 price range, well within the budget of our target families. It’s has a well-educated population, and some 65% of the area’s homeowners have graduate degrees, since many of them work for federal defense laboratories in the area. Sandia Heights also has a property tax rate of only 7%, which makes living in the area even more affordable.
Since they offer excellent alternatives to high home prices, crime, and crumbling big city schools, it appears that the 'burbs are coming back--or should we say that people are coming back to the 'burbs.
Learn how to flip houses in any market: Flipping Houses
Copyright © 2007 Jeanette J. Fisher
Flip That House with FAUX for Habitat for Humanity Project