Albuquerque offers a breathtaking desert setting and top-tier cultural events. These three reasons show why the tech hub is one of the best real estate investment cities in 2022.
Influx of New Residents
As more American workers go remote and open themselves up to new geographic possibilities, Albuquerque stands out as a sought-after destination because of its relatively low cost of living and below-average home prices. The city is also a popular place to retire. With so many new residents, Albuquerque homes commonly sell for an average of 25% over the asking price according to March 2022 data from U.S. News and World Report. The housing market is currently cooling across the nation, so it's a great time for real estate investors to capitalize on this population boom.
Exponential Economic Growth
Albuquerque's booming industries create opportunities for investing in residential, commercial and industrial real estate to meet the needs of new businesses. The city reported nearly a 23% increase in revenue from 2020 to 2021, with growth in sectors including retail, entertainment, technology and arts. New construction rates are also rising, presenting an additional avenue for investors.
Strong Rental Market
This New Mexico city frequently ranks as one of the best places to buy rental property, with more than 40% of residents renting rather than owning their homes. Albuquerque is attractive to renters, creating demand in this area, and provides an estimated year-over-year profit growth of 21% for landlords according to Roofstock.