Where We’d Invest in Real Estate in 2025 (If We Could Buy Anywhere)

Summary

BiggerPockets Real Estate Podcast Summary

Episode: Where We’d Invest in Real Estate in 2025 (If We Could Buy Anywhere)
Release Date: April 30, 2025
Host: Dave Meyer, Head of Real Estate at BiggerPockets
Guests: Ashley Kahr (Co-Host of the Real Estate Rookie Podcast) and Henry Washington (Co-Host of On the Market)

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Introduction

In this engaging episode of the BiggerPockets Real Estate Podcast, host Dave Meyer teams up with Ashley Kahr and Henry Washington to delve into the most promising real estate markets for investment in 2025. Responding to listener feedback, the trio shares their top picks across three primary regions in the United States: East, Central, and West. Each guest presents their selected market, supported by comprehensive data and personal insights, offering listeners valuable guidance on where to allocate their investment capital for optimal returns.

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Methodology for Selecting Markets

Before diving into specific markets, Dave outlines the selection process used by the hosts to identify their favorite investment locations. The United States is broadly divided into three regions:

• East Region: States bordering the Atlantic Ocean, including Vermont and West Virginia.
• Central Region: Encompasses the Midwest and parts of the South, stretching west to Minnesota, Iowa, Missouri, Arkansas, and Louisiana.
• West Region: Covers everything westward from Texas to the Pacific Ocean, representing about one-third of the U.S. population.

Each market is evaluated based on criteria such as median home prices, rental yields, job growth, population trends, vacancy rates, and overall economic stability. This structured approach ensures that the selected markets offer a balance of affordability, growth potential, and investment security.

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East Coast Markets

1. Rochester, New York

Presented by Ashley Kahr

Overview:
Rochester emerges as a standout market on the East Coast, boasting rapid property turnover and strong rental profitability.

Key Highlights:

• Median Home Price: Not explicitly stated, but implied to be affordable.
• Median Rent Price: $1,870.
• Days on Market: Properties average 13 days on market (00:24).
• Rent-to-Price Ratio: 0.77%, indicating robust rental income relative to property costs.
• Insurance Costs: Lower than the national average at $2,100, positioning it favorably against other markets.
• Capital Investments: $335 million invested last year.
• Sales Price Growth: Estimated 9% increase in property prices over the next year.
• Rent Increases: A remarkable 49% rent growth over five years.

Notable Quotes:

• Ashley Kahr [03:10]: "Rochester is averaging properties 13 days on market, which is the best right now in the country."

Investment Insights:

Ashley emphasizes Rochester's suitability for both flipping and long-term rentals. Despite New York State's landlord-unfriendly reputation, the high rent-to-price ratio and significant rent increases make it an attractive option for investors seeking cash flow and appreciation. Henry complements this by highlighting the market's appeal to beginner investors due to the low entry price points and ample opportunities to purchase distressed properties with multiple exit strategies.

Personal Anecdote:

Dave shares his personal connection to Rochester, expressing regret over not investing there earlier despite recognizing its potential. This underscores the importance of timely investment decisions in rapidly appreciating markets.

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2. Raleigh-Durham, North Carolina

Presented by Henry Washington

Overview:
Raleigh-Durham stands out as a vibrant, growing market with strong economic indicators and rental demand.

Key Highlights:

• Median Home Price: $383,400 (under the national average).
• Median Rent Price: $1,870 (within 10% above the national average).
• Job Growth: 8% over five years.
• Unemployment Rate: Low at 3.3%.
• Vacancy Rate: Extremely low at 0.08%.
• Population Growth: Positive over the last five years.
• Top Employers: Duke Healthcare, UNC Chapel Hill, IBM.
• Economic Stability: Presence of major universities and tech companies provides a steady influx of renters and job-seekers.

Notable Quotes:

• Henry Washington [07:09]: "I want markets where the median rent was within 10% or above the national average while buying below the national average."

Investment Insights:

Henry outlines his strategic criteria for selecting markets, focusing on affordability, rental income potential, job growth, and population stability. Raleigh-Durham exemplifies these factors, making it ideal for investors aiming for both cash flow and equity appreciation. The area's strong employment base, driven by healthcare, education, and technology sectors, ensures sustained demand for rental properties.

Economic Drivers:

The presence of prestigious institutions like Duke University and IBM not only bolsters the local economy but also ensures a continuous demand for rentals from professionals and students alike. Henry also notes the potential for spillover growth from tech expansions, further enhancing the market's attractiveness.

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3. Harrisburg, Pennsylvania

Presented by Dave Meyer

Overview:
Harrisburg offers a balanced investment opportunity with affordable housing, solid job growth, and a diversified economy.

Key Highlights:

• Median Home Price: $185,000 (under $200,000).
• Median Rent Price: $1,400.
• Job Growth: Not explicitly mentioned, but implied to be strong.
• Property Tax Rate: Low at 0.28% (national average ~1%).
• Insurance Costs: Moderate at $3,800.
• Housing Price Growth: 38% increase over the last five years; forecasted 4-6% increase in the next year.
• Capital Investments: Strong economic diversification with government jobs playing a significant role.

Notable Quotes:

• Dave Meyer [11:03]: "Harrisburg has a surprisingly great economy with a 2.9% unemployment rate, well below the national average."

Investment Insights:

Dave highlights Harrisburg as an undervalued gem with substantial appreciation potential. The city's status as the state capital ensures a steady influx of government jobs, contributing to economic stability. Additionally, the diversified economy reduces dependency on any single sector, mitigating investment risks.

Strategic Advantages:

Harrisburg's low property taxes significantly enhance cash flow margins for investors, offsetting higher insurance costs. The strong growth in housing prices over the past five years underscores the city's upward trajectory, making it a compelling choice for both new and seasoned investors.

Personal Connection:

Dave points out his proximity to Harrisburg, allowing for easier on-ground property management and a deeper understanding of the local market dynamics.

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Central Region Markets

1. Knoxville, Tennessee

Presented by Henry Washington

Overview:
Knoxville presents a strategic investment opportunity with affordable housing, robust job growth, and a diversified economy.

Key Highlights:

• Median Home Price: $351,000.
• Median Rent Price: $1,400-$2,100.
• Job Growth: Not explicitly stated, but implied to support economic stability.
• Unemployment Rate: Not explicitly mentioned.
• Vacancy Rate: 10%.
• Population Growth: Positive, supported by job and household growth.
• Top Employers: Covenant Health, University of Tennessee, IBM, Tech Sector Expansion.
• Economic Development: Significant investments in infrastructure and technology sectors, including a $114 million investment in Covenant Health Park.

Notable Quotes:

• Henry Washington [16:39]: "Median home price in Knoxville, Tennessee is $351,000, and median rent is $1,400. So you’re not quite at the 1% rule, but there’s plenty of cash flow opportunities."

Investment Insights:

Knoxville's balance of affordability and substantial rental income potential makes it attractive for investors. The presence of major employers and ongoing investments in infrastructure and technology sectors ensure sustained economic growth and, by extension, rental demand.

Strategic Advantages:

Knoxville's role as a college town, hosting the University of Tennessee, provides a stable tenant base beyond college students, including professionals and families attracted by the city's amenities and job opportunities. Henry emphasizes that while college towns often imply rental dependence on students, Knoxville offers broader rental possibilities due to its diversified economy.

Personal Anecdote:

Ashley adds a personal touch by mentioning Colorado Springs' proximity to attractions like Hershey Park, suggesting that Knoxville likely has its own local attractions that enhance its livability and investment appeal.

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2. Montgomery, Alabama

Presented by Dave Meyer

Overview:
Montgomery stands out as a top investment market within Alabama, driven by capital investment, job creation, and a favorable housing climate.

Key Highlights:

• Median Home Price: $185,000.
• Median Rent Price: $1,400.
• Unemployment Rate: Low at 3.8%.
• Property Tax Rate: Extremely low at 0.28%, significantly below the national average.
• Insurance Costs: Moderate at $3,800.
• Capital Investments: Highest in Alabama at number one for capital investment and number two for job creation.
• Economic Drivers: Long-standing relationship with Hyundai, expansion of car manufacturing, major Air Force base ensuring economic stability.
• Housing Supply: 3,700 housing units under construction with plans for 8,000 more.

Notable Quotes:

• Dave Meyer [21:42]: "Montgomery is the number one city in Alabama for capital investment and number two in the state for job creation."

Investment Insights:

Montgomery's affordability combined with its strong job market makes it a prime candidate for property investors. The city's ties with major industries like automotive manufacturing and the presence of a significant federal presence through the Air Force base ensure continual economic support and population stability.

Strategic Advantages:

The low property tax rate in Montgomery is a substantial benefit for investors, enhancing overall profitability by reducing holding costs. The planned housing developments indicate a growing market, suggesting that property values and rental demand will likely continue to rise.

Economic Outlook:

Henry underscores Alabama's potential as a "sleeper state" in real estate investing, highlighting its growing aerospace, tech, and manufacturing sectors. This diversification reduces economic volatility and supports a robust rental market.

Personal Connection:

Dave appreciates the under-the-radar status of Montgomery, noting that it hasn't received as much attention as other Alabama cities like Huntsville or Tuscaloosa, thus presenting untapped investment opportunities with lower competition.

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3. Fort Wayne, Indiana

Presented by Ashley Kahr

Overview:
Fort Wayne offers a stable and conservative investment environment with steady economic indicators and affordable housing.

Key Highlights:

• Median Home Price: $247,000.
• Median Rent Price: $1,600.
• Vacancy Rate: 1.6%.
• Unemployment Rate: Not explicitly stated, but implied to be stable.
• Economic Drivers: Strong manufacturing base with growing technology sectors.
• Growth Indicators: Noteworthy presence of new tech investments and stable job market.

Notable Quotes:

• Ashley Kahr [23:30]: "Everything was just kind of middle of the road. It seemed less risky, I would say."

Investment Insights:

Ashley highlights Fort Wayne's balanced approach to real estate investing, where the market presents no glaring red flags. The affordability paired with reasonable rental prices ensures manageable investment entry points and steady cash flow. The city's dual focus on manufacturing and technology fosters a diversified economic base, attracting a varied tenant demographic.

Strategic Advantages:

Fort Wayne's status as a conservative market appeals to investors seeking lower-risk environments. The balanced median home and rent prices offer a favorable rent-to-price ratio, while the manufacturing and tech sectors provide employment opportunities that drive rental demand.

Personal Connection:

Ashley mentions the upcoming BPCon speaker, Sarah King, who invests in Fort Wayne, adding credibility and firsthand insights into the market's potential.

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Central Region Summary

The Central region markets—Knoxville, Montgomery, and Fort Wayne—each offer unique advantages tailored to different investment strategies. From Knoxville's mix of affordability and job growth to Montgomery's high capital investment and Fort Wayne's conservative stability, these markets provide a diversified portfolio for investors seeking growth, cash flow, and reduced risk.

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West Coast Markets

1. Colorado Springs, Colorado

Presented by Ashley Kahr

Overview:
Colorado Springs is identified as a high-potential market despite its higher median home prices, driven by significant housing demand and robust job growth.

Key Highlights:

• Median Home Price: $485,000.
• Median Rent Price: Not explicitly stated, but inferred to support strong cash flow.
• Housing Shortage: Needs to fulfill 28,000 to 39,000 housing units by 2028.
• Job Growth: 10% over five years.
• Population Growth: 5% household growth.
• Key Employers: U.S. Space Command headquarters, microchip technology companies, solar panel manufacturers.
• Housing Demand: High due to spillover from Denver, necessitating significant new developments.

Notable Quotes:

• Ashley Kahr [29:32]: "Five year rent growth is supposed to be 49%."

Investment Insights:

Despite its higher median home price, Colorado Springs presents substantial investment opportunities due to the acute housing shortage and strong job growth. The presence of major employers like the U.S. Space Command and significant investments in technology sectors drive demand for quality housing, suggesting strong appreciation potential and rental income growth.

Strategic Advantages:

The projected need for tens of thousands of new housing units underscores a pronounced supply-demand gap, positioning Colorado Springs as a prime target for both new constructions and value-added investments. Ashley highlights the city's potential for appreciation, akin to Denver's growth trajectory over the past decade.

Personal Connection:

Ashley shares her experience visiting Colorado Springs, noting its rapid growth and aesthetic attractions like the Garden of the Gods, enhancing its appeal as a desirable place to live and invest.

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2. Sherman-Denison, Texas

Presented by Henry Washington

Overview:
Sherman-Denison, located an hour north of Dallas, is recognized for its affordability, proximity to a major metro area, and ongoing housing developments.

Key Highlights:

• Median Home Price: $251,000.
• Median Rent Price: $1,572.
• Housing Supply: 3,700 housing units under construction; planning 8,000 more.
• Economic Drivers: Proximity to Dallas, expansion of manufacturing (Texas Instruments), significant developments like Preston Harbor ($6 billion, 3,100-acre development).
• Top Employers: Tyson Foods, Texas Instruments.
• Job Growth: Strong, with new manufacturing plants and tech investments.
• Insurance Costs: Not explicitly stated; implied manageable.
• Property Tax Rate: Not explicitly stated, but Alabama's central markets have low rates.

Notable Quotes:

• Henry Washington [33:14]: "Median home price in Sherman-Denison, Texas is $251,000 with a median rent of $1,572."

Investment Insights:

Sherman-Denison's strategic location near Dallas makes it an attractive investment destination, combining affordability with the economic spillover from a booming metro area. The ongoing construction and planned developments signal robust growth, enhancing long-term property value and rental demand.

Strategic Advantages:

The area's affordability allows investors to purchase new construction homes that can either break even or generate positive cash flow from the outset, minimizing maintenance and capex expenditures. The significant investments from companies like Texas Instruments ensure sustained job creation, bolstering rental demand and economic stability.

Personal Connection:

Henry humorously notes the presence of casinos in Sherman-Denison, adding a layer of lifestyle appeal that can attract a diverse tenant base, from professionals to visitors seeking leisure activities.

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3. Twin Falls, Idaho

Presented by Dave Meyer

Overview:
Twin Falls represents a smaller, yet promising market known for affordability, low vacancy rates, and growing rental demand.

Key Highlights:

• Median Home Price: $358,000.
• Median Rent Price: Over $2,200.
• Vacancy Rate: 5%.
• Economic Drivers: Growing job market, expanding industries, absence of major red flags.
• Insurance Costs: Low.
• Property Tax Rate: Low.
• Population Growth: Positive, driven by job opportunities and economic expansion.
• Key Attractions: Natural landmarks like waterfalls, enhancing the city's appeal.

Notable Quotes:

• Dave Meyer [35:17]: "Twin Falls, Idaho has a median rent of over $2,200 with low vacancy rates and strong job growth."

Investment Insights:

Twin Falls' combination of affordability and high rental prices creates an enticing scenario for investors aiming for substantial rental income. The low vacancy rate indicates a strong demand for housing, while the city's natural attractions contribute to its desirability as a place to live and visit.

Strategic Advantages:

The favorable property tax and insurance rates enhance overall investment profitability. Twin Falls' status as a secondary market with room for growth positions it as a low-competition, high-opportunity environment for property investors.

Personal Connection:

Dave expresses interest in Twin Falls' potential for sustained growth, drawing parallels to Colorado Springs' spillover from Denver. The city's natural attractions, coupled with economic growth, suggest a balanced and prosperous investment landscape.

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West Coast Summary

The West Coast markets—Colorado Springs, Sherman-Denison, and Twin Falls—each offer unique investment opportunities driven by housing demand, economic growth, and strategic geographical advantages. From Colorado Springs' housing shortage and job creation to Sherman-Denison's affordability near Dallas, and Twin Falls' high rental yields, these markets cater to diverse investment strategies seeking appreciation, cash flow, and market stability.

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Conclusion

In this comprehensive episode, Dave Meyer, alongside Ashley Kahr and Henry Washington, explores nine promising real estate markets across the United States for 2025. By dissecting each market's fundamentals—such as affordability, rental yields, job growth, and economic stability—the hosts provide listeners with actionable insights and strategic considerations for building or diversifying their real estate portfolios.

Final Thoughts:

• Data-Driven Decisions: Each market selection is grounded in robust data analysis, ensuring that investment decisions are informed and strategic.
• Diverse Opportunities: From established markets like Raleigh-Durham and growing secondary markets like Twin Falls, investors have a variety of options catering to different risk appetites and investment goals.
• Community and Economy: Emphasizing the importance of local economic drivers, job growth, and population trends underscores the necessity of understanding the broader community landscape when investing in real estate.

Call to Action:

Dave encourages listeners to utilize the insights shared in the episode to evaluate their investment strategies and consider the highlighted markets for future investments. Additionally, he mentions the availability of a comprehensive spreadsheet on BiggerPockets.com to assist investors in their market research endeavors.

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Notable Quotes Recap:

• Ashley Kahr [03:10]: "Rochester is averaging properties 13 days on market, which is the best right now in the country."
• Henry Washington [07:09]: "I want markets where the median rent was within 10% or above the national average while buying below the national average."
• Dave Meyer [11:03]: "Harrisburg has a surprisingly great economy with a 2.9% unemployment rate, well below the national average."

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This detailed exploration equips real estate investors with the knowledge to identify and capitalize on emerging opportunities across diverse U.S. markets, paving the way toward financial freedom through strategic real estate investments.

Transcript

[Dave Meyer]

These are the best markets to buy rental properties right now in the middle of 2025. We keep saying it, but the housing.

[Henry Washington]

Market is shifting more and more towards.

[Dave Meyer]

A buyer's market every week. So if you've been sitting on the sidelines because you don't know which city or region across the US Is the most profitable for real estate investing, now could be the time to actually make that decision and start putting your money to work.

[Henry Washington]

And we've crunched all the data for you.

[Dave Meyer]

Today we're going to reveal nine of our favorite markets for investors looking to start or divers their real estate portfolio. Hey, everyone. I'm Dave Meyer, head of real estate investing at BiggerPockets. And today's show we got for you. It's back by popular demand because a lot of you have been sending us feedback that you want to hear more about the best places to invest given today's housing market conditions. So today that's what we're doing. We're sharing some of our favorites once again. And of course, I could not make this particular episode without my favorite trusty housing market analyst, Ashley Kahr, co host of the Real Estate Rookie Podcast and Henry Washington, co host of on the Market. Ashley, thanks for coming back and joining us today.

[Ashley Kahr]

Yes, thank you so much for having me.

[Dave Meyer]

And Henry, good to see you again. Thanks for doing all the homework and being here on time, unlike me.

[Henry Washington]

Happy to be here, man. Thanks.

[Dave Meyer]

The format for today's show is a little bit more of the same, where we're going to share with you markets that we actually like, but also go into some of the criteria that we use and the thought process behind each decision that we make. And we're sort of spreading it out. Each of us has been tasked with picking our favorite Investing market in three regions of the U.S. east, Central, and West. So we divided the country pretty roughly, to be honest, into thirds. This was not very scientific. We basically will put a map up on YouTube if you're watching this right now. But if you're listening, the general idea is the east is every state that touches the Atlantic Ocean. But plus we just threw in Vermont and West Virginia for good fun. Our central region is west of that over to Minnesota, Iowa, Missouri, Arkansas, and Louisiana. So, like broadly the Midwest and some of the south, and then the west region is everything. If you draw a vertical line from North Dakota down to Texas over to the Pacific Ocean, it's about half the country by area, but only about one third of the population. So I'm sure many of you will leave comments about our horrible geography. Totally understood. That is welcomed. But let's just get into these investment markets because that's what's actually important here. Ashley, you're up first. We're going to start and go east to west east region. What's the market?

[Ashley Kahr]

I did pick a market that's close to my hometown of Buffalo, New York. And the reason I picked it is because it's been making a lot of headlines lately and I wanted to dig a little deeper into this. So this is Rochester, New York. So if you haven't seen it in the news yet, they're talking about how this is the fastest selling market. So I think right now it's averaging properties 13 days on market, which is the best right now in the country.

[Henry Washington]

Wow.

[Dave Meyer]

Okay, so maybe you could tell us why that stat alone is something that got you excited about Rochester.

[Ashley Kahr]

So I thought this would be a great opportunity to actually flip a home or to have it as a rental, but plan to sell it within the next couple of years. So some other things that kind of drew my attention is the affordability, a good rent to price ratio at 0.77%. One thing that I was actually really surprised about this as the insurance costs were actually lower than the national average compared to a lot of the other markets at 2100. So is mid to low range of what other markets were spending for insurance cost then? Also just a lot going on. There was 335 million in new capital investments last year. So I really think this would be a good market for flipping. New York State is not landlord friendly and it was estimated that over the next year we could see a 9% increase in the sales price on properties.

[Dave Meyer]

All right, well, I'm surprised just flipping though, I guess. What makes you think it wouldn't be good for holding rentals? Just a landlord friendliness. Because a rent to price ratio as high as you just listed is definitely one of the better ones, especially for a major city in the country. It does indicate there is possible cash flow in Rochester.

[Ashley Kahr]

Yeah, I would say the biggest downside is that it's not landlord friendly. But also another pro if you did want to do a rental here is that the five year rent increase was 49%, which I thought that was actually really good too. So it could do both flipping or long term buy and hold.

[Henry Washington]

I like this market for a lot of the reasons that you said, but especially for beginner investors because your entry price points are typically going to be low. There's lots of opportunity because there are a lot of older homes in this region of the country. So that indicates that there's opportunity to buy distressed properties. And as a rookie investor, chances are you're going to screw something up. And so if you screw something up, too bad. This is a great place where you have multiple exits. Like if you can't sell it or you go over budget, you can always throw a tenant in it and probably rent it and protect yourself. And so it's a. I think it's a nice, safe market if you're going to get started investing. And it's not a super popular market, so there's probably less competition. You can probably buy deals right off the mls. I think it's a pretty safe market to start in.

[Dave Meyer]

Ashley, I feel like you brought this city up because it's my greatest shame and missed opportunity in Rochester. I actually went to college there, lived there for a while and miss this by a thousand miles that Rochester was going to be a really popular place for real estate and investment. When I was there, it was honestly a pretty depressed city. Housing prices were super cheap, unemployment was really high. But it has really turned around a lot. And although I'm very happy for the city of that, it was something I actually thought about for a while and decided not to pull the trigger on, although it would have been a great decision for me. So don't follow in my footsteps and perhaps consider Rochester more seriously than I did. All right, that's our first market. Thank you, Ashley. Henry, tell us about your pick on the East Coast.

[Henry Washington]

My pick on the east coast is one of my favorite cities just in the country in general. That's Durham Chapel Hill in North Carolina.

[Dave Meyer]

Oh, nice.

[Henry Washington]

I've always enjoyed the time I spent in Raleigh, Durham, North Carolina area. But before we get into that, I want to talk about the way I kind of narrow down my selections regardless of region. What I was looking for first and foremost was I wanted all the markets where the median home price is under the national average, meaning I can buy a house for less than the national average in the country. And at the same time, I wanted all the markets where the median rent was within 10% or above the national average. So I want to be able to buy under the average, but rent at or above the average.

[Dave Meyer]

I like that criteria. That's a good one.

[Henry Washington]

What I'm looking for with this is opportunities to buy properties that cash flow even in the current economy. But I'm also looking for equity and appreciation. So once I had that list, some of the additional criteria that I look for is I want markets where unemployment is low, where the five year price growth is high and where vacancy is the lowest. Also I'm looking for population growth to be positive over the last five years. I want it to show a history of people wanting to move there and not just a blip on the radar. And, and I'm also looking for job growth over that same time period. So if I'm seeing purchase prices under the national average, rents at or above the national average, plus people moving there consistently over the last five years and jobs growing over the last five years, that to me is a formula for where you're gonna get be able to get cash flow, but also some appreciation over time. Cause I want markets where you get both. Cash flow protects you now, pays you now, but wealth is built through equity and appreciation. So if you can get both, you're building pretty safe portfolio. So that's kind of how I was looking at narrowing down my list.

[Dave Meyer]

And you could still buy that affordably in Raleigh Durham. I, I feel like you hear that as like one of those market that's just grown like crazy over the last few years.

[Henry Washington]

Yeah. Median home price Raleigh Durham is 383,400, which is under the national average, not super low. But median rent price is 1870. So what that tells me is if I do the work to find good deals, I can probably find deals that cash flow. Will I be able to find them on the market? Probably not, but that's typically not how I invest anyway. So based on what I know about how I invest, these metrics tell me if I do the work, I can probably find deals that cash flow. 5 year job growth is 8%. Unemployment rate is only 3.3%. Vacancy rate 0.08%. So what?

[Dave Meyer]

Seriously? Yeah, yeah, that might be the lowest vacancy rate I've ever heard of.

[Henry Washington]

So basically what they're saying is if it's available for rent, it's getting rented. And with a median rent price that high, that means if you make your property desirable, you're going to get it rented and you're probably going to get good rents. Obviously there's multiple colleges in this area, so a lot of that is probably college students renting places. But I like this market for that reason. Again, not going to find properties on the market. But if you can do the work, if you're into buying off market properties, this is a place where you can probably buy value.

[Dave Meyer]

All right, great. I like it. Very good criteria there and definitely one of the more stable markets. We'll see what happens with the national housing market. But Long term, it just seems like a great market that's going to continue to keep growing.

[Henry Washington]

I think what people miss about this market is there are a lot of colleges there because their top employers are Duke Healthcare and UNC Chapel Hill. But the third top employer is IBM. It's a big tech market as well. And so a lot of these people are graduating and going to work for tech in that area, which is great for your properties and rentals as well.

[Dave Meyer]

All right, great. Well, we've heard Ashley's eastern market with Rochester, Henry's at Raleigh, Durham, North Carolina and we'll move on to mine. I think for all of mine you've probably, you may have heard of these places, but I doubt you've heard any of them mentioned as investing places. I was just trying to pick obscure places that might light a fire or spark some ideas for people who haven't thought of these markets before. And so what I'm looking for, similar to what Ashley and Henry mentioned. But my main two criteria here are affordability and job growth. To me those are like the best long term predictors of stability in the housing market and long term growth. And I also personally don't buy deals that don't cash flow within the first year. Like I'm willing to do a little bit of a rehab, but I need them to to get up to that cash flow positive in the first year. And where I came up with was Harrisburg, Pennsylvania. Have you guys been there? Know anything about it?

[Henry Washington]

Have not.

[Ashley Kahr]

I've been there.

[Dave Meyer]

I guess it's actually not that far from me. Right Ashley?

[Ashley Kahr]

Yeah.

[Dave Meyer]

Okay. Harrisburg has this like surprisingly great economy that I really didn't know about. Like their unemployment rate is 2.9%, well below the national average. There is a lot of government jobs there because it's actually the state capital. I was kind of surprised. I bad at geography. Did not know that before this I always figured like Philadelphia, Pittsburgh maybe. Nope, it is Harrisburg. But there's also just a really diversified economy there and the job growth is just going really, really well there. Particularly for a place that isn't as sexy as Raleigh, Durham or is not making any Zillows top list for, you know, hottest markets like Rochester. This is just one of those, you know, solid towns where as a rental property investor I think you can build a really strong solid career. It might not have the equity growth that, that Henry was mentioning, but housing prices have still gone up a lot. They've gone up 38% in the last five years. They're forecast to go up between 4 and 6% in the next year which is above the national average. So I think there's a lot to like about a city like this. And actually Henry, you made me think of something because for me as someone who invests out of state for rental property investing like I do think I looked around just on on the bigger pockets deal finder a little bit before this. Like you can find cash flowing deals on the market. So I think that's another criteria for people who are more on the passive side of the spectrum like me. That's something I tend to like. I like to be a bigger fish in a smaller pond, a little bit less competitive marketplace and a place like Harrisburg offers that for me.

[Ashley Kahr]

And don't forget it's also located near Hershey Park. So when you go to visit your property as a tax write off, you can go to Hershey Park.

[Dave Meyer]

Awesome. All right, well those are eastern markets. Just as a recap, the Rochester, New York, Raleigh, Durham, North Carolina and Harrisburg, Pennsylvania. When we come back we will move on to the central Stick with us.

[Henry Washington]

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[Henry Washington]

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[Dave Meyer]

Game, then you know the importance of solid tenant screening.

[Henry Washington]

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[Dave Meyer]

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[Henry Washington]

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[Dave Meyer]

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[Henry Washington]

Visit rentready.com that's R E N T R E D I dot com and use the code BP Investor. That's BP like BiggerPockets Investor to get six months of rent ready for just $1. Welcome back to the BiggerPockets podcast.

[Dave Meyer]

I'm here with Henry Washington and Ashley K. Care talking about some of our favorite investing markets for 2025. We've moved on from the eastern market now to the central region, which again we roughly just included Midwest, down to where Henry lives in Arkansas, but not including Texas, Oklahoma. That all goes into the west Coast. So Henry, let's start with you. Where did you pick in your your home region?

[Henry Washington]

In my home region I did not pick my home region because a you wouldn't allow it, but it did show up in my search criteria. That's just how amazing of a market it is. But with this selection, I chose Knoxville, Tennessee. I like Knoxville, Tennessee for a couple of reasons. A Nashville has been one of the hottest real estate markets in the country for some time now and it's continuing to grow and expand. And Knoxville, Tennessee is obviously in that same area of the country. Median home price there, 351,000. Almost 352,000. You're not going to get that in Nashville, Tennessee. The median rent though is guess. Somebody take a guess. What do you think the Median rent is?

[Dave Meyer]

1750 Ashley?

[Henry Washington]

$1400 $2100.

[Dave Meyer]

What median re. Are you serious?

[Henry Washington]

Yes, sir. Knoxville, Tennessee. Knoxville, Tennessee. It's got a good economy. They are spending a lot of money in the local economy. So Covenant Health is the biggest employer in the area, and they are spending 114, $14 million on a covenant Health park, which is a stadium that they're building down there, a sports stadium. You've got. They've got a federal grant 42.6 for city connectivity improvements. So they're improving their downtown area, building sidewalks, bridges, streets. Plus the tech sector has a huge expansion going on down there. So they're spending a lot of money, companies are spending money, infrastructure is getting better. And like I said, I was only picking markets that have positive job growth and positive population growth. And so this is a way for you to not spend as much as you would in a Nashville, but get rents similar to a Nashville, which means you've got more cash flow opportunities. Plus, a lot of people who are moving to Tennessee may not want to move all the way and get the hustle and bustle of Nashville. And so people are picking Knoxville, Tennessee. There's, like I said, because there's lots of jobs, because there's population growth, vacancy rate is 10%, which is pretty good. It is also a college town as well, because that is where the University of Tennessee is, and that is the second largest employer in the area.

[Ashley Kahr]

This is also the closest airport if you're going to Pigeon Forge. Correct?

[Dave Meyer]

Oh, that's a good one. Yeah.

[Ashley Kahr]

So, like, if you fly in, you stay the night because maybe it's a little bit cheaper, so maybe even Airbnb would work. And then you drive out. I'm just trying to name attractions of why we should buy a market so we can go visit.

[Henry Washington]

Somebody research the pizza and the wings. Please let us know in the comments of the video where we should get pizza in Knoxville, Tennessee.

[Dave Meyer]

All right, Well, I feel like that this is a theme, honestly, I see a lot these days when I'm picking markets that meet a lot of the criteria is college towns. Like, they tend to perform well. Rochester, Raleigh, Durham, both college towns, I guess Harrisburg, I don't think is has any notably big colleges, but Knoxville obviously does. And some of the other ones we're going to talk about I think do as well. So that that is something to keep an eye on. It really does tend to stabilize an economy, right. Colleges, they don't have these swings when the economy goes down. You know, they still have a lot of students coming in. It's a very stable economic provider, as is health care, which you also mentioned.

[Henry Washington]

And I want people to realize too, that, like, college town doesn't mean you have to buy properties and rent to college students. No Right. College town is stability because there are companies, universities, restaurants, sports teams who are way better at analyzing markets than the three of us. And they've all done this and have chosen these markets. Right. For particular reasons. And so like, we're leveraging that to help us choose where we should invest. Like it's a college town for a reason. There's a lot of jobs and employment for a reason. And if you can leverage some of that, the analysis of some of these super smart people who they've hired to do all this research, then you can buy properties. Like, I live in a. Technically, I rent in a college town. You know, Fayetteville, Arkansas is where the University of Arkansas is. But I'd argue to say that, like, I don't know, less than 5% of my tenants are college students.

[Dave Meyer]

Well, yeah, it's like companies move to college towns because there's this steady streamline of talent for, you know, people to hire. There's a good labor force. So, yeah, it just makes a lot of sense.

[Ashley Kahr]

I was actually reading an article this morning on bigger pockets. It was written by Austin Wolf and it was talking about the top three cash flowing markets for 2025. And one of them was Tuscaloosa, Alabama said the reason was it's a college town in just the university is having such a growth in student population that it's creating a demand for rentals.

[Dave Meyer]

With that segue, I will just go to my central market because it's also in Alabama. But I feel like Tuscaloosa gets a lot of love and Huntsville gets a lot of the love, but there are a lot of other good markets in Alabama. And so what I picked was Montgomery, Alabama. I think this gets overlooked a lot, but one of the things I really liked here is that it was the number one city in Alabama for capital investment and the number two in the state for job creation. And there are other good cities, but like, I was kind of surprised to see that because it's not as hyped up as a lot of the other markets in Alabama. It also has a great unemployment rate at 3.8%. And one of the things that I think is particularly interesting is we don't know exactly what's going to go on with tariffs, but a lot has been made about potentially car companies reinvesting into the United States. And Montgomery has had this long standing relationship with Hyundai for 20 years. And they've sort of indicated that they're going to start ramping up production there or that they're going to continue to invest there's. Also a major air force base in the area. So that provides a lot of stability to the general economy there. And so I think this is just another example of one of these very affordable cities. The median home price in Montgomery is under $200,000. It's $185,000, but the median rent is 1400 bucks. So like you're not quite at the 1% rule, but I bet you you could go on bigger deals right now and find a cash flowing property today in a market that has a lot of capital investment and job growth. Like to me that's just kind of a no brainer.

[Henry Washington]

Alabama's such a sleeper state for real estate investing. Like people don't realize how many high level aerospace tech jobs, engineering jobs are out there. Yes, there's a lot of manufacturing, but lots of high earners have to live there. And lots of government jobs, which means lots of government contracts, which means they can also be good sleeper markets for midterm rentals.

[Ashley Kahr]

Is Alabama a landlord friendly state?

[Henry Washington]

Absolutely it is.

[Dave Meyer]

Yeah, it is. One thing I was actually curious about because a lot of stuff that going on on the Gulf coast is you're seeing insurance costs really go up. And so I was curious and looked into this and the median insurance costs in Montgomery is 3,800 bucks, which is a lot. I mean, that's more than I pay in most places, but it's definitely less than Louisiana. But to offset that, their property tax rate is 0.28%. And just for, for reference, the average in the country is about 1%. It's about a quarter of the average. In states like Texas, it's over 2%. So like you really have this big wild swing. But Alabama has extremely low property taxes. So that's just another thing that can help, help offset those higher than average insurance costs when you're trying to calculate your cash flow. All right, well, those are the first two, but actually we haven't heard from you on the central region just yet. Right.

[Ashley Kahr]

Okay. So I picked Fort Wayne, Indiana.

[Dave Meyer]

I almost picked that popular city college town. Right?

[Henry Washington]

Yeah.

[Ashley Kahr]

I just think like everything is steady. None of the data was detrimental, but none of it was also like, like super great. Like, wow, this is a great unemployment rate. Like it's super low. There was, I just felt like everything was really steady. So that's what I liked about this market. Also super affordable. The Median housing was 247. House price.

[Dave Meyer]

Wow.

[Ashley Kahr]

The median rent was 1600. I just thought everything was just kind of middle of the road.

[Dave Meyer]

What's going on in Fort Wayne, I said Collegetown, but I think that's actually wrong. Like what, like what's going on there? Is there like a Hershey Park? Is there good pizza?

[Ashley Kahr]

It's a strong manufacturing base.

[Dave Meyer]

Okay.

[Ashley Kahr]

But it does have like some growth in the technology sectors too. So I just like the numbers on it. That it was very conservative. It seemed less risky, I would say.

[Dave Meyer]

Okay, I like that. I think, yeah, generally speaking, like the Midwest, that whole area, a lot of Ohio, a lot of Indiana offers that I think, think and, but some have gotten really expensive. So you know, Indianapolis is a great market too, but it's really gotten a lot more competitive. It's, it's well known. Same with places like Columbus.

[Henry Washington]

Google announced a big $2 billion data center there. So.

[Dave Meyer]

Okay.

[Ashley Kahr]

Actually we're going to have a speaker at bpcon that invests in Fort Wayne. Sarah King. She's going to be one of the speakers at bpcon this year in Las Vegas and she invests there. That was one of the reasons the market stood out to me too is because she's always sharing her experience. And even though she does well there, doesn't mean that I would or it's the right market for you too. But it's always a good starting point to look where others are investing and then look at the data and see if it would actually work out for you.

[Dave Meyer]

All right, those are central markets, Knoxville, Fort Wayne and Montgomery. And if you're thinking those aren't all central, you're probably right. But we're just doing the best that we can out here. Ashley mentioned bpcon which actually lies in our western region. This year it is in Las Vegas. I'm curious if either of you pick that but we'll see after this break.

[Henry Washington]

But if you want to hear Sarah.

[Dave Meyer]

King speaking at bpcon or Ashley Henry or myself speaking at bpcon plus meeting thousands of like minded investors, there are still tickets available, so go to biggerpockets.com conference to get yours today. We'll be right back.

[Henry Washington]

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[N/A]

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[Henry Washington]

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[N/A]

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[Henry Washington]

Welcome Back to the BiggerPockets podcast.

[Dave Meyer]

I'm here with Ashley and Henry and we're picking our top, top favorite markets. We've gone from the east to the Central to the west coast. Ashley, tell us where you picked on the western half of the United States. But again, that's just one third of the country in terms of population.

[Ashley Kahr]

This one is way out of touch for me that this is an expensive market. But I saw some opportunity here so I picked Colorado Springs and it's more expensive with the median price around 485,000.

[Dave Meyer]

Oh okay.

[Ashley Kahr]

But what, what stood out to me is that they are having a housing shortage. So by 2028 they need to fulfill 28,000 to 39,000 housing units in order to meet just the current demand for housing and then also just a lot of job opportunity with the U.S. space Command is having putting headquarters there which will create around like 600 jobs, a microchip technology company, 700 jobs and then solar panel manufacturing that was like a little less than 400 jobs. There were some numbers too that kind of stood out with me with this housing shortage is that the five year rent growth is supposed to be 49.

[Dave Meyer]

Oh my God.

[Ashley Kahr]

Yeah. And then the just the five year job growth of 10 too. And then 5% for household growth growth. So just I see a lot of opportunity and appreciation in this market. Maybe some overflow from the Denver area into Colorado Springs, but just the demand for housing needed and just what the expected increase in the value of those properties is going to be.

[Dave Meyer]

This is a great way of looking at potential markets because at the end of the day it really does come down to supply and demand. And oftentimes when we talk about things like job growth growth or population growth or household growth. What we're really trying to predict is demand. And you know, unless you're someone like me who looks at permit data all the time, it's a little bit harder to look to forecast supply. But a lot of cities put out these housing analyses. There's a couple in the Midwest that I've been reading about where they just like do a very detailed analysis, knowing everything they know about their own city and being like, we need X number of new houses and oftentimes the cities put these out because it's kind of like a call for alarm, like there's just not enough housing, obviously. You know, personally, I feel like I hope they produce more housing. But as an investor, you can one be a part of that if you want to upzone things or you can just, you know, be someone who's able to provide high quality housing to tenants in these places where they might not be able to afford to buy a single family home normally. So. So I think that's a great one. Colorado Springs. Ashley, you're just beating me up. That's another one that got away from me because I, I always thought like, oh, spillover from Denver, It's a great place. I actually drove down there a few times and looked at properties but never pulled the trigger. But it's been growing crazy for like 10 years and sounds like it probably will keep going.

[Ashley Kahr]

Yeah, I think like you look at people who bought in denver, you know, 10 years ago or whatever, like they probably have a nice chunk of equity in their property from appreciation and you know, the similar, similar circumstance could happen in Colorado Springs. So you got to get in now.

[Henry Washington]

I've just heard that's a beautiful place. Colorado Springs.

[Dave Meyer]

Yeah. Pike Place, Garden of the Gods. Henry's great golf course there at the Broadmoor. We should go play.

[Henry Washington]

Say less.

[Ashley Kahr]

There we go. There's, there's our attraction.

[Dave Meyer]

I don't know if you play golf, Ashley, but you're invited.

[Ashley Kahr]

I putt, putt.

[Dave Meyer]

Okay, perfect. All right, well, great. Great pick. I mean, I know from personal experience a lot really like high quality of life there too. It's just, it's like a no ice place. All right, moving on. Henry, what is your Western market region?

[Henry Washington]

Well, you're going to get comments about this because it technically doesn't seem like it's in the West. It's in Texas. But Kathy Fedke would be proud of me because I picked Sherman Denison, Texas.

[Dave Meyer]

Never heard of it.

[Ashley Kahr]

Never heard of it.

[Henry Washington]

Neither had I. Until I did this research. But it is about an hour north of Dallas. So not too far from major metro Dallas, Texas. But median home price, what do you think it is?

[Dave Meyer]

225, 250.

[Henry Washington]

Nailed it. 251. Median home price in Sherman Dennison, Texas. Nailed it. Median rent, 1572. What I like about this is the cost of housing relative to the distance from Dallas, Texas, the major metro. If you know anything about Dallas, it's just been growing like crazy, crazy and it's been expanding. And so people who were early to the Dallas boom are now like, get me out of here. All these California, New York folks are moving to Dallas and they're moving to. Toward the outskirts. Right. And so you've got growth in these areas just outside of Dallas, but you also got affordability. They have 3,700 housing units under construction. They are planning 8,000 more. So they are growing like crazy out there, which I like to see. Top employers, Tyson Foods, which is a top employer in one of my markets. So we know they're doing well. But I really like this in terms of like your ability to buy a property brand new and keep it as a rental property.

[Dave Meyer]

Man, you really do sound like Kathy Feck.

[Henry Washington]

I know, right?

[Dave Meyer]

Right.

[Henry Washington]

I mean 251 median home price. You can probably go out here and get yourself a $200,000 new construction home, rent that thing out and break even or cash flow a little bit. But you've got no maintenance or capex expenditures for your first five to 10 years because it's brand new construction. There are tons of money being poured into that area. Preston Harbor, $6 billion 3,100 acre development going on there. Texas Instruments is opening a manufacturing plant that's under development right now out there. So you're going to have jobs. It's going to keep growing. Dallas is expanding. That's going to keep growing. So I thought, I just thought this was a pretty cool way to get into the game with maybe something new and not having to do value add.

[Dave Meyer]

I like that. That's a really good strategy. I just googled it because I didn't. I obviously am terrible at geography and I needed to see on a map where this was. And I see why you like it, Henry, because it seems to be surrounded by casinos.

[Ashley Kahr]

So another place we're in to visit.

[Henry Washington]

Telling my secrets.

[Dave Meyer]

Going with Ashley's theory of why you want to pick these places. But there seem to be several casinos in the area and maybe a good reason for Henry to go visit his potential rentals frequently.

[Henry Washington]

Yes, you can follow my investing advice. Please do not follow my gambling advice.

[Dave Meyer]

All right, well, I like that. That is a really good strategy. And I think, you know, I guess outside of maybe Raleigh, Durham, a lot of the ones that we're picking here today are sort of these like secondary and tertiary cities. Not that they're, you know, Ratchet is a big city, Colorado Springs a big city, but Harrisburg actually has a way bigger population than I thought at like 600,000 people. But you know, just like not the most obvious places. And sort of going to some of these places that probably haven't seen all of their growth yet, you know, they're still growing and there's still this potential in these cities. So this could be a really good example of another one, even though I'd never heard of this place before.

[Ashley Kahr]

Well, Dave, I think too, when you look at these secondary markets, you're getting more accurate data because most of them are smaller. Where like when you go to these big cities and you look at the overall number, like it drastically changes from neighborhood to neighborhood. So, like, especially as a new investor, it's actually easier to analyze these smaller markets because the information is more concise.

[Dave Meyer]

I completely agree. I for a while thought about investing in San Antonio. It's just so big and it's like so sprawling. I just couldn't wrap my head around it as an out of state investor. It was just too hard and wound up choosing some smaller Midwest markets where I could just go and I could drive around them in an hour, you know, and like, I can get a sense of it in a different way. It really does make a big difference.

[Ashley Kahr]

Well, the next time we do this, then we have to do small hometown, little market.

[Dave Meyer]

Okay, I like that. Yeah, like no bigger than a hundred thousand people or something like that. It'd be fun. All right, well, I'll give you my last market, which is actually the smallest market that I picked, at least for this episode. But I picked Twin Falls, Idaho, because Idaho sort of. Sort of how? I was thinking about Pennsylvania and Alabama, which all states that are growing a lot. But I was looking just for, you know, a secondary tertiary market. Everyone knows Boise has been growing like crazy, but Twin Falls, it has a lot to like. It's affordable at $358,000. The population is so it's not tiny. Super low vacancy rate at 5%. It's not 0.8%. Henry. Sorry. But 5% vacancy rate is still really good. The median rent is over $2,200. So there's solid Rent growth here and meanwhile everything. Sort of like what you were saying about Fort Wayne, Ashley, there's like no red flags. Like it's landlord friendly, insurance is pretty low, property taxes are low. You know, incomes are growing, jobs are going there in droves. You know, like there's a lot of stuff to like here. And I just again think that similar to what you said, Ashley, like a lot of the spillover from Denver went to Colorado Springs, Boise is growing so much. I wonder if that impact will sort of happen to sort of these other markets in Idaho, which is why the appreciation hasn't been crazy there over the last couple of years. But I just wonder if it's one of those markets that we'll see sustained growth over the next couple of years. And again, it's a place I don't think most people have been to or have heard of, which is what I was looking for today.

[Ashley Kahr]

And no major attraction. They have waterfalls, I think.

[Dave Meyer]

Okay, it sounds like they have two waterfalls at least.

[Henry Washington]

Yeah, I think just what we need from everybody is if you could give us the best pizza place and the best wing place in each city we mentioned in the comments of these videos, that would be super helpful for research purposes.

[Dave Meyer]

Well, this was a lot of fun and I think again, the idea here is maybe one of these nine markets appeals to you. Feel free to go check them out. But the idea here is to share with you some of the thought process, some of the fundamentals that you could be looking for in your own search for markets or as Ashley pointed out, in your search for neighborhoods within a market. These fundamentals don't just apply in a state level or a metro level, but also on a neighborhood by neighborhood level as well. Henry, thanks so much for being here. We always appreciate it.

[Henry Washington]

Thank you for having me.

[Dave Meyer]

Ashley, thank you for coming over from the rookie show. We are always happy to have you here.

[Ashley Kahr]

Yes, thanks so much.

[Dave Meyer]

And for all of you, if you do want to do this research yourself, you could download the spreadsheet that Ashley, Henry and I have been using for [e-mail] resources. We'll put a link to that below. But it's a super helpful thing that sort of conglomerates all of this data into one place makes it easy for you to start identifying metro areas you might be interested in investing in. Thank you all so much for listening and watching this episode of the BiggerPockets podcast. We'll see you next time.

[Henry Washington]

Thank you all for listening to the BiggerPockets Real Estate Podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by E and K, copywriting is by Calico, content and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com.

[N/A]

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose, and remember, past performance is not indicative of future results. Biggerpockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising from a reliance on information presented in this podcast.