Breaking News

Photo via Flickr

Report: New Jersey the best place to invest in a home

HomeUnion, an online real estate investment management firm enabling value investing in residential properties, has released new data on the best places to invest in rental homes in the Tri-State area.

According to HomeUnion, New Jersey is the best place to invest in homes, while New York City is the worst.

New Jersey’s Middlesex County was named the best place to invest with a 7.3 percent cap rate and median investment home price of $171,000, while Union County ranked second with a cap rate of 7.3 percent, and median investment home price of $175,000.

Meanwhile, investment properties in Suffolk County on the east end of Long Island had an average cap rate of 5.3 percent, with median prices of $340,000.

“Long Island outperformed other regions of New York State on our list of the best places for investing in rental homes in the region,” said Steve Hovland, manager, research services for HomeUnion.

“Suffolk County ranked fourth with average SFR cap rates of 5.3 percent, while Nassau County ranked seventh with cap rates of 4.1 percent. Home prices were also relatively low compared to the high-demand boroughs of Brooklyn and Manhattan, where median investment home prices range from nearly three-quarters of a million dollars to almost $1.5 million.”

Leave a Reply

Your email address will not be published. Required fields are marked *