What’s The Forecast For Bakersfield Real Estate Investing?
While not as large of a draw as LA, San Diego, or San Francisco, Bakersfield made the cut as one of the best places in California to invest in real estate in 2022.
Being the ninth-largest city in California, Bakersfield real estate has always been considered an excellent long-term investment since housing prices tend to rise over time. You make money on the investment since the increase in value usually beats inflation.
Let's look at what you can expect when you invest in Bakersfield in 2022.
Why consider Bakersfield for your next real estate investment?
If you're still on the fence wondering if you should invest in Bakersfield real estate or not, we share some of the top reasons why you should take the leap and invest.
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You don’t need to spend much on your investment.
If you're looking for affordability, you’ve got a gem in Bakersfield. The city is proud to have one of California's most affordable real estate markets. Estimates show that investment costs in Bakersfield are 63% lower than in LA and 76% lower than in San Francisco.
The cost of living is also lower than the state average, making Bakersfield an attractive market for those looking for a good place to settle down.
Ask your Bakersfield mortgage broker about the best loan products available for your REI project.
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The value of real estate is trending higher year after year.
Bakersfield sits in the top 10% nationwide for real estate appreciation. In the past year, the appreciation rates have become among the highest in America at 13.01%, which is higher than the rates you can find in 89.08% of the nation’s cities and towns based on data from NeighborhoodScout.
In the next 10 years, Walletinvestor predicts that sales prices for real estate will increase by 17.683%. Based on current data on median home prices, the market has been in a bullish cycle for the past 3 years. This means that investors can look forward to making money due to this positive outlook.
If you want to be part of the success achieved by short-term real estate investors in Bakersfield, you can apply for an income property loan to get you started.
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Amazon invested in Bakersfield.
Retail giant Amazon has built a warehouse in Bakersfield, and do you know what this means for real estate investors? A huge opportunity.
With Amazon entering the picture, there would be an influx of new jobs and a possible increase in average wages. Imagine the number of new renters looking for a place to stay?
Before you go hunting for your Bakersfield investment property,
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The economy is booming.
Amazon isn’t the only one investing in Bakersfield. Employment opportunities are increasing with the expansion of the healthcare and construction industry in the city. More jobs available means more people looking to either rent or buy homes.
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Rentals are on the rise in Bakersfield.
The average rent for a single-bedroom apartment in Bakersfield increased by 18% in 2021 compared to the previous year. For 2 bedroom apartments, the average rent has gone up by 25%, while for 3 bedroom apartments, the average rent has increased by 24%.
Bakersfield has a large rental population not only from the employment boom but also from the students who go to the colleges and universities in the Bakersfield area.
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Bakersfield is an ideal place for retirement.
Retirees are coming in droves due to the affordable real estate costs and low cost of living. This makes Bakersfield a potential market for real estate investors who can target those who are looking for a good place to retire.
Are you ready to invest in Bakersfield Real Estate?
When buying investment properties, you must do your homework before diving in. When done right, real estate investing can be a great way to build wealth. Now that you have an idea about the prospects of investing in Bakersfield, you can now make an informed decision on whether to take the plunge or not.
If you need funding for your investment property, you can’t go wrong with choosing the real estate experts at Accelerated Lending Group of Bakersfield, CA.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.