There are three things that make Arizona the perfect place for your next real estate investment.
If you’ve been thinking about investing in real estate, Arizona should be at the top of your list. There are three big reasons why our state makes for such a good choice:
1. The economy and population growth: Our economy has been doing very well, and the governor recently announced that we have a $1 billion rainy-day fund. If a recession happens, this fund will help us manage its impact. On top of this, Arizona ranks sixth in terms of U.S. population growth rates. We’re sitting at around 1.4% growth per year, which equates to 200 people moving to Arizona each day. The combination of a good economy and a high population growth means that there’s plenty of demand for places to live — perfect for investment!
2. We have good tenants: On average, Arizona tenants have a credit score of around 669. This is only slightly lower than the nationwide average of 675. In addition, the average income of Arizona tenants is $40,000 per year while the average Arizona income overall is $56,000. Because tenants have good credit scores and great income, it’s easy to find suitable renters or buyers for your property.
3. Eviction rates are very low: In 2018, Arizona had a total of 66,000 filed evictions. Of these, 43,000 ended up with judgments and 20,000 ended with writs. This means that only 2% of all Arizona renters were affected by eviction last year. This is a very low rate for our market.
If you have any further questions about why Arizona is such a great place to invest, feel free to reach out to me. I’d also be more than happy to help you find your own Arizona investment property. Until then, I look forward to hearing from you soon.