Macon one of the most popular places in the U.S. to invest in real estate. Here’s why.
If you’re looking to purchase a home soon in Macon, you’re in luck.
According to Belong Home, a home in Macon is highly affordable and will only cost buyers about 14% of their local wages, the third lowest rate in the country.
Having an affordable housing climate has made Macon’s housing market one that institutional investors love.
Institutional investors are companies and organizations — mutual funds, pensions or insurance companies — that invest on behalf of other people. According to Belong Home, any company that buys 10 or more properties in one year can be considered an institutional investor, “These buyers bought 1 in 15 single-family homes sold in the third quarter of 2022, or 6.7% of all home sales.”
In 2022, institutional investors made more than 200 sales in Macon, which made up more than 17.6% of all sales and more than twice the country’s average.
This made Macon the fourth most popular place in the country to invest in 2022. On the other hand, the affordability of homes made the Macon area a bad one for house flippers who saw their profit margin decrease from 120.7% in 2021 to 50.9% in 2022.
Other parts of the country aren’t seeing much affordability as rates have risen and mortgages with it.
“While home prices have declined a bit quarter-over-quarter, they’re still higher than they were a year ago, and interest rates have essentially doubled. Many prospective homebuyers simply can’t afford the home they hoped to buy, and in many cases no longer qualify for the mortgage they’d need,” said Rick Sharga, executive vice president of market intelligence at ATTOM.
Other places that are popular for investors include:
At the top of the list, Memphis, Tennessee with 1,326 sales
Number 2 is Jacksonville, Florida with 1,481 sales
Number 3 is Tucson, Arizona with 955 sales
Number 5 is Atlanta, Georgia with 5,188 sales at 16.8% in the area
View the full list on Belong Home’s website.
