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Stats about FIG's real estate markets

Top 10 Stats For Each FIG Market

arizona idaho market research texas utah Sep 24, 2020

Huge shout out to Buildium for pooling together a great database of information in a recent post labeled 50 up-and-coming cities attracting residents & investors in 2019.

Along with other stats we've found along the way, we've dug through and snagged the most useful info as they apply to our FIG markets through 4 key metros in Utah, Idaho, Texas, and Arizona.

Enjoy!

Phoenix, Arizona

FIG Projects in the Phoenix Metro: Hayden Farms, Village on Greenway

Top 10 Stats for Phoenix:

  1. Population: 1.6 Million – 5ᵗʰ largest U.S. city. Projected to be at least #4 by 2020 (Growth Nation)
  2. Estimated by 2030 the population of Phoenix will reach 2.2 million, and the metro population will reach 6.3 million (Growth Nation)
  3. Phoenix added over 72,000 jobs in 2019, which translates to 2.5% growth (AZ Economy, National Average = 1.5%)
  4. Arizona’s manufacturing job growth ran at the fastest pace since mid-1995, at 5.4% (AZ Economy, National Average = 1.0%)
  5. Number of jobs expected to grow from 3,015,242 at Q3 2018 to 3,180,993 Q2 2020 (Phoenix Business Journal)
  6. Arizona saw the fourth-highest GDP growth in 2018, according to recently released government data at 4.0%. Surpassing the likes of California (3.5%), Florida (3.5%) and Texas (3.2%). (Phoenix Business Journal)
  7. The Phoenix Metro has welcomed 47+ corporate headquarter relocations in the last 3 years. (JLL)
  8. Phoenix boasts the fifth-largest growth in number of millennial residents among the country’s largest urban centers (CommercialCafe)
  9. Rents rose 5.2% annually in the Phoenix-metro area last year. The median rent overall being $1,545 per month, up 6.9% (AZfamily.com/HotPads)
  10. Phoenix appreciation rates continue to be some of the highest in the nation, at 8.42%, higher than appreciation rates in 84.55% of the cities and towns in the nation. (Norada)

Houston, Texas

FIG Projects in the Houston Metro: Starwood Farms

Top 10 Stats for Houston:

  1. Population: 2,312,717 – 4ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  2. 5-year projected population growth: 1.7% (PwC, 2018 – U.S. average is 0.7%)
  3. Median household income: $47,793 (City Data, 2016 – U.S. median was $57,617)
  4. 5-year projected employment growth: 1.6% (PwC, 2018 – U.S. average is 0.6%)
  5. Cost of living index: 94 (City Data, 2016 – U.S. average is 100)
  6. Rent-to-household-income ratio: 20.2% (PwC, 2018 – less than 30% is ideal)
  7. Median 1-bedroom rent: $838 (Rentonomics, 2018 – U.S. median is $743)
  8. Year-over-year rent growth: 1.8% (Rentonomics, 2018 – U.S. average is 1.5%)
  9. Median single-family home sale price: $240,200 (NAR, Q3 2018 – U.S. median is $266,900)
  10. Year-over-year home sale price growth: 2.7% (NAR, Q3 2018 – U.S. median is 4.8%)

Bonus: RealPage: Annual Rent Growth Leaders (#11)

Bonus: PwC/ULI: Markets to Watch in 2019

Salt Lake City, Utah

FIG Projects in the SLC Metro: Colony Farms

Top 10 Stats for SLC:

  1. Population: 200,544 – 116ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  2. 5-year projected population growth: 1.4% (PwC, 2018 – U.S. average is 0.7%)
  3. Median household income: $56,994 (City Data, 2016 – U.S. median was $57,617)
  4. 5-year projected employment growth: 1.4% (PwC, 2018 – U.S. average is 0.6%)
  5. Cost of living index: 92.4 (City Data, 2016 – U.S. average is 100)
  6. Rent-to-household-income ratio: 17.2% (PwC, 2018 – less than 30% is ideal)
  7. Median 1-bedroom rent: $860 (Rentonomics, 2018 – U.S. median is $743)
  8. Year-over-year rent growth: 1.6% (Rentonomics, 2018 – U.S. average is 1.5%)
  9. Year-over-year home sale price growth: 9.4% (NAR, Q3 2018 – U.S. median is 4.8%)
  10. Multifamily property buy/hold/sell recommendations: 61% of investors say buy, 29% say hold, 11% say sell (PwC/ULI)

Bonus: RealPage: Annual Rent Growth Leaders (#8)

Boise, Idaho

FIG Projects in the Boise-Nampa Metro: Laguna Farms, Entrata Farms

Top 10 Stats for Boise:

  1. Population: 226,570 – 98ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  2. #9 in Year-Over-Year Rent Growth, Rentonomics
  3. 5-year projected population growth: 1.6% (PwC, 2018 – U.S. average is 0.7%)
  4. Median household income: $55,199 (City Data, 2016 – U.S. median was $57,617)
  5. 5-year projected employment growth: 1.3% (PwC, 2018 – U.S. average is 0.6%)
  6. Cost of living index: 92.1 (City Data, 2016 – U.S. average is 100)
  7. Rent-to-household-income ratio: 16.9% (PwC, 2018 – less than 30% is ideal)
  8. Year-over-year rent growth: 2.2% (Rentonomics, 2018 – U.S. average is 1.5%)
  9. Forbes: Fastest-Growing Cities in 2018 (#1)

Bonus: GOBankingRates, 20 Best Cities to Own Investment Property (#17)

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