I'm a real estate agent: These will be the best countries to buy property in the next 5 years

As any house hunter knows, where you buy is just as important as what you buy. Finding the perfect alchemy of affordable housing in an area that offers a good job market, great public schools, suitable weather, and a political and social climate that reflects your values ​​can seem like an impossible task. This is especially true in our current real estate market which boasts not only high prices but also higher mortgage interest rates.

But what about five years down the road? According to the new global US report, we are in for a rough ride thanks to the aftereffects of the COVID-19 pandemic, climate change and housing shortages. To help you in your future housing search, we have compiled a short list of states that are ready to buy in the next five years.

Idaho

According to Ryan Fitzgerald, Realtor and owner of Raleigh Realty, Idaho is one of the fastest growing states thanks to the low cost of living and property prices that are known to stabilize over time. In fact, Idaho's home values ​​are rising faster than any other state - having nearly doubled in the past five years.

Fitzgerald also noted that "Boise, the state capital, is famous for its safe neighborhoods and commendable school systems." Add to that a job market that is expected to grow by 1.5% per year until 2030 and you can understand why this is a leading place to consider putting down roots.

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Utah is known as the "Silicon Slopes" thanks to its thriving technology industry. But according to Fitzgerald, that's not the only plus Utah has to offer. The Beehive State also boasts a robust economy, vibrant outdoor life, low unemployment rates and a thriving real estate market that has shown consistent appreciation over time.

Colorado

If you're an environmentally conscious buyer, Neha Grafanda of Elite Properties NY, suggested the Colorado for its commitment to sustainability, renewable energy and green living. She also noted that Colorado has seen significant job growth, particularly in the technology, aerospace, and healthcare sectors. "The state's strong economy translates into increased demand for housing," said Grafanda, "as well as the potential appreciation of property values." Like Utah and Idaho, Colorado boasts stunning scenery and plenty of opportunities for year-round activities, which, Garfenda noted, attract tourists and residents, which in turn adds to the desirability of its real estate market.

North Carolina

According to Grafenda, North Carolina's affordable housing market makes it an attractive choice for first-time home buyers as well as those looking for an economical lifestyle. In fact, the state offers a lower cost of living than many states in the same region of the country. Depending on which city you are in, the cost of living is between 4%-11% below the national average.

North Carolina was on Fitzgerald's list because of the Research Triangle Park that was a magnet for pharmaceutical and technology companies. "This influx has stimulated a healthy job market, and housing remains relatively affordable," he said.

Fitzgerald also thought that North Carolina was going to flourish because of the combination of city living and beautiful outdoor spaces. While Grafanda touted its many cultural and outdoor activities as appealing to families and individuals looking for a "well-rounded residential experience."

Texas

The Lone Star State has seen a boom in interest since the pandemic, and according to our real estate experts, it's not slowing down anytime soon. “Over the past few years, I've noticed a remarkable influx of technology companies being drawn to this state, with Austin acting as a significant technology hub,” said Fitzgerald, “This migration has brought high-paying jobs and increased demand for housing. Along with a reasonable cost of living and a vibrant cultural scene, Texas presents an attractive opportunity."

Grafanda had a similar view, but added that a lower cost of living coupled with an affordable housing market is attracting both first-time buyers and investors interested in attractive rental markets. She also said, "Texas boasts a pro-business climate, with favorable tax policies and fewer regulations." This type of environment, Garfenda added, fosters economic growth which in turn positively affects property values.