I plan to retire in a few years and want to move somewhere else in the country (currently living and working in the Northeast USA). My plan is buy a rental property that will eventually become my own residence one day (since I can't relocate now due to various personal/work reasons). I know the market has been crazy over the past two years, so I'm not in the rush to buy right now, mainly just exploring and gathering ideas at this point. All inputs would be greatly appreciated.
Here are a few lifestyle and financial factors that I have in mind:
- Tropical climate/sunbelt states: I hate living in the Northeast. Snow, gloomy weather, seasonal depression, exorbitant winter energy cost, shorter days, etc.
- Metropolitan area: I don't plan to live right in the downtown of a major city, but still want to have easy access (with 2-hour drive) to a somewhat major city
- Price-to-rent ratio: If the price to own a home is significantly higher than renting in the new city, then I plan to just rent there instead. Obviously, I still want to own my place for various reasons, so a low price-to-rent ratio is preferred
- Income tax: After seeing how rigged the system has been against middle class workers in this country, I prefer to not pay anymore in state income tax (which are notoriously high in the Northeast) if I can
- Easy access to airports: I love to travel and plan to travel more once I'm done with corporate America, so being close to a big airport would be a plus
- Rental market: Since I don't plan to live there right away, I want to make sure that the property isn't just sitting there eating up my savings in the meantime. A market with high rental demand would be preferrable
I have thought about and researched a few cities/metropolitan areas so far, so inputs on those would be greatly appreciated, especially the "deal-breaker" reasons/factors (other cities are welcomed too):
- Orlando, FL: great weather, close to beaches on both coasts, Disneyworld, no income tax
- Las Vegas, NV: 4-hour drive to LA and the Pacific coast, the Stripe/entertainment, no income tax
- Charlotte, NC: great nature (especially the lakes and mountains), Charlotte Douglas airport with direct connections to major destinations, up-and-coming town flooded with finance money from the Northeast (i.e. property appreciation potential)
- Portland, OR: no income tax (if living north of the border in Washington), no sales tax, plenty of national parks/forests and beaches with stunning scenery, interesting culture and things to explore, close to Seattle
- Houston, TX: major city, no income tax, close to the water, midpoint between both coasts with shorter flight to either, food/culture, warm climate
- Salt Lake City, UT: numerous national parks within driving distance, mild climate, friendly people, relatively low tax burden and COL
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source https://www.reddit.com/r/RealEstate/comments/ubfzje/where_should_i_go/
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