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Are you looking for a way to start investing in Harrisburg, Pennsylvania real estate? There's a lot to love about Pennsylvania's capital city.
It boasts a strong tech presence and low unemployment, along with easy access to larger cities like New York and Washington, D.C. The city sits right on the Pennsylvania turnpike and has its own major airports plus train and bus stations.
If you're looking to invest in a city with all the amenities and an affordable cost of living, Harrisburg is the place to start. Here's are seven reasons to buy an investment property in Harrisburg, Pennsylvania.
1. Job Security
If you want to attract successful, career-minded people to your rental property, Harrisburg is a great location.
Because Harrisburg is the Capital city of Pennsylvania, it's been the headquarters for many businesses over the years. There have always been job openings, even during times of recession. Its top employers are state government, shipping and transportation, manufacturing, construction, and healthcare.
2. Decent Cost of Living
Compared to other states on the east coast, Pennsylvania offers a more reasonable cost of living. The Harrisburg suburbs offer decent rents and mortgages. It's estimated that the cost of living is around 43% less than the national average.
In terms of how this could affect your investment business, you may want to use a multi-property strategy. You could take advantage of the area's low cost of living and aim to buy and rent out several properties.
At first, you'll reinvest your profits into purchasing more housing locations. Then once you've acquired several properties, you'll be able to put your business on auto-pilot with the help of a property management team.
3. Young Professionals Love Harrisburg, Pennsylvania
Harrisburg is a magnet for young professionals. They move there to start careers right out of college and grad school.
Renting to highly-qualified young professionals is a great way to build your investment business. They typically want to maintain good credit and have the energy to work hard and stay financially stable.
It pays to work with a good property management company to advertise your homes for rent. They will help you find great tenants and keep them on.
4. “Best Place to Live”
Harrisburg gets consistent high marks for being a great place to live. In addition to the reasonable cost of living, there is plenty of culture and things to do, for every taste, budget, and interest.
5. Favorite Establishments
Although Harrisburg is a small city with a small-town vibe, residents can still enjoy fine dining and entertainment. Harrisburg has its own list of favorite establishments, and larger cities like New York and Philadelphia are only a few hours away.
6. Tons of History
For history buffs, the Harrisburg area and its surroundings offer tons of places to visit and soak up facts. They include Gettysburg and historic sites from early American history, plus the relics leftover from the industrial revolution.
7. Year-round Outdoor Fun
Outdoor enthusiasts will love Harrisburg's location near the eastern shore, which is about three hours to the east. And to the west and north, there are the mountains of Western Pennsylvania and New England. Residents can enjoy summers at the beach, plus hiking, camping, and skiing, all within a daytrip's distance from the city.
Start Investing in Harrisburg, Pennsylvania
Harrisburg, Pennsylvania is a perfect spot for real estate investing. It's at the center of a great area and offers a low cost of living plus many amenities.
If you would like to know more about buying your first rental property and getting started in real estate investing, get in touch with us. We're experienced property managers who can guide you to picking the best spots for your first rental property.
We'd love to talk with you about your goals and how we can help make your business a success. So contact today for a free consultation!
