Spokane, Washington is considered one of the hottest real estate markets in the country, and home prices in the city’s real estate market are expected to rise steadily in the coming years. Considering this speculation, the demand for homes in the city is rising each day. Many Spokane homebuyers are constantly checking the best properties around them. They’re also enlisting credible real estate agents to help them gather leads on the best homes that fall within their budgets while meeting all their requirements for a dream home.
Recently, Florida Atlantic University and Florida International University researchers released a list of the top 100 most sought-after housing markets, where Spokane came in at sixth place. Here is everything to know when you plan to buy a property in the city.
The Housing Costs Remain Cheaper Than Other West Coast Cities
Good news for all Spokane homebuyers — Spokane’s housing costs remain cheaper compared to other west coast cities! This means that the market for buying property here is favorable, and you may save a lot during the process. The properties in the city are affordable compared to California and Silicon Valley, which is another reason for the rising demand for real estate in Spokane.
According to experts, you can buy two Spokane rental properties for the same price as one property in California. If you look for a bargain or choose a smaller, starter-home, there is a huge scope of options for buying several rental properties in the city. Best of all, living in Spokane is cheaper without compromising your quality of life.
Lower Tax Rates
California has the highest tax rates, taking 11 percent of your income, and the income tax rates for Oregon extend up to 10.3 percent. But when it comes to Spokane, the income tax rates are significantly lower, extending up to 9.3 percent only. This is reason enough to convince you to buy a property in this city.
Even if you do not have enough savings or you have just entered your 20s and started earning, buying a property at low tax rates is a wise decision.
The Rental Market is Strong
Another benefit of investing in properties in Spokane is its rental market. Washington State doesn’t put a single restriction on security deposits, though the city has strict deadlines whereby the landlords must refund the money. The overall rental market in Spokane and other parts of Washington State favors landlords over tenants.
Landlords can also raise the rent if they provide notice for at least thirty days. The tenants then have three days to pay the rent before the process of eviction begins, and Washington State allows tenants to be evicted for any cause.
The City is Set to Take Off
Years ago, the unemployment rate in Spokane was very high, but over time, the city’s economy has made it possible to allow more higher-wage jobs to its citizens. A majority of jobs in Spokane pay more than the average county wage, so if you look forward to living in Spokane for the long run, you may enjoy a good quality of life.
It also means that now is the right time to invest in the properties in Spokane and secure your family’s future. The promise of better pay is another reason that lures many individuals to live in Spokane, thus fueling the demand for the city’s housing market.
Spokane is a relatively affordable real estate market on the West Coast. The city is witnessing increased demand and property valuations while it also remains a safe place to invest in real estate. If this article has piqued your interest, why not get in touch with a Real Estate agent and invest in the best properties to live a comfortable life.