Yahoo Finance Experts: 3 Great Cities for Wealth-Building Opportunities
America’s cities are filled with stories of entrepreneurs and businesses building wealth throughout history. Today, the U.S. holds 32% of the world’s liquid investable wealth, totaling $67 trillion, according to Henley Global. The country also houses 37% of the world’s millionaires.
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Growing wealth is an aspirational goal many of us share. We all want a nest egg for our retirement and to leave to our families. But where you live (and invest your money) can make the difference between failure and success. Some cities have affordable housing, high-paying jobs, a robust economy and abundant opportunities that make building wealth easier.
We spoke to two experts for insight on U.S. cities that offer the best wealth-building opportunities. Whether you’re a high net-worth individual or have the ambition and aspiration to build wealth, these three cities hold great promise.
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Austin, Texas
Austin is a city with abundant wealth-building opportunities. According to Seamus Nally, CEO of TurboTenant, it is one of the fastest-growing cities in America, largely because it is a growing tech hub.
“The population of Austin has grown [dramatically] in recent years as more and more people relocate there for [financial] opportunities,” Nally said. “[The city] has become a popular place for startups and [many] young business professionals.”
Signs of growth will continue in Austin, as it represents great opportunities for real estate investing, as demand for housing increases and real estate values continue to grow, he added.
Other than real estate, the city holds additional potential for investors.
“Austin has more music venues per capita than any other city in the country, and boasts plenty of other cultural and leisure opportunities,” said Charles Clinton, CEO and co-founder of Equity Multiple. “[Austin also] has a strong university presence, and no corporate or state income tax, making it a burgeoning tech and innovation hub.”
He added that the city is “viewed as a low-cost place to live and do business with plenty of quality of life perks,” which makes it an attractive target across different real estate asset classes and types of properties.
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Boston
With an affluent, well-educated renter base, the city of Boston is home to perhaps the highest concentration of elite educational institutions [and professionals] in the world, said Clinton.
“The area also has very high barriers to entry for new development, both zoning and geographic, which makes investments in the market attractive,” he said. “Recently, the city introduced a massive tax break for office-to-residential conversions in order to increase the affordable housing stock, which provides excellent potential for real estate investors and developers.”
Raleigh-Durham-Chapel Hill, North Carolina
Third on our list is the Raleigh-Durham-Chapel metro area, also known as the Research Triangle.
“What makes the Triangle an attractive business environment is its tax code; North Carolina has the lowest corporate tax rate in the country at 2.5%, which will gradually decrease to 0 by 2030. The Triangle also benefits from proximity to elite educational and research institutions,” said Clinton.
He added, “It is behind Austin and other sunbelt metros in terms of its local economy, however, which means that there could be more upside for real estate investments in the area.”
To look at a couple of examples, Clinton points to Apple and Google, two major tech companies with plans to expand to the area. “This could bring up to 4,000 high-paying jobs to the metro. However, it’s not a done deal, so that job growth has not yet been priced into real estate assets.”
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