One to Watch: Chattanooga, TN
Positive job growth, an affordable median home price, and a low cost of living make Chattanooga “one to watch” for 2017. Sperling’s reports that the population of this historic gateway town stands at 176,588 and growing. The unemployment rate is in line with the national average, but economic growth and downtown development promises to create more jobs in the area.
Nestled along the Tennessee River in the eastern part of the state, Chattanooga boasts an idyllic landscape. Several major highways converge around the area, making the city an important transit hub for the south east. The so-called “Scenic City” is known for its abundant outdoor activities and rich history. All of these factors are putting Chattanooga on the map – and catching the eyes of real estate investors.
Jobs, Development, and Economic Growth
Chattanooga’s North Shore is bustling with development, including a $6 million retail space. The North Shore development will be anchored by craft brewery Heaven & Ales and will also include restaurant and office space. Nearby, more commercial space is being converted into apartments. This type of mixed retail and housing development is creating jobs and encouraging continued economic growth.
Jobs in Chattanooga are growing at a rate of 1.93% and the cost of living is 12.5% lower than the national average. These numbers are encouraging people to relocate to the city – and encouraging investors to take a closer look at real estate in the area. Chattanooga is the anchor between three states: Georgia, Alabama, and Tennessee. This unique position puts Chattanooga at an advantage for regional trade, transportation, and distribution.
Abundant natural resources (iron and steel), a strong tourism industry, and a specialized labor force are also driving economic growth. The diversified economy and profitable location of Chattanooga are contributing to the success of the city. Chattanooga is also home to the headquarters of the Tennessee Valley Authority Division of Power. The city has easy access to affordable natural gas and electricity, with room for industrial growth. The city water and sewage treatment are also poised to accommodate further industrial development.
OK, we know that Chattanooga is bustling with jobs and industry, but what is it like to live there? Downtown Chattanooga is the place to be if you like being in the middle of the action. Luxury townhomes, apartments, and condos are tucked in commercial buildings with urban green spaces around the corner. As a downtown resident, you will enjoy the riverfront and call the University of Tennessee at Chattanooga your neighbor.
Across the river from downtown, sits the fashionable Northshore neighborhood. The Northshore offers a scenic and family-friendly in town location. About 10 to 15 minutes from the Northshore, the Southside area is growing in popularity with businesses and residents flocking to the area. As a result, home values in the Southside are steadily rising – this is a neighborhood you want to invest in now, not later. Other neighborhoods of note are Hixson and Hamilton Place
Chattanooga has a wide range of neighborhoods, from quiet residential areas to bustling urban districts. The population is a mix of college students, young families, newcomers, and longtime Chattanoogans. There is a neighborhood experience to suit every preference!
Real Estate Investment in Chattanooga
The median home price in Chattanooga is $125,300 and homes have appreciated at an average rate of 10.36% over the last year. For real estate investors, Chattanooga is ripe with opportunity. Just under 2 hours up the road in Knoxville, HomeVestors® franchisee Jamie Lewis is building his real estate portfolio.
Jamie and his wife Celeste caught the real estate bug after experiencing the building process with their own family home. With little true real estate investment experience, HomeVestors® gave them a system to build their home-buying business. Jamie has one piece of advice for new investors: “Sign up with HomeVestors! Starting out in this industry is hard. You need to do your research, surround yourself with a strong group of performing investors that can help you through the process, develop or adapt a system… and do it! So many investors that I interact with have never actually purchased a house. That’s where HomeVestors comes in. HomeVestors will give you the confidence and system to make this work!”
As you set your real estate investment goals for the year ahead, make sure to include Chattanooga on your list of places to explore!
Call me today at 828-989-3785 to discuss your HomeVestors® real estate investment franchise opportunities.
Follow along for my favorite real estate investment resources and insider tips:
FaceBook – https://www.facebook.com/CornerstoneGroupCoaches
Linkedin – https://www.linkedin.com/in/RealEstateFranchiseCoach
Google+ – https://plus.google.com/+RobCaldwellRealEstateFranchiseCoach
Twitter – @JoinHomeVestors