Thanks to a recent dip in housing prices, the likelihood of finding wary investors looking to unload more and better rental properties in a lease option agreement is very promising. Combined with a projected three-plus percent appreciation rate over the course of the next year, the Cotton State is an excellent place for Rent to Own buyers to invest and settle down.
Make your home in the Heart of Dixie
Centered in the old deep south, Alabama epitomizes that famous southern hospitality in every way. Home to a wide variety of agricultural pursuits, including its famous cotton fields, Alabama is also home to multiple Armed Forces installations and heavy industry. Alabama is now one of the top auto makers in the nation, and major metros are home to a new crop of technology and healthcare industry leaders. As of early May 2015, the Bureau of Labor Statistics pegs Alabama's unemployment rate at 5.7 percent, with expected non-farm labor growth at a healthy 1.4 percent.
Monroe County Courthouse, Monroeville AL. Via Carol M. Highsmith, WikimediaWhat's the Housing Market Like in Alabama?
Largely overlooked by institutional investors focused on major metros, homes in Alabama are very reasonably priced--for now. Median value of owned homes in Alabama took a slight hit the year prior, down to $120,600 in early May 2015 according to Zillow. Property values are expected to rise 3.1 percent this year, giving buyers incentive to lock in a price early. Neighborhood Scout notes that higher paying jobs in the northern part of the state are pushing a real state boom, where affordable housing and stability are letting communities flourish. Alabama is home to several major metros, each with their own style and personality: Birmingham, Montgomery, and Mobile.
Situated in the heart of the SEC, the University of Alabama is a beloved institution both for its higher learning and its athletic programs. While Alabama has had difficult ranking in the past, a considerable strides are being made in public primary and secondary education, especially on math and science and reading. The state provides education through pre-kindergarten through grade 12 standard. The pre-k program in the state regularly wins top billing for best in the nation.
Talladega National Forest, AL. Via Twitter: Scenic AlabamaSafety
According to Neighborhood Scout, crime rates in Alabama are slightly above the national average. Violent crime rates in Alabama are slightly above the 3.8 per 1,000 residents national average at 4.31, while non-violent crime is 33.51 per 1,000 residents, slightly higher than the 27.3 national average.
Culture and EntertainmentMonroeville is widely considered the literary capital of the state and was at one time the home of giants Truman Capote and Harper Lee, whose novel To Kill A Mockingbird is deeply rooted in the city. Montgomery is famous for being one of the major hubs of the Civil Rights Movement, and a variety of museums and historical points are available for visiting throughout the city and the state.