Yahoo Finance 6 States To Move to If You Want To Build Future Wealth
Whether you want to find ways to build future wealth for yourself or your descendants, the sooner you act, the better off you will be.
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One way of increasing your wealth is to choose a state that’s still affordable and has a lot of growth potential. This could be in the way of real estate investing, available job opportunities or a combination of things.
GOBankingRates spoke with financial and real estate experts to determine which states are worth moving to if you want to generate future wealth. Keeping in mind that everyone’s situation and goals differ, here are some of their suggestions.
Nevada
There are many ways to generate wealth, but if you want to do so through real estate, Nevada is one state to consider. That’s because the state has three key traits that make it an ideal area to invest.
“There are a several main factors you want to consider when looking to invest and build wealth in real estate,” said John Diaz, a Douglas Elliman real estate agent based in Nevada. “The first one is tourism. Find a location in which people will continue to visit and spend money. It’s a great benefit when the city/location has a strong local economy in addition to tourism money, too. When the market is strong, those locations flourish, which ultimately creates more opportunities for all locals.”
The second factor, according to Diaz, is a thriving and innovative market. This means choosing a state — and a city — that pushes the limits when it comes to the technology sector. It also means choosing one with high-paying jobs and plenty of opportunity.
The third and final key factor is taxes. If you want to build wealth through real estate, choose a tax-friendly state that lets you keep as much capital as you can while investing.
“I think Southern Nevada is really nailing it on the head with these factors,” Diaz said. “Las Vegas tourism is at an all-time high [and Vegas is] now becoming a legitimate sports town. … With our hotel industry leading the way with technology, we continue to strive to be the leader in technology. And ultimately, [the] nonexistent state tax in Nevada draws a lot of people [and] business to Las Vegas.”
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Texas
Another place to build long-term wealth is Texas.
“Texas is an ideal state to build future wealth due to the numerous job opportunities, entrepreneurial environment for those wanting to start a business and [the] increasing number of people moving to the state,” said Arthur Greenstein, a Douglas Elliman real estate agent based in Texas. “These traits, amongst others, create significant demand for real estate, both residential and commercial, which is a great investment opportunity.”
With more people moving to Texas, there’s also a greater demand for development. This makes right now a potentially good time to get into real estate investing.
California
“As a California native, I may be biased, but I would choose California as the state to build wealth,” said Greg Holcomb, a California-based real estate agent with Douglas Elliman. “It is a tried-and-true location for steadily increasing value. The well-established communities tend to hold their value even in market undulations and lesser-known towns that have long been passed over have received significantly increased attention and value during the last decade.”
Although it might seem like a lot of California residents are talking about leaving the state, that decision might not be a permanent one.
“While news stories like to talk about people leaving California, I have had numerous clients that have left only to return,” Holcomb said. “The past century of increasing value provides a much more stable investment than some of the other states that have had shorter-term gains but lack the infrastructure and stability to remain solid investments.”
Ohio
If you’re interested in building your wealth in the Midwest, consider moving to Ohio. Several locations there are seeing a good deal of economic growth and wealth-building potential.
“Cities like Toledo and Dayton are looking very promising in terms of projected growth. Right now, buying in these areas will cost you less than in many other places in the country, especially in or near larger cities,” said Seamus Nally, CEO of TurboTenant.
“At the same time, these areas are growing in terms of job opportunities, their economy and population size. More and more people are starting to move there, so buying now could present a great opportunity to get in before prices rise with this growth.”
Florida
The Sunshine State is more than just a state for retirees. It’s also a place where you can go in pursuit of your fortune — and not only or necessarily in the real estate market.
“Right now, it is smart to look at what states are growing based on your specific industry,” said Chelsea Werner, a global real estate advisor at ONE Sotheby’s. “Not only [is] Florida great for saving money on taxes, but a lot of people are moving [there] as [the] state’s tech sectors continue to grow. Moving to a city where they are expanding the workforce in your field is a great way to find job opportunities and build wealth.”
South Carolina
There’s been an influx of people moving to South Carolina. According to a recent Allied report, South Carolina was the top inbound state of 2023, with 65% of people choosing to move there over other desirable locations like Arizona, North Carolina and Florida.
But why have people headed to South Carolina?
One of the big reasons is that the overall cost of living is lower there than in other parts of the country. There are also better job opportunities, making it a viable option for career professionals to earn more and build substantial nest eggs.
Allied also had this to say: “South Carolina, with Charleston as its standout city, has become a top destination due to its combination of a growing job market, affordable cost of living and a pleasant climate. The state’s appeal is bolstered by its burgeoning tech sector and manufacturing growth, providing ample employment opportunities.”
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This article originally appeared on GOBankingRates.com: 6 States To Move to If You Want To Build Future Wealth
