“The best time to plant a tree was 20 years ago. The second-best time is now.” – Chinese Proverbs
Between 2015-1016 the state of Washington was the 5th fastest growing state in America. Washington saw a population growth rate of 1.78%, making Washington’s population growth more than twice the national average which was .07% in that same time frame.
Washington’s growth does not stop in 2016 though, as the state is projected to see a population increase of 14.40% over the next 10 years, meaning Washington is poised to add over 1 million new residents to its state population. Over 100,000 of these new residents are going to appear in Spokane County, with the right investments, in the right property around Spokane, these 100,000 new residents could be the key to retirement in 10 years for any of Spokane’s current residents who are savvy enough to plant their tree now. The population size in Spokane is not the only thing growing though, as the job market is projected to grow alongside the housing market, with anticipated job growth over the next 10 years alone being 36.93%. In 10 years, more people along with more jobs, means more money for Spokane’s housing market.
Over the last few years housing prices in Spokane have done nothing but go up, with the projected population and job growth coming Spokane’s the housing market is only going to continue to go up. The caveat about getting into the market now though, is that you will not have to wait long for your property investments to start paying off. Spokane is already amidst a “rental crisis” without having all the new residents Spokane county is expecting. The city is currently seeing historically low rates of available living space to rent, for example 98% of all single and double bedroom apartments in Spokane are rented out. Rentals are becoming so expensive in Spokane that it is starting to get cheaper to pay a home mortgage then to live in an apartment. Spokane’s market NEEDS more rental homes. The already existing lack of available rental space in the area, accompanied by the continued growth of Spokane as people migrate from major metropolitan areas in states like California, Arizona, and New York, is going to ensure that the price of homes in Spokane continue to do nothing but go up.
Already built homes are not the only type of land investment worth making in Spokane though. Property investment could be just as fruitful for those willing to put in the work. Currently, there are 3,700 vacant lots sitting around Spokane waiting to be transformed from empty spaces to cash cows. There are plenty of plots around Spokane that people have already done this to.
For example:
- A lot at 1229 Lacey St, was purchased for a little less than $50,000 in January of 2017. The owner of that lot had a five-bedroom, 3,300 square foot home constructed on his $50,000 vacant prlot of land and sold the home for $570,000 in December of 2017.
- An empty lot north of Newark Avenue off Arthur street was purchased for $45,000 in 2016. Currently 6 town homes are being constructed on that lot and the property is expected to sell for over $1 million once the townhomes are completed.
- An empty plot of land on east 11th avenue had a home built on it during the last year and that home recently sold for $355,000.
Investing in Spokane now is a much safer investment then watching your money go up and down on a stock market that has been nothing but a roller coaster over the last 10 years. Many successful Spokane residents are starting to realize, now is the time to plant that tree. These are the residents that are going to be eating the fruit off their tree in 10 years while their neighbors are scrambling to still get their trees planted as Spokane continues to grow.
Before investing in Spokane though, learn about people just like you who made their retirement off the right property investments and see why real estate investment is the best investment.