Investors know one of the most important concepts in real estate is location, and finding the right location is critical to making the most return on your investment property. While Birmingham might not seem like the obvious choice at first glance, it is time to give the Magic City a second look. Birmingham is a city in the middle of transformation, and the country is taking notice of the city’s recent renaissance. Birmingham offers plenty of neighborhood options, including: Vestavia, Southside, Mt. Brook, Homewood, Hoover, Huffman, Centerpoint, Roebuck, Gardendale, Bessemer, Tarrant, and more. There’s a perfect neighborhood waiting for you.
Here’s why the Washington Post, New York Times, and Forbes, just to name a few, are falling in love with Birmingham.
*Birmingham metro has a population of 1.2 million with a median household income of $44,000.
The city has the sixth-best unemployment rate of all large metropolitan areas at a rate of 4.6%. (U.S. Dept. of Labor)
In 2016, Birmingham annual home sales hit their highest mark since 2006. (ACRE)
Birmingham ranks 19th out of 50th in job creation with a GDP of 3.8% and outpaces the national average of 2.5%.
* Forbes listed Birmingham as first on its list of “America’s Most Affordable Cities” and Kiplinger placed Alabama 5th on its list of the “Most Tax-Friendly States.”
* Builder Magazine named Birmingham the number 2 housing market in the country for Millennials, while CNN Money called Birmingham one of the “Top 10 Hottest Housing Markets.”
* RealtyTrac listed Birmingham/Hoover, a city where 50% of the population rents, on its “Top 25 Hidden Gem Single Family Rental Markets.”
* Mainstreet.com listed Birmingham as one of the top ten cities for job seeking grads.
* Forbes awarded Birmingham the top spot on its list of “America’s New Industrial Boomtowns.” Birmingham boasts both a booming banking and medical industry. In fact, Birmingham is one of the top ten cities for banking, according to Nerd Wallet, and U.S. News and World Report consistently lists UAB School of Medicine as one of the top in the nation.
Livability recently named Birmingham one of the “Top 10 Best Downtowns”, and it’s easy to see why. With a spectacular culinary scene and up-and- coming theater district, Birmingham is a city on the move. Washington Post featured Birmingham in its 2017 feature of overlooked travel destinations, highlighting foodie treasures like Hot and Hot Fish Club and Post Office Pies, along with Red Mountain Park, Pepper Place, and the newly-renovated Redmond Hotel. Here’s a few of the must-see venues attracting both visitors and investors to the Magic City.
*Regions Field, the new home for the Birmingham Barons, attracts 400,000 fans each year.
*For the outdoor enthusiasts, Railroad Park, a downtown green space, won the National People’s Choice for Best Park in the U.S. (The Daily Green) and the Urban Land Institute’s 2012 Urban Open Space Award. The Rotary Trail in the Magic City recently opened, and just outside of downtown Red Mountain Park provides miles of hiking trails, zip lining, and dozens of other options for hikers and cyclists.
*Downtown now boasts the Westin Hotel and Uptown Entertainment District, which includes a variety of restaurants and entertainment venues and sits adjacent to the Birmingham Civic Center and the Alabama Sports Hall of Fame. The area draws over 1.5 million visitors annually.
*Recently voted as one of ten great places for a fabulous film festival by USA Today, the Alabama Theatre entertains crowds in the hundred thousands. The recently renovated Lyric Theatre also illuminates the skyline with historic charm.