What makes a good buy & hold city?

[Mason V.]

I am currently researching cities in Oregon and Washington. My primary strategy will be buy and hold, as a 14on/3off truck driver rehabbing would be difficult. In order to pursue this I am looking for cities with growing populations over 10k, with an average age below 40, stable long term employers and an average household income of under $50k. What am I missing and are any of these wrong?

I know the population cut off is generally 50k, but Oregon doesn’t have a whole lot of those. By 40 I presume people will be tired of renting and finally want to purchase their own home. With employment I can’t have a whole lot of instability. Finally, I can’t imagine too many people making over $50k and not owning their own home.

[Mason V.]

Originally posted by @James Wise:

I would always look to the city you live in and are familiar with 1st. That will be your best bet as you have the most knowledge & contacts.

If the particular city you live in is super expensive (NY,CA etc) then you may need to look elsewhere to find cashflow.

True and that’s what I am initially doing. There’s seems to be quite a few foreclosures and pre-foreclosures here. However, I also have Portland only an hour away and several other small towns nearby as well. One of the advantages of being a truck driver is that I can easily do an owner occupied deal where ever I like. :D

Originally posted by @Peter Chan:

Hi @Mason Valenzuela

Welcome to BP!

With regard to your $50k income restriction, do not automatically assume that if household income is over $50k they will buy a home.

Home ownership is a long term commitment that many people are not willing to make. Plenty of households making over $50k a year choose to rent because they prefer the flexibility of renting.

In fact, this may be the demographic that you want to target because these people will have more income and may be willing to pay a little more for higher-quality accommodations.

Good point. I am personally struggling with that other people don't want the same thing I want. If I made $50k+ I would get my own house. My neighbor and apparently most people in general, hate dark wood paneling while I love it. I despise the idea of HOAs, yet a developer I know explained that a lot of people would rather give control to an HOA for convince. Definitely something I need to work ok. Thank you.