Rocky Mount, NC
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Top 5 reasons to invest in Rocky Mount, NC
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About
Located on the coastal plain of northeastern North Carolina, Rocky Mount had a rough start coming back from the pandemic, with high unemployment and many residents migrating to other areas. However, its population has steadily increased in the last few years, giving investors more reasons to invest here.
The Rocky Mount area experienced a 0.11% population growth since last year, bringing the total number of residents to 144,082. Today, there are 58,696 households in the area and 2.4 people on average per household, just below the national average. This allows investors to invest in smaller houses or condos as well as larger properties.
Homes in the market are affordable, with prices significantly lower than the national average. The median home price of $192,181 is a change of 7.7% from last year, indicating the area's potential for appreciation and economic stability.
The area's median rent is $1,273. Rocky Mount has seen 9.8% growth in rent costs and has a rent-to-price ratio of 0.7%. Thirty-nine percent of the homes in the area are rented, and the vacancy rate is 13%.
The area's economy is stable, with a median household income of $53,553. Major employers like Pfizer, Honeywell Aerospace, and Edwards in the manufacturing sector ensure a steady job market. Despite its unemployment rate of 5.0%, which has changed from 8.4% in January 2021, the area's economy provides a solid foundation for real estate investors, guaranteeing a consistent pool of potential tenants.
Overall, Rocky Mount is a potential gold mine for investors, especially those looking to diversify from investments in larger cities. Population growth, decreasing unemployment rate, and low housing costs are not just great reasons—they're profit indicators. Consider adding Rocky Mount properties to your portfolio and watch your investments grow.
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