Goldsboro, NC
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Top 5 reasons to invest in Goldsboro, NC
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Goldsboro, NC, has a rich cultural history, diverse residents, and affordable homes, giving investors many reasons to consider investing in this beautiful area. Home of the Seymour Johnson Air Force Base, this market is one hour from the state's capital. It boasts many renters, and many homes sell for less than list price, giving investors opportunities for higher profits.
Despite its smaller population of 117,480, this market grew at a rate of 0.18% year over year. These last few years of steady growth are a testament to the market's potential for future investment. As the area continues to attract more residents, demand for affordable homes will increase, giving investors more opportunities to grow their real estate portfolios.
Along with its population growth, the median home value in the Goldsboro market has changed 7.0% to $171,989. Rent prices in Goldsboro have also seen some changes, with a 7.9%, making the average monthly rent $1,275. The rent-to-price ratio is an attractive 0.7%.
The median household income in Goldsboro is $54,323, and the market's economic stability is powered by its largest industries of manufacturing, healthcare, and retail trade, which have consistently grown over the past decade. The area's largest companies, including Wayne UNC Health Care, Maxwell Foods, Goldsboro Milling Company, and Life Inc., contribute significantly to the local economy. Experts predict that accommodations and food services will be the fastest-growing industries in Goldsboro, which further predicts the market's potential for job growth.
The county's average commute time is 21.7 minutes as of 2022 numbers, which is below the national average. This gives people many reasons to move to the area without worrying about spending all their time commuting. While the unemployment rate used to be well over 5% in this area, its unemployment rate is 3.9% currently, which helps solidify the prediction that certain industries in the area will continue to grow.
The cost of living in Goldsboro is 13% lower than the national average and 5% lower than other North Carolina markets.
Goldsboro has landlord-friendly laws and, in some cases, allows immediate evictions. While there are some short-term rental restrictions for some neighborhoods and cities, overall, North Carolina is a short-term rental-friendly state. These laws give landlords peace of mind, making it an attractive area for real estate investments.
Goldsboro has a great public transit system, including buses, that makes it easy to get around town. The city also has a robust bike rental service and dedicated bike lanes for those who desire to bike.
The Wayne County school district is made up of 32 schools and 17,000 culturally diverse students. The student-teacher ratio is 15:1, and the district has 10 high schools.
Overall, the Goldsboro, NC, area attracts various people, many of whom prefer (or need) to rent. With a lower-than-average median household price and low cost of living, it's easy to see why investors and renters flock to the area. With a fast-growing population and remarkable year-over-year rent growth, there are plenty of opportunities for new and existing investors in Goldsboro.
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