Suburbs are the new thing!

More and more people are choosing to live in suburbs near big cities for the affordability, sense of community, and access to job opportunities. Some attractive and affordable suburbs mentioned are Mooresville, North Carolina; Hamtramck, Michigan; Buckeye, Arizona; Union City, Georgia; and Canyon Lake, Texas. These suburbs offer a combination of suburban living and access to the amenities and opportunities of nearby cities. Okay, but like, haven't we all kind of fallen for that classic TV thing, you know, the whole bustling city life, trendy lofts, endless lattes, that whole thing. Right. But as much as we might love those on-screen fantasies, the actual reality, for a lot of us anyway, means crazy high rent and like a constant battle to find a parking spot. So it's no big shocker that more and more people are saying, okay, maybe suburbs. And you know what? It's not just millennials leading that charge, which you might expect. Right. I always think it's just them. Right. It is. There was this Harvard study actually, and it pointed to young adults like 20 to 30 as a big reason for this whole suburban surge. And get this, they're not just picking any suburb. They want the ones right outside those big cities. Interesting. They actually use the phrase pockets of real estate gold, which I love. But it makes you wonder, what is it about these specific suburbs that's like so magnetic? Well, you got to think about how work has changed, right? Remote work, it's not going anywhere, is it? And that lets people prioritize space, affordability, all that, without having to sacrifice their jobs. It makes you wonder, is the whole nine to five commute like losing its appeal a bit? I think it might be. Plus, it's that age old thing, wanting a sense of community, good schools, maybe even a backyard for your morning coffee instead of a packed cafe. Right. It's almost like a best of both worlds situation. That quieter life, more affordable for sure, but without being totally cut off from the energy of the city. And speaking of affordability, that's kind of our treasure map for this deep dive today. We're looking at this GoBankingRates.com report. It highlights some seriously tempting suburbs all across the US. They've really done the work, crunched the numbers, and found these pockets where affordability actually meets desirability, which is rare these days. Ready to hit the road. Oh, absolutely. Lead the way. I want to see what they found. First stop, we're going to Mooresville, North Carolina. Picture this, charming streets lined with those beautiful dogwood trees, you know, and there's this downtown buzzing with little shops and restaurants and all the peace and quiet you could ever want. Sounds idyllic. But don't let those quaint vibes fool you. This isn't some sleepy town. Their population has gone up like almost 30% between 2020 and 2022 alone. And when they projected home values for this July, it was around $480,430. Wow. That's a huge increase, especially in such a short amount of time. Shows you how appealing the town is becoming. And it's not a coincidence either. Mooresville is right near Charlotte, a huge hub. We're talking banking, finance, manufacturing, you name it. That makes a lot of sense then, all those people moving in. They can have that suburban life without having to say goodbye to job opportunities. But are those homes really affordable, especially with values like that? And that's the thing. Even with all the growth, Mooresville is still a breath of fresh air compared to the Charlotte market. Imagine a brand new, super stylish three-bedroom house going for under $250,000. That's actually possible in Mooresville. Wow. That's practically unheard of these days, especially for anyone who feels stuck in those pricier cities. All right. Next on our list, we are heading north to Hamtrank, Michigan. Now, I'm not sure if everyone's heard of this Detroit suburb yet. Yeah, I'm not familiar. But it's one to watch for sure. Their population has seen a good jump these past couple of years. And the projected home value for this past July, super attractive, $167,930. Wow. Now, that is affordable, especially being that close to Detroit. Right. We're talking a quick hop, 15 minutes, six miles max to the heart of the city. So you could be right near the cultural scenes, sporting events, even the job market, but still have all the perks of suburban life. I can see the appeal in that. Right. And big picture, Detroit's been having a moment. Urban renewal, focus on its cultural history. Who knows how that might impact places like Hamtramp? Okay, that's two down, three more to go on our little affordable suburbs adventure. Next up, we're going west to Buckeye, Arizona. Oh, interesting. Yeah, because when a lot of us think Arizona, we picture like deserts and cacti, right? But Buckeye, it's a really unique mix of suburban life and this natural beauty. And don't let those desert youth fool you. Buckeye is no stranger to growth. No kidding. Their population, get this, it went from about 74,000 in 2020 to over 95,000 just two years later in 2022. Oh, wow. That's huge. What's behind all that popularity? It's simple. Buckeye's riding the coattails of Phoenix's booming economy. Now Phoenix has its issues. You've got the extreme heat, the whole thing about water shortages, but their job market, it's amazing. Healthcare, tech, e-commerce, you name it, people are drawn to that. And Buckeye's right there with more affordable housing, you see. So it's like you get the best of both worlds. You get affordability and you get a chance to be part of this awesome job market. What about the housing itself in Buckeye? Well, they projected a home value of about $407,118 for this July. Now that might sound high, especially compared to a place like Hamtramck, but Phoenix is a major city, much higher cost of living overall. True, true. It's all relative, isn't it? So you could potentially get yourself a really nice renovated ranch in Buckeye for say under $400,000, which let's be honest, you just don't see much in other parts of the country right now. That's true. All right. Two more to explore. Where to next? Let's head back east to Union City, Georgia. It's a suburb just outside Atlanta. Ah, Atlanta. Yeah. Peaches, southern hospitality, and let's be real, some rough traffic. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. All right. Now you've got to figure out where to go next. Well, let's head back east to Union City, Georgia. It's a suburb just outside Atlanta. Ah, Atlanta. Yeah. Peaches, southern hospitality, and let's be real, some rough traffic. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. All right. Now you've got to figure out where to go next. Well, let's head back east to Union City, Georgia. It's a suburb just outside Atlanta. Ah, Atlanta. Yeah. Peaches, southern hospitality, and let's be real, some rough traffic. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. All right. Now you've got to figure out where to go next. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Almost impossible to find that in most suburbs, let alone one so close to a big city like Atlanta. What's so great about Union City? Well, the affordability is hard to beat. I mean, we're talking stylish, newly renovated three-bedroom homes under $250,000. Wow. That is a lot of new people. Right. So there's a reason for it. They've got a strong economy, tons of different industries, and it's still more affordable than other big Texas cities like Austin or Dallas. Plus there's that Texas charm, you know, you can't beat it. You can't. So how does Canyon Lake tie into all of this? So, like the name suggests, Canyon Lake has this unique draw. If you're someone who wants to escape that Texas heat, this is it, 8,200 acres of this beautiful water, perfect for swimming, boating, all those water sports. And then you've got campgrounds, marinas, a tight-knit community, it's like endless family fun. Sounds like a dream, honestly. Like a permanent vacation spot, almost. What are we talking price-wise, though? Still affordable. Ah, yes, of course. So some places in Canyon Lake are pricier, like mid-to-high $400,000. But there are plenty of good options between $200,000 and $300,000. That's not bad at all. Exactly. So it's nice, but still pretty darn affordable compared to other waterfront places. Plus, it's benefiting from all that growth happening in San Antonio. So it's not just beautiful, it could be a smart investment, too. I see, I see. Okay, so we've done it. A whirlwind tour of five amazing suburbs, each one unique and appealing in its own way. But they all have one thing in common. They offer a glimpse into a more affordable and, honestly, a more balanced way of life. Yeah. It's a nice change from the go-go-go of city living. Now, I know what you're thinking. This is all great. But what about actually buying property? Is it possible to make those classic real estate strategies actually work in today's insane market? That's the question, isn't it? And it's one we're going to unpack right after this. It's funny. We always think real estate investing, it's all about those big cities, right? Right. High-rises, fancy condos, all that. But those affordable suburbs we're talking about, that's a whole different ballgame, wouldn't you say? Totally. And it's an area that a lot of people, especially new investors, they don't even think about. Remember that 1% rule we were talking about? The one where your rental income should be at least 1% of what the property's worth. Exactly. Now, that rule, it can feel kind of impossible with how high prices are in some places. But in these suburbs, it actually becomes, well, attainable. Okay. You're going to have to break this down for me because I'm curious now. How would that work in a place like Union City that we talked about? Okay. So, say you snag a renovated three-bedroom place in Union City. You set around $250,000, which is doable there. Families are moving in, right? Good schools, all that. Right. You could easily rent that place for, let's say, $2,500 a month, maybe even more. And boom, you're hitting that 1% rule. See, and families, they're usually more stable renters. Yeah. Right? They stay put because of the kids, the schools. That's got to be appealing to a landlord. Exactly. And think about it. These suburbs, they're growing so fast. New people coming in all the time. That demand for rentals, it's not going down anytime soon. Good for investors. Well, it's like finding that sweet spot, isn't it? Affordable properties, people want to live there, and there's always going to be someone to rent it out. No wonder investors are starting to pay attention. Right. And here's the other thing. These communities, they're on the up and up. So as they get even better, even more desirable, what happens? Your property value, it goes up, too. So you're not just making money from rent, but you could actually make money when you sell it down the line, too. Exactly. It's a long game. You have to understand these markets, how they work, and then you see the potential. Those pockets of real estate gold, remember. It's like finding buried treasure, but in real estate form. Yeah. But here's the thing that's been on my mind. This whole suburb thing, it's more than just numbers on the spreadsheet. We're talking about real people, communities, all of that. Oh, absolutely. As more and more people move to these places because it's cheaper, maybe they want a different pace of life. How does that change the feel of these places? Has to be a mixed bag, right? It always is. Think about it. You've got all these new people, new ideas, new energy, right? Businesses pop up. Community events start happening. It shakes things up, you know? It brings new life, maybe. Exactly. But there's always another side to it. People who've lived there forever. Things start to change. It can be hard. It feels like they're losing something familiar. And what about keeping ... What made people want to live there in the first place? How do you balance all that growth with the soul of the community? Now, those are the questions, aren't they? And there's no easy answer, unfortunately. It's a tough one. How do you hold on to the past, be present in the now, and still plan for the future? Tough to do. It's a balancing act, for sure. For sure. And it takes both sides, the new folks and the people who've been there forever, to make it work. They've got to find that middle ground, you know? Build something together. And maybe that's the point, right? All that diversity, all those different people, it can actually make things stronger. 100%. Different backgrounds, experiences, when you get those together, that's when the magic happens. It's like creating something beautiful. Each person, each experience is like a different thread. I like that. It reminds us, this whole thing is more than just houses and money. It's about people, you know? What they hope for, what they want their lives to be, that feeling of belonging somewhere. Speaking of belonging. Yeah. What about the culture of these places? We talked about money, the social side, but what about the arts, music, all that creative stuff? How is this changing things? Oh, that's interesting to think about. I see a lot of potential there, actually. When you have more people, more diversity, it's only natural that art, music, all that, it's got to change, too, right? So instead of just the same old town festivals, you might see more independent art galleries, jazz clubs, even little theater groups popping up. Exactly. And it's not just about new places to go. It's about mixing things up. Old traditions meet new ideas, suddenly you've got totally new forms of art, music, everything. That's what's exciting. And then there's a local play, but it's mixing stories from people who grew up in the town and music from folks who just moved in, or an art walk, but you've got the artists who've always been there next to someone who's just starting out. And don't forget about the money part of it, arts and culture. Those things bring in tourism, new businesses pop up, it can make a place more desirable to live. Everybody wins. Yeah. So we've covered a lot, haven't we? The financial side of investing in these suburbs, how it changes communities, even the culture. It's a lot to think about. Barely scratched the surface, there's always more to learn. Which brings us to our final thought for you as we wrap up this episode. So we talk about these amazing places, pockets of real estate gold, but what happens when everyone wants a piece of it? You know what I mean? It's like that saying, if you build it, they will come. But what happens to the heart of a place when they actually show up? That's a big question. Right. Reminds me of this conversation I had. It was with a bookstore owner, small town, they were dealing with this whole growth thing too. And she said something like, it's great, all these new people, new energy, but, and I could tell she was worried. She said, I don't want us to become a different kind of town. Because they're afraid they'll lose what made it special in the first place. Yeah. It's not just the place itself. It's the feeling. Right. Yeah. Yeah. Like when your favorite band, the one no one knew about, suddenly they're selling out stadiums. You're happy for them, but you kind of miss those small shows, you know? It's not just nostalgia though, is it? It's those values, the things people do, the whole fabric of the place. You want to hold on to that. It's true. And it's hard because you can't just be stuck in the past either, right? Things change, that's life. And sometimes those changes, they make things better, more inclusive, more exciting. It's about finding a way for everyone, new people and people who've been there forever to connect, to learn from each other, to build something new that still respects what was there before. It's realizing that a town, a city, it's always changing. Each generation adds something new to the story. So maybe it's not about one group winning or losing. Maybe it's about working together to create something even better than what was there before, you know? Now you're getting it. What if instead of holding on to what was, everyone focused on building something new together? What if instead of being scared of what we don't know, we thought of it as a chance to learn from each other, share our stories, you know? Who knows what amazing things could happen? Instead of us against them, it's what can we do together? And that's bigger than just suburbs, isn't it? That's life, right? Yeah. How do we deal with our differences, all the different kinds of people and make something that works for everyone? Big questions, no easy answers, but you got to start somewhere, right? Trying to understand, getting out of our comfort zones a bit, that's got to be part of it. It's like realizing that all those differences, what makes us unique, it's not a bad thing. It's how we grow, how we come up with new ideas, how we connect with each other, really. Well said. Reminds me, the best adventures, it's always better when you've got someone to share it with. So true. As we wrap up our little deep dive into the world of affordable suburbs, let's take that with us today. The power of connecting, how amazing diversity is, and all the possibilities that come with change. As long as we're open to it. Couldn't have said it better myself. Really enjoyed our conversation today. And to everyone listening, thanks for joining us on this journey. Keep exploring, keep asking those questions, and stay curious about the world around you. Until next time, this has been the Deep Dive.