Lancaster County is growing fast and smart investors know where to put their money.
Single family homes in the city are becoming one of the hottest commodities in the county real estate market.
Looking at the projections for growth through the next 25 years, it’s easy to see that the county is not prepared for the boom that is coming. And as long as short-sighted builders are still erecting $450,000, 6,000-square-foot McMansions in the suburbs with room enough for a family of four, there will be fewer housing options in the coming years for middle class families and seniors.
Smart investors are turning to agents that are experts at living locally to buy single-family homes at reasonable prices.
Consider where we are heading:
- The county is looking at a growth rate of more than 25{40b3c130b31a444e5ddb2fae329fbca66a2d4bea63937f56e7a5452f43e6a700} by 2040, according to our Lancaster County Planning Commission.
- The county’s population could swell to nearly 652,000 by 2040, up from 534,130 this year.
- From 2000 to 2015, our population grew by about 63,472 people or on average 4,231 people per year. We grew at a much faster rate (13.5{40b3c130b31a444e5ddb2fae329fbca66a2d4bea63937f56e7a5452f43e6a700}) than the state (4.2{40b3c130b31a444e5ddb2fae329fbca66a2d4bea63937f56e7a5452f43e6a700}) .
- The City of Lancaster is expected to grow to about 63,773 residents by 2040, a 7.5{40b3c130b31a444e5ddb2fae329fbca66a2d4bea63937f56e7a5452f43e6a700} increase over the 59,322 counted in the 2010 census.
County planners expect that residents will be attracted to the city living to avoid the traffic congestion and the higher cost of living outside the city.
Single-family homes cost less to purchase than multi-family properties.
Investors are also beginning to realize that finding quality multi-family homes is getting more difficult. When they do find them, there is usually a bidding war, which means if a buyer is not willing to offer the full price in cash, with no inspections and no mortgage, he or she may be be wasting their time.
As a city Realtor, I have been busy this Spring working with buyers in search of single-family homes they can purchase and rent. Combine lower prices with record low interest rates, these properties often provide a solid return on investment of upward of 10{40b3c130b31a444e5ddb2fae329fbca66a2d4bea63937f56e7a5452f43e6a700}.