We’re obviously quite deep into a bull market for real estate IRAs in much of the country. But a number of economic indicators suggest that the market for real estate IRA investors in beautiful Asheville, North Carolina has a lot of room left to run.
The population is growing fast – much faster than most other cities of similar size across the U.S. as people and employers alike are drawn by the natural beauty of the area, by the recreational and lifestyle features, by the low crime rates and thriving economy, which has been steadily growing and diversifying for the last two decades. According to the Economic Development Coalition of Asheville-Buncombe County and the Asheville Chamber of Commerce, Asheville’s area population has grown by 26,645 people in the last six years. Nearly all of them found a job: The economy added more than 23,000 jobs during the same period. So back out retirees, stay-at-home parents, those living on disability and children and students not yet in the workforce and Asheville’s residents are enjoying near full employment.
The population expansion is widely expected to continue: All told, the population of Asheville is projected to grow by about 21 percent between now and 2046.
The mountainous terrain surrounding Asheville and the nearby communities limits the amount of land that’s easily converted to housing and business use. Furthermore, the community is very environmentally conscious. This may help limit the amount of housing supply growth in the region. All this creates a favorable environment for real estate investors of all stripes, including those who use real estate IRAs. Demand is expected to be very strong in the coming years.
These trends should benefit not just Asheville itself, but bode favorably for all five surrounding counties: Madison, Transylvania, Henderson, Buncombe, and Haywood. Many of the communities in these counties still offer plentiful opportunities to buy properties for real estate IRAs at a reasonable price.
Naturally, real estate investors are constantly seeking sources of financing. This creates more opportunities for self-directed IRA owners. Don’t want to be a landlord or go through the hassles of buying and selling actual properties? You can lend money directly to real estate investors from your IRA or another retirement account, using a self-directed IRA. With rising prices and solid economic fundamentals supporting real estate prices here in the Asheville area, you can lend money secured by quality collateral and potentially enjoy attractive returns in the meantime.
Asheville’s rising population and continuing economic development indicate that the real estate market should be benefiting both landlords and lenders for a long time to come.