We know Augusta is an affordable place to live. A couple of times a year, there’s a Web site study or list that will rank one of our counties or the whole metro area as an affordable place, occasionally referring to the area as cheap.
The Web site that makes it into the paper once a month when it releases information about foreclosures, RealtyTrac, has a mountain of housing data that it has recently used to rank cities based on rental returns.
And, yes, Augusta’s high on this list, which is why I’m writing about it.
Richmond County, specifically, gets a 19 percent yield in rental return. RealtyTrac used a three-bedroom rental home and compared it to the median sales price to come up with the yield. (Bibb County, Ga., and Sumter County, S.C., are also in the top 20.)
“Cash-flowing rental properties allow investors to build wealth over the long term in the form of an appreciating asset while also generating monthly income.”
The average fair market rent for that three-bedroom house is $993. The median price is $62,950, which is how RealtyTrac comes up with the great yield for Richmond County. That yield is not as high in Columbia County because the median price of a house there is higher.
The best place for a great yield on investment for rental property is Wayne County, Mich., and that is Detroit. The worst bang for your buck in trying to make money with a rental house is a tie between the District of Columbia and Orange County, Calif.
TWEET TWEET: The blue Twitter bird says:
- It costs $280,000 to build a Dollar General. One is going up on Columbia Road in Aiken.
- Blanchard & Calhoun Commercial buys Daniel Village Shopping Center from Equity One.
- Curvitude Boutique opening another location at 5230-C Wrightsboro Road in Grovetown.
- Georgia’s governor coming to Augusta chamber’s post-legislative breakfast on April 25.
- Investor bought the old Regency Inn on Broad Street five years ago. Today it reopened as Holiday Inn Express.