Rancho Mirage is one of the 15 best places in the United State to invest in retirement property, according to a recent report by a real estate data-tracking company.
According to RealtyTrac, the city of Rancho Mirage is one of the 15 "retirement hot spots for real estate investing."
“These popular retirement cities will very likely be an area of growth in the housing market over the next 15 years as baby boomers retire in greater numbers,” said Daren Blomquist, vice president at RealtyTrac. “The baby boomer generation started retiring in 2011, a trend that will continue at least through 2029, ensuring plenty of demand for both rentals and owner-occupant purchases in these markets for the foreseeable future.”
To narrow down the finalists named in this report, the company identified 40 cities nationwide in which at least 33 percent of the population is 65 or older. The top 15 were then ranked based on the annual percent change in home prices as of May, according to a press release from the company.
"Among [the] 40 cities, 25 posted annual increases in median home prices, and 27 had a positive capitalization rate — which indicates rentals in those markets generate positive cash flow," the RealtyTrac release said.
Rancho Mirage came in at the number seven spot on the list, which was topped by Dunnellon, Florida. Only one other city in California made the list-- Seal Beach.
The town's average temperature of 74 degrees made it the warmest location to purchase a retirement investment property, but the cost of living index in Rancho Mirage was second to only East Hampton, New York.
The median sales prices of homes was included in the report, as well. Of the 15 cities, Rancho Mirage had the third highest median values, at $430,000.
CLICK HERE to read the full report from RealyTrac, and to get tips on buying a house with an IRA.
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