Why do you never have to buy a house in these 6 cities

Buying a house can be a very solid investment and Knead the wealth For generations. The flipside is that some cities have real estate markets that make it very difficult or impossible to go out economically.

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Everything, from low demand to population decreases, can make a city desirable for real estate investors. Gobankingrates contacted to fund experts to get the worst cities to buy houses.

Continue reading to know why these cities are problematic.

David Kindness is a certified public accountant (CPA) and personal finance writer in The best money. He commented that high prices and a mass exodus of residents make San Francisco a dubious city to buy properties.

)Home prices are high in the sky – More than $ 1.3 million in many cases, but demand is not what it used to be. The population does not grow, more people move and combine with the California tax structure, the total cost of property continues to rise. “”

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Like San Francisco, the great apple has seen that its population drops from the pandemic, but The houses are still incredibly expensive.

Steven Kibbel, a certified financial planner and financial advisor to App firmHe warned that mortgages are not the only high price price that real estate investors will pay in New York City.

“It has high tax rates, slow growth in terms of high maintenance people and costs, especially in cooperatives or structures with old systems in their place,” said Kibbel. “It is difficult to support the purchase unless it is purely for a lifestyle decision.”

Warned kindness Buyers seeking to make money Outside the rental market, commenting that it can be harder to do than it seems.

“High prices for properties costing at least $ 800,000 do not achieve attractive rental returns,” added Kindness. “The initial appearance of profitability by means of the analysis of the property is unprofitable in the calculation of total expenses.”

Property taxes are high in Chicago. Combined with a price mortgage, having a house in Chicago can be prohibitive in costs.

“Residential property taxes in Chicago are ranked among the highest national ones,” he said. “The decrease in the population adversely affects local demand levels. People who have properties in Chicago could face minimum market value increases while paying substantial annual tax bills.”