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Buy real estate in these 5 zip codes to be rich in 10 years

Jonathan Ross/Getty Images/iStockphoto

Jonathan Ross/Getty Images/iStockphoto

There are many major metro areas in the United States where Americans probably wish they could have bought real estate sooner to build their wealth.

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While it’s not always easy to predict where the next best place to buy a home will be, certain zip codes are quickly becoming hotspots for growth and properties in these areas are only expected to increase in value over time. will rise.

GOBankingRates spoke to three real estate professionals to determine which five zip codes are worth buying real estate to be rich in 10 years or sooner. See if you agree with these rising zip codes.

78704 (Austin, TX)

Several real estate professionals GOBankingRates spoke to cited the 78704 zip code in Austin, Texas as a can’t-pass code for real estate that could make you rich.

Colten Claus, an associate broker at 8z Real Estate, said the area’s reputation for vibrant culture, strong job market in the tech industry and proximity to downtown positions the area for continued growth, expansion and development.

Due to continued demand and economic growth in zip code 78704, Claus expects property values ​​in the area to increase significantly over the next five to seven years.

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85004 (Phoenix)

According to Claus, zip code 85004 in downtown Phoenix should not be overlooked if you are interested in purchasing real estate in Arizona to build your wealth.

“Downtown Phoenix is ​​experiencing a resurgence with new residential and commercial developments,” Claus said. “The city’s affordable cost of living, combined with its growing job market, makes it an attractive option for investors.”

What does a valuation timeline look like? As the area continues to attract 85004 new businesses and residents, Claus said investing in homes and properties could be very profitable within four to six years.

81611 (Aspen, Colorado)

Even if you don’t immediately recognize the zip code 81611, you are probably very familiar with the city of Aspen, Colorado.

That said, is it really such a good idea to buy property in a ski resort? The answer is yes, according to Jared Frost, the CEO and managing broker at Blue Pebble Group.

“There is a strong market for luxury real estate here and despite higher upfront costs, properties tend to increase significantly in value due to high demand for holiday homes and limited land available for new construction,” said Frost.

“Real estate in Aspen often appreciates over a period of seven to 10 years or longer.”

19125 (Philadelphia)

The 19125 zip code is specific to the Fishtown neighborhood of Philadelphia, Pennsylvania. Fishtown, Claus said, is not only a trendy neighborhood for residents, but also one that sees ongoing development projects and steady appreciation.

“Real estate in the Fishtown area could see a significant increase in value within the next five to eight years, driven by increasing popularity and urban development,” Claus said.

92506 (Riverside County, California)

What if you want to buy real estate in a California zip code? Scott Beloian, broker and owner of Westcoe Realtors, said that based on current market dynamics and trends, 92506 is one of the best zip codes to look at.

The 92506 zip code is specific to Riverside County and includes the Canyon Crest area, known for its higher-priced homes and proximity to popular spaces such as the Canyon Crest Towne Center and educational institutions such as UC Riverside.

“Home prices in this area have doubled in the last decade,” Beloian said. “With continued demand for housing, I predict that investing here could yield significant returns within five to seven years.”

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This article originally appeared on GOBankingRates.com: Real Estate Agents: Buy Real Estate in These 5 Zip Codes to Be Rich in 10 Years