Check it out at this link! Originally created for the post: ‘Which Real Estate Markets Are Right For You?’. If you would like a copy of this to use for your own purposes, drop me a line at ramen [at] ramenretirement.com
What it is
A lookup tool that will let you pull a range of demographic, economic, and property price information for any metropolitan statistical area (MSA) in the US. It will compare the metrics for the target MSA against the US average, and it will also indicate the percentile rank of the MSA relative to all other MSAs.
Why I created it
As you might know, I’m a big fan of real estate investment. I invest directly through single and multi-family rentals, and indirectly through investment syndicates. Perhaps the most important thing with real estate investment is choosing the right market. I’m not a big enough player to buy expensive subscriptions to data providers, so I decided to ‘roll my own’ market analysis by cobbling together all the publicly available data I could find. There’s something nice about pulling the data yourself, understanding where it comes from, and how it all fits together. It also lets me create any view I deem relevant, which isn’t always an option when reading some canned report.
When trying to understand a new real estate market, there are a few things you want to know to help inform what kind of market you’re looking at, what trajectory it has been on, and what the future might hold. I’ve tried to capture all those attributes in this tool so you can quickly get a snapshot of the key things that matter for any given market.
This tool will not answer everything about a market (or sub-market!), but it is the first place I go when considering or evaluating a place I’m not yet familiar with. You’ll need to supplement this tool with on the ground data and contacts, but it’s helpful to have this information at your fingertips and in your back pocket. You’ll be able to talk with anyone, about any market, with some insightful data to bring to the conversation.
How you can use it
As mentioned above, contact me directly (ramen at ramenretirement.com) if you’d like a copy of this tool. Once you have your own copy, you’ll be able to change the market you’re looking at and have all the data populate instantly. Use it to research specific markets. Use it to compare multiple markets at the same time. I’m pretty sure this, or something like it, will up your real estate game and save you a ton of time!