The two main factors affecting the home inspection business are real estate trends and location. The real estate market is dependent on the economy, so it’s up and down. Land and homeowners can wait for prices to come back up — real estate is almost always a good investment — but it can be harder for a home inspector to wait out the trend.
CNBC reports that housing supply is beginning to increase, which may affect prices in some markets. They say supply is growing in 30 of the country’s 100 largest cities.
However, the growth rate can depend significantly on where you live and work. Turnover is higher in bigger cities than in small towns, and you can charge more for an inspection in a higher-income location.
But folks are also flocking to resort areas, partly because every year another huge wave of baby boomers retires. This explains why, when US News & World Report ranked the cities and towns in America with the highest migration rates, Florida took seven of the top 25.
- Florida — The Happiest Place on Earth calls this state home doubtlessly due to the high number of warm, sunny days allowing for maximum outdoor enjoyment. Tampa, Daytona Beach, Port St. Lucie, Jacksonville, Orlando, Sarasota, Fort Myers, Melbourne, and Lakeland are all showing growth.
- California — With the highest U.S. population by far (39.5 million), California is winning in the race for most residents — and most wealthy residents as well.
- Colorado — According to USA Today, homes in Colorado have risen in price faster than almost any other state, and especially in the Denver area.
- Texas — The Lone Star state comes in second population-wise, but the cities of Dallas-Fort Worth, San Antonio, Austin, and Houston are growing by leaps and bounds.
- Nevada — The scenery here might look like something out of a Roadrunner cartoon, but it’s home to Las Vegas, and this entertainment mecca never stops attracting crowds. Like any bustling city, the suburbs of Las Vegas just keep pushing farther into the desert.
- Arizona — This abutting desert state is home to Grand Canyon National Park, but most of the state’s growth is centered around Phoenix, Tucson, and Flagstaff. Seniors love the warmth, the scenery, and the thriving retirement communities.
- North Carolina — This state has so much to offer so many! With Asheville in the west to the capital of Charlotte to the Triangle formed by Raleigh, Durham, and Chapel Hill, scholars, politicians, and artists all call this state home.
- South Carolina — The coastline of this golfing mecca keeps attracting retirees, with many of them settling in Myrtle Beach or Charleston.
- Tennessee — Nashville has always been a big draw, and it continues to attract new residents from across the U.S. The capital of country music is seeing its suburbs explode with transplants.
- Seattle — Despite the rainy climate, this northwest coastal city continues to attract residents, not just to drink coffee and tour the birthplace of grunge, but also to work for some of the world’s largest tech giants who call this region their home.
If you have the opportunity to relocate to start your home inspector business, you can’t go wrong with one of these thriving cities.
Want to learn more about ICA’s home inspection courses? Check out our website today.