Portland in the state of Maine is sometimes overshadowed by Portland in the state of Oregon. However, it is important to note that this particular Portland is a place of note as well. In part, this is because Portland is the single most populous city in the state of Maine, so much so that it and its surroundings are home to a full third of the state’s population. However, it should also be noted that Portland manages to live up to its name by being the biggest port when measured by tonnage that can be found in the whole of New England. Due to these as well as other characteristics, Portland in the state of Maine has its fair share of popularity, thus making it a potential option for real estate investors who are seeking something to put their money in.
Why Should You Consider Investing in Portland, Maine Real Estate?
First, Portland has been becoming a popular option for people who want a balance between cost and convenience in recent times. In short, the biggest cities in the New England region have been seeing huge increases in their costs of living, which is a product of their own success. Unfortunately, such increases make these places less and less attractive, which is why more and more people are heading towards their suburbs rather than the center of things. However, there are also plenty of people who are heading to places such as Portland, which offer the convenience of urban living while still costing less than places such as Boston and New York City. Granted, Portland is still more expensive to live in than the average for the United States as a whole, but it is much more affordable when compared to its immediate counterparts, thus making it something of a real estate market on the rise.
For real estate investors, the importance is clear. After all, whether they are planning to renovate and resell or rent out their purchased real estate properties, they will want to buy low in a real estate market with upward potential. Something that should provide them with a better chance of securing higher profits. With that said, it should be mentioned that this is far from being the sole point of interest that is distinguishing Portland from the other real estate markets out there.
Another example is how Portland has a solid economy, which isn’t reliant on a single sector but is instead founded upon a number of them. For instance, Portland has a booming tourism sector, which is perhaps unsurprising considering its location on the Atlantic coast. With that said, while it boasts natural landscapes that are well-worth exploring, Portland has also augmented them with a wide range of retailers, restaurants, cultural venues, and other sites of interest, thus making its tourism sector that much better rounded. On top of this, Portland has other strong sectors, with examples ranging from those related to the Port of Portland to the healthcare sector, which has a very strong presence in the city, so much so that the more than 1,600 doctors practicing in the region puts the number of doctors per capita at more than twice the national average. Due to this, it is no wonder that Portland has better health statistics than so many of its counterparts.
As for the relevance to real estate investors, a strong economy ensures plenty of movement in the local real estate market, which is necessary for real estate investors to get what they want out of their investments. Furthermore, factors that make places more pleasant to live encourage people to both stay put and move in, thus benefiting the local real estate market as well. As a result, while the tourism sector might seem oriented towards visitors, it has a strong influence on Portland residents as well, which in turn, means a positive effect on the local real estate market.
Of course, just because Portland in the state of Maine is a place that real estate investors shouldn’t overlook, it doesn’t mean that all of its real estate properties are worth investing in. When it comes to investments, interested individuals need to consider their option with extreme care, particularly when the sums involved are on the scale seen in real estate transactions.