[FPMD: This 2-part guest post is provided by Ricardo Roberts of Doctor Loan USA. We have no financial relationship.]
With low interest rates, affordable homes, and doctor loans available for qualified medical professionals, this is the perfect time for residents to enter the real estate market. This article examines the top 9 housing markets for medical professionals and gives you some ideas on where you’ll find prime real estate near your residency program. Let’s start by exploring the first 5.
Los Angeles is home to movie stars, musicians, and some of the best doctors on the West Coast. With a vibrant culture and thriving real estate market, residents and new physicians can find amazing properties throughout the Los Angeles Metro Area - if you look closely.
University of California – Los Angeles and the University of Southern California have world renowned residency programs, and hospitals like Kaiser and Cedars-Sinai Medical Center can give medical students an exciting preview to life as a physician. Pasadena, Ladera Ranch, and Manhattan Beach have beautiful homes that are close to the city of Los Angeles, and Orange County is a short commute from the Los Angeles Metro Area.
As one of the most popular housing markets in the Golden State, Los Angeles is known for luxury real estate and expensive houses. Residents who are looking for affordable homes should consider communities like Bell Gardens, Baldwin Park, and Pico Rivera, where the median housing price dips below $450,000 (Zillow).
Philadelphia has plenty of affordable housing options for first time buyers. The median home value in Philadelphia is only $157,900, and with thousands of available properties residents can find the perfect house for their budget (Trulia).
The City of Brotherly Love has numerous residency programs, including Penn Medicine, Jefferson Physicians, Temple University Hospital, and The Children’s Hospital of Philadelphia. With neighborhoods like Franciscville, Collingswood, and Brewerytown near the heart of the city, you’ll have access to the best that Philadelphia has to offer.
Durham is home to one of the most coveted residency programs in the nation: Duke University Hospital. It’s also one of the most affordable places to live in the country, with median home values coming in at only $194,500 (Trulia).
If you’ve kept up with national news in the past few years, you know that North Carolina’s Triangle region - consisting of Raleigh, Durham and Chapel Hill - is consistently winning accolades on best places to live and work lists. Downtown Durham is experiencing a renaissance of sorts, with throngs of people moving back into the urban core to enjoy nationally recognized cuisine and local markets.
Chapel Hill is only a short drive away. While more expensive, many physicians live in Chapel Hill and work at Duke Hospital. With very little traffic, the quality of life here is excellent and makes for a stress-free commute. Durham is perfect for first-time homebuyers because there is an abundance of options under $200,000.
Chicago is the largest city in the Midwest, and with premier residency programs at The University of Chicago, Northwestern, and Loyola University it has earned a place on our list. With a median home value of $212,300, Chicago also has one of the most affordable urban housing markets in the nation (Zillow).
The Windy City has hundreds of suburbs that first time buyers can call home, including South Barrington, Winnetka, and Vernon Hills. If you want to live close to downtown, look at condos in Lake View, Streeterville, and West Loop: you may pay more for less space, but you’ll have access to the amenities, culture, and nightlife of downtown Chicago.
Despite the high cost of living, New York City has some of the most desirable properties in the country. From Manhattan apartments to Long Island estates, the New York City real estate market is perfect for medical residents who want their own slice of the Big Apple.
New York City is also home to Columbia University and New York University, two famous schools with elite residency programs. Affordable neighborhoods like Forest Hills, Queens and Sheepshead Bay, Brooklyn are perfect for buyers who want to be close to the Manhattan.
Unfortunately, housing prices may prevent residents from entering the real estate market: according to Zillow, the median value of homes in New York City is $614,200. Although the price tag may price residents out of buying property in the Big Apple, the steady rise in NYC real estate values presents moneyed buyers with a prime investment opportunity and access the the best that New York City has to offer.
We’ve just covered some of the hottest markets in the country. Come back next week for the second part of this article and find out which area is number one — it might surprise you.
Guest author Ricardo Roberts writes mainly to educate residents and physicians about doctor mortgage loans. He’s the founder of Doctor Loan USA, a service that connects physicians with mortgage lenders who specialize in doctor loans.