Jaina Pallasigui, a public-health professional, started investing in real estate in the Midwest in December 2021. She bought a home three hours outside of Indianapolis, in Evansville, which she is renting out to long-term tenants. Although she is actually based in Laguna Niguel, Orange County, Calif., Pallasigui found that investing in the Midwest was a lot more affordable than her hometown.
Her first home in Evansville cost less than $50,000. “It was $48,000, and I did a conventional loan, with a down payment of 20%,” Pallasigui told MarketWatch. She has since bought two more single-family homes.
Jaina Pallasigui started investing in real estate in the Midwest in 2021: “I live in a bubble here in Southern California.”
Pallasigui said she was introduced to real-estate investing by a friend who had just bought a home in Indiana. When he told her that he had bought a property for just $40,000, she was very surprised. She will close on her first fourplex in Evansville in a week, she said. “It just really opened my mind to what was possible in the Midwest because I live in a bubble here in Southern California,” Pallasigui said. For many home buyers, the real-estate market hasn’t changed much since the pandemic. In fact, it’s gotten worse with multiple offers, high home prices, and high mortgage rates all making it harder to buy a home. But for aspiring homeowners who are open to relocating, or have the ability to work remotely, there are some good — and affordable — options left in the U.S., according to a new report from Realtor.com. Most of those affordable housing markets are in the Midwest, according to …