Memphis, Tennessee is home to legendary singer Elvis Presley. However, that’s not the only thing the city has going for it. Although it’s only the 20th largest city in the U.S., it ranks #1 on Mood’s Case-Schiller Index, because of its steady growth cycle in job creation, new development and… property value.
In fact, its projected appreciation by 2016 is expected to be 18.76%. Money Magazine places it in the top ten locations for economic recovery. U.S. News & World Report calls it the #1 American city for real estate ‘steals’. With prices starting as low as $99,000USD, it’s understandable why property is so attractive here. In fact, Business 2.0 categorizes it as a top city real estate investment. Perhaps this is because of the near 50% of the population choosing to rent. Or it might just be related to the 18 Colleges, Universities and Trade Schools located within 30 minutes of the city centre. In Memphis, vacancy rates continue to remain well below the national average and tenant quality is considered extremely superior.
Another reason many people choose Memphis is the high amount of work opportunities. There are an increasing number of nationally and internationally recognised corporations, from twenty-two cities around the world. Nine firms are on the Fortune 1000 list and three are classified as Fortunate 500 companies. Global shipping provider FedEx has their world hub here, offering jobs to over 33,000 employees. The second largest world Cargo Airport is located in Memphis, as is the third largest railroad centre in the United States. It also has a major river shipping port, and is one of only four major cities through which the I-69 route (Mexico to Canada) passes. More trucking companies are based in Memphis than any other city in America. Further, some of the best, expanding medical research and treatment facilities in the U.S. can be found here: UT Medical School, LeBohneur Children’s Hospital, St Jude Children’s Research Centre, Methodist University Hospital, Memphis Biotech Research Park and Med-Tech Headquarters and Research Facility.
Outside of this, it’s a great destination for tourists. Also know as the ‘City of Blues’, many world famous entertainers come from Memphis. The entertainment district has musical talent to suit all tastes; from Elvis to B.B. King, W.C. Handy to Jerry Lee Lewis, Johnny Cash, Carl Perkins, and more recently Three Six Mafia and Justin Timberlake – they’re all from Memphis. With so much happening in this metropolitan, it’s clear why over 700,000 people call Memphis home, and why investors are so keen to snatch up local properties!