The Effects of Major City Attractions
When it comes to real estate, one thing that may appeal to homebuyers or investors is a major city attraction. This could be anything from a theme park or a historical landmark. Usually these types of cities bring in a high volume of tourists. For instance, Orlando hosts over 80 million tourists each year due to its theme park attractions like Disney World. So what does this mean for the homebuyer or investor?
- One result of buying a home in this type of city is that the prices will most likely be higher. This is due to a high number of people looking to buy houses or invest in that area. When demand goes up, so do the prices.
- Another result is that usually there are a lot of jobs available. When it comes to big attractions, it is common for companies who own these attractions to hire young workers. They could either be seasonal hires or recent college graduates. This means that they will most likely not pay well and the employees will probably not stay very long. With such a high turnover rate, major attractions almost always have job openings! Depending on how much you want to get paid, there is a job opportunity out there.
- The final result that these attractions have is the major boost in the economy that play, which really gives them the power. Since millions of people visit these attractions each year, with them comes their money to shop and eat. This brings thousands and sometimes even millions or billions into a city’s economy. For example, the Pure Michigan effect campaign brought in over 1 billion to the state from tourists in 2011, really helping out a state in debt.
The one thing to remember when moving or investing in a city with a major attraction is to do your research. You want to know the opportunities you have and what effects your purchase will have on your future. Do not take your decision lightly.
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