You probably haven’t wondered much about Louisville lately, but you should! The housing market here is strong, there are plenty of lively attractions, and the U.S. manufacturing industry is making a return to prominence. So is it time to purchase? In this piece we’ll look at five reasons buying now makes sense for you in the long run.
Throughout the metropolitan area, thousands of jobs have been added to the local economy in recent years beating out every other U.S. city with manufacturing companies in its growth. The confluence of these and other factors makes buying property in Louisville now a strong investment for you and your family.
Growth Trajectory
Three of Kentucky’s five Fortune 500 companies (Humana Inc., Kindred Healthcare Inc., and Yum Brands Inc.) call Louisville their home for a number of good reasons, including the low cost of doing business and support from the local government. That’s why more companies are moving headquarters and call centers to the area, in addition to the dozens of other companies that are already stationed here.
Another factor contributing to Louisville’s growth trajectory is its educated workforce. Having a public institution like the University of Louisville, which has more than 15,000 students, doesn’t just help bolster the local economy.
Research conducted there has real-world implications applicable to any number of industries stationed in the city. The state has helped cultivate such a hospitable environment that the majority of students who graduate from their institutions remain in the state afterward, including graduate degree earners. Louisville also has dozens of public and private institutions, so it’s not inconceivable that many of those graduating students are staying to call their college town ‘home.’ This further adds value to the region and makes what could have been a transitional city into an established regional force.
Arts Scene
There aren’t many cities in the U.S. with their own orchestra, opera, ballet, and theatre groups, especially away from the coast. Louisville, however, has managed to secure all of these. The city’s arts scene and strong art programs have made it possible for the arts industry to contribute over $400 million to the region’s economy, according to a 2015 Arts & Economic Prosperity study. Nonresidents had contributed more than $70,000 in event-related expenditures and at least $40 per event (excluding the cost of admission).
With such a strong arts scene, it makes sense that there’s a continued push for investment in area art projects by business leaders and consulting grounds in the form of Imagine Greater Louisville 2020. These expansions and investments will help bolster the area’s tourism industry, especially in regard to redirecting visitors to some of Louisville’s great art museums and theatres. It also makes the prospect of relocating to Louisville much more appealing, especially for artists looking for well-priced housing and a positive career outlook.
Fast-growing Industries
It’s not just manufacturing that’s doing well in Louisville. Private companies ranging from financial services and technology to health care and media are having regional success that’s creating jobs for residents. Some of the top performing companies include V-Soft Consulting, strADegy, and Mortenson Dental Partners. Inc. magazine also found that the country’s fastest-growing companies are based in or are coming to Louisville, further expanding your choice in careers – or even encouraging you to switch careers. Heck, start your own business!
Southern Comfort
Tourism has been a leading factor in Louisville’s growth, but don’t mistake that for Louisville at all being a tourist city. Kentucky’s culture is alive and thriving throughout the city streets, in local shops, and in their service industry.
For example, restaurants like 610 Magnolia have been able to successfully marry an urban atmosphere and palate with traditional southern hospitality. They’ve done this by adjusting to the changing landscape, appealing to audience expectations, and emphasizing the stories behind Southern cuisine.
Others have gone a different route and taken advantage of the area’s natural beauty by expanding outdoor seating space and offering extraordinary views.
Real Estate Prices
What’s the best reason to start looking for a house and seeing about relocating to Louisville? It’s low, low real estate prices. With an average monthly mortgage payment of $575, which is half the monthly cost of rent, it’ll take just over a year to break even on your investment. Play your cards right, do your research well and it’s entirely possible to beat the average and find a mortgage payment that’s a fraction of the rent you’re paying now.
Doubt it? Ask your Realtor what he has to say about Louisville real estate that fits your needs. But while real estate prices are good, there are indications in the market that those trends aren’t here to last. This means buying now is better than waiting for later.
Buying Now Makes Sense Louisville
If you need more reasons to pack up your truck and start making your move to the home of the Kentucky Derby, check out these things to do in Louisville. Whether you’re looking forward to the city’s famous bar scene, the top-tier comfort food, beautiful nature trails, an exciting array of sports teams, or its architectural highlights, Louisville has a great deal to offer you and your family.
