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10 housing markets where institutional investors are buying the most

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Belong examined metros where institutional investors have been the most prevalent, using data from real estate research firm ATTOM Data.  
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Rising mortgage rates may keep some homebuyers out of the real estate market, but institutional investors are still diving in to build portfolios of properties nationwide.

Institutional investors are companies or other entities that purchase 10 or more properties in a single year. These buyers bought 1 in 15 single-family homes sold in the third quarter of 2022, or 6.7% of all home sales. While not as high as the 8.4% share recorded at the same time in 2021, it is slightly up from the second quarter in 2022.

Overall, home sellers made less profit in the third quarter, due to less difference between purchase and resale median home prices. Typical profit margins fell to about 55% as quarterly home prices dipped for the first time in nearly three years.

Despite that drop in prices, institutional investors are still buying homes in some markets. Belong analyzed where institutional investors were the most prevalent during the third quarter of 2022, using data from real estate research firm ATTOM Data. To be included, each metropolitan area—which includes a city and its surrounding towns—needed a population of 200,000 or more and must have recorded 50 or more home sales in the third quarter.

In general, metro areas seeing the most investment are smaller cities in the Sun Belt region, which gained popularity during the pandemic and continue to see interest from prospective buyers.

Indianapolis, Indiana downtown skyline over the river walk.

Sean Pavone // Shutterstock

#10. Indianapolis

-Total institutional investor sales: 1,646
– Percent of all sales: 15.1%
– Change from a year ago: -8%

Indianapolis has been a seller’s market in recent years, with home prices in Marion County rising 18% from 2020 to 2021. The lack of inventory has also put pressure on pricing, even though the city remains relatively affordable.

The metro area’s steady population growth—6% from 2016 to 2021—makes it an attractive target for real estate investment. The area is experiencing high demand for multifamily housing, particularly in the suburbs where property is more affordable. The suburbs also offer more room for popular amenities such as green space and swimming pools.

An aerial view of the Phoenix, Arizona skyline.

Tim Roberts Photography // Shutterstock

#9. Phoenix

-Total institutional investor sales: 3,604
– Percent of all sales: 15.4%
– Change from a year ago: -29%

From 2020 through July 2021, the Phoenix metro area added more than 100,000 people, which requires a lot of housing. During the pandemic, a tight supply of houses and high demand caused prices to skyrocket. Pair that with rising interest rates, and foreclosures are starting to rise again.

While the Phoenix area experienced a drop of 66% in foreclosure auction volume from the third quarter of 2019 to the third quarter of 2022, that metric turned around in mid-2022, with a 150% increase in foreclosure auctions between April and October, according to HousingWire. This increase signals an opportunity for investors.

Lakeland, Florida downown cityscape.

Sean Pavone // Shutterstock

#8. Lakeland, Florida

-Total institutional investor sales: 646
– Percent of all sales: 15.8%
– Change from a year ago: -2%

In Lakeland, the real estate market is still strong. For the year ending in August 2022, median sales prices in Polk County rose 27.7% to $313,409.

Lakeland’s suburbs are attractive, too—offering more spacious homes at more affordable prices. Some people are even looking farther out into Polk County, where builders are offering even more for even less. That has helped keep the metro area’s affordability in check, as it’s still cheaper to buy a home than it is to rent, according to ATTOM Data.

Aerial of downtown Charlotte, North Carolina.

Kevin Ruck // Shutterstock

#7. Charlotte, North Carolina

-Total institutional investor sales: 1,973
– Percent of all sales: 16.4%
– Change from a year ago: -30%

The boom in Charlotte’s real estate market has put many homes out of reach for even middle-income earners. Median house prices in September 2022 were $420,000, a nearly 54% increase from January 2020, according to UNC Charlotte’s Childress Klein Center for Real Estate. This jump was partly fueled by a population boom that created 66,211 more households in the metro area by 2021.

Rents continue to rise throughout the region, with many cities experiencing double-digit increases year-over-year. In September 2022, the median rent for a one-bedroom apartment ranged from $1,010 in Gastonia to $1,430 in Charlotte.

Aerial view of Clarksville, Tennessee.

Real Window Creative // Shutterstock

#6. Clarksville, Tennessee

-Total institutional investor sales: 318
– Percent of all sales: 16.7%
– Change from a year ago: 42%

Although Clarksville’s housing market has been deemed “overvalued,” sales were up nearly 8% year-over-year in June 2022, and inventory is still tight. Prices also continue to increase, up 30.5% in the metro region in the second quarter of 2022 compared to the same period in 2021. This was the highest price jump in the entire state, according to the Business and Economic Research Center at Middle Tennessee State University.

Clarksville’s metro area saw 6% population growth from 2019 to 2021. Remote working and better high-speed internet access have spurred many new residents to move here from more expensive cities, and millennials jumping into the market continue to fuel demand.

Sunset over downtown Atlanta, Georgia.

Kevin Ruck // Shutterstock

#5. Atlanta

-Total institutional investor sales: 5,188
– Percent of all sales: 16.8%
– Change from a year ago: -33%

Rising interest rates have contributed to a pause in Atlanta’s real estate market. In October 2022, 4,415 homes sold, a 35% decrease year-over-year, according to First Multiple Listing Service data. This was the slowest sales month for the region since January 2020, and the slowest October since 2011.

Institutional investors still see Atlanta as a gem. In November 2022, JPMorgan announced a joint venture with Haven Realty Capital to invest in build-to-rent, single-family homes. The venture kicked off with a deal for 250 homes in three Atlanta metro area communities.

Macon, Georgia downtown cityscape.

Sean Pavone // Shutterstock

#4. Macon, Georgia

-Total institutional investor sales: 200
– Percent of all sales: 17.6%
– Change from a year ago: 125%

The Macon-Bibb County metro area is still highly affordable, according to ATTOM Data. Affording a median-priced home requires only 14% of average local wages, which is the third-lowest percentage in the country.

That competition has led to price increases, which affect not only buyers, but also investors who flip houses. Profit margins on flips in Macon decreased substantially in the first quarter of 2022. The return on investment in this quarter compared to the same time period in the previous year decreased from 120.7% to 50.9%.

Tucson, Arizona downtown skyline with Sentinel Peak at dusk.

Sean Pavone // Shutterstock

#3. Tucson, Arizona

-Total institutional investor sales: 955
– Percent of all sales: 18.1%
– Change from a year ago: -12%

Higher interest rates have led to less inventory in Tucson’s real estate market. Homeowners are staying put, and builders have slowed down on building new homes. Permits were down 16% to 2,812 in the first half of 2022.

Many would-be buyers have to rent, which has put upward pressure on rent prices. In 2022, monthly rents are up to 50% higher than they were a year ago. Apartment complexes and single-family homes in build-to-rent communities are in high demand throughout the area.

Jacksonville, Florida downtown city skyline on St. Johns River.

ESB Professional // Shutterstock

#2. Jacksonville, Florida

-Total institutional investor sales: 1,481
– Percent of all sales: 18.3%
– Change from a year ago: -16.0%

The Jacksonville metro area gained nearly 26,000 residents from July 2020 to July 2021. That migration helped fuel the demand for housing in the region during the pandemic. Investors saw the opportunity and have made Jacksonville one of the top metro areas for residential real estate investing. In the second quarter of 2022, investors paid an average of $290,000 for a home, the lowest among all major metro areas in Florida. The area may be cooling off a bit, however, as sellers are starting to reduce prices amid decreased demand.

Memphis, Tennessee downtown skyline.

Sean Pavone // Shutterstock

#1. Memphis, Tennessee

-Total institutional investor sales: 1,326
– Percent of all sales: 19.7%
– Change from a year ago: 10.0%

High demand and low inventory fueled construction in the greater Memphis area, but more homes and rental apartments are expected to come on the market over the next few years. Several projects are in the works in downtown Memphis to build hundreds of new rental units. Southeastern suburb Collierville is also experiencing a building boom, with plans for about 500 homes to hit the market in the next three years.

Investors may not have to wait for those projects to finish to get good deals in this market. Inventory in October 2022 was at its highest point in two years, with 3,054 units on the market.

This story originally appeared on Belong Home and was produced and
distributed in partnership with Stacker Studio.

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Is real estate actually a good investment?

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Wealth Enhancement Group analyzed data from academic research, Standard and Poor's, and Nareit to compare real estate to stocks as investments.
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It’s well-documented that the surest, and often best, return on investments comes from playing the long game. But between stocks and real estate, which is the stronger bet?

To find out, financial planning firm Wealth Enhancement Group analyzed data from academic research, Standard and Poor’s, and Nareit to see how real estate compares to stocks as an investment.

Data going back to 1870 shows the well-established power of real estate as a powerful “long-run investment.” From 1870-2015, and after adjusting for inflation, real estate produced an average annual return of 7.05%, compared to 6.89% for equities. These findings, published in the 2019 issue of The Quarterly Journal of Economics, illustrate that stocks can deviate as much as 22% from their average, while housing only spreads out 10%. That’s because despite having comparable returns, stocks are inherently more volatile due to following the whims of the business cycle.

Real estate has inherent benefits, from unlocking cash flow and offering tax breaks to building equity and protecting investors from inflation. Investments here also help to diversify a portfolio, whether via physical properties or a real estate investment trust. Investors can track markets with standard resources that include the S&P CoreLogic Case-Shiller Home Price Indices, which tracks residential real estate prices; the Nareit U.S. Real Estate Index, which gathers data on the real estate investment trust, or REIT, industry; and the S&P 500, which tracks the stocks of 500 of the largest companies in the U.S.

High interest rates and a competitive market dampened the flurry of real-estate investments made in the last four years. The rise in interest rates equates to a bigger borrowing cost for investors, which can spell big reductions in profit margins. That, combined with the risk of high vacancies, difficult tenants, or hidden structural problems, can make real estate investing a less attractive option—especially for first-time investors.

Keep reading to learn more about whether real estate is a good investment today and how it stacks up against the stock market.


A line chart showing returns in the S&P 500, REITs, and US housing. $100 invested in the S&P 500 at the start of 1990 would be worth around $2,700 today if you reinvested the dividends.

Wealth Enhancement Group

Stocks and housing have both done well

REITs can offer investors the stability of real estate returns without bidding wars or hefty down payments. A hybrid model of stocks and real estate, REITs allow the average person to invest in businesses that finance or own income-generating properties.

REITs delivered slightly better returns than the S&P 500 over the past 20-, 25-, and 50-year blocks. However, in the short term—the last 10 years, for instance—stocks outperformed REITs with a 12% return versus 9.5%, according to data compiled by The Motley Fool investor publication.

Whether a new normal is emerging that stocks will continue to offer higher REITs remains to be seen.

This year, the S&P 500 reached an all-time high, courtesy of investor enthusiasm in speculative tech such as artificial intelligence. However, just seven tech companies, dubbed “The Magnificent 7,” are responsible for an outsized amount of the S&P’s returns last year, creating worry that there may be a tech bubble.

While indexes keep a pulse on investment performance, they don’t always tell the whole story. The Case-Shiller Index only measures housing prices, for example, which leaves out rental income (profit) or maintenance costs (loss) when calculating the return on residential real estate investment.

A chart showing the annual returns to real estate, stocks, bonds, and bills in 16 major countries between 1870 and 2015.

Wealth Enhancement Group

Housing returns have been strong globally too

Like its American peers, the global real estate market in industrialized nations offers comparable returns to the international stock market.

Over the long term, returns on stocks in industrialized nations is 7%, including dividends, and 7.2% in global real estate, including rental income some investors receive from properties. Investing internationally may have more risk for American buyers, who are less likely to know local rules and regulations in foreign countries; however, global markets may offer opportunities for a higher return. For instance, Portugal’s real estate market is booming due to international visitors deciding to move there for a better quality of life. Portugal’s housing offers a 6.3% return in the long term, versus only 4.3% for its stock market.

For those with deep enough pockets to stay in, investing in housing will almost always bear out as long as the buyer has enough equity to manage unforeseen expenses and wait out vacancies or slumps in the market. Real estate promises to appreciate over the long term, offers an opportunity to collect rent for income, and allows investors to leverage borrowed capital to increase additional returns on investment.

Above all, though, the diversification of assets is the surest way to guarantee a strong return on investments. Spreading investments across different assets increases potential returns and mitigates risk.

Story editing by Nicole Caldwell. Copy editing by Paris Close. Photo selection by Lacy Kerrick.

This story originally appeared on Wealth Enhancement Group and was produced and
distributed in partnership with Stacker Studio.

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5 tech advancements sports venues have added since your last event

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Uniqode compiled a list of technologies adopted by stadiums, arenas, and other major sporting venues in the past few years.
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In today’s digital climate, consuming sports has never been easier. Thanks to a plethora of streaming sites, alternative broadcasts, and advancements to home entertainment systems, the average fan has myriad options to watch and learn about their favorite teams at the touch of a button—all without ever having to leave the couch.

As a result, more and more sports venues have committed to improving and modernizing their facilities and fan experiences to compete with at-home audiences. Consider using mobile ticketing and parking passes, self-service kiosks for entry and ordering food, enhanced video boards, and jumbotrons that supply data analytics and high-definition replays. These innovations and upgrades are meant to draw more revenue and attract various sponsored partners. They also deliver unique and convenient in-person experiences that rival and outmatch traditional ways of enjoying games.

In Los Angeles, the Rams and Chargers’ SoFi Stadium has become the gold standard for football venues. It’s an architectural wonder with closer views, enhanced hospitality, and a translucent roof that cools the stadium’s internal temperature. 

The Texas Rangers’ ballpark, Globe Life Field, added field-level suites and lounges that resemble the look and feel of a sports bar. Meanwhile, the Los Angeles Clippers are building a new arena (in addition to retail space, team offices, and an outdoor public plaza) that will seat 18,000 people and feature a fan section called The Wall, which will regulate attire and rooting interest.

It’s no longer acceptable to operate with old-school facilities and technology. Just look at Commanders Field (formerly FedExField), home of the Washington Commanders, which has faced criticism for its faulty barriers, leaking ceilings, poor food options, and long lines. Understandably, the team has been attempting to find a new location to build a state-of-the-art stadium and keep up with the demand for high-end amenities.

As more organizations audit their stadiums and arenas and keep up with technological innovations, Uniqode compiled a list of the latest tech advancements to coax—and keep—fans inside venues.


A person using the new walk out technology with a palm scan.

Jeff Gritchen/MediaNews Group/Orange County Register // Getty Images

Just Walk Out technology

After successfully installing its first cashierless grocery store in 2020, Amazon has continued to put its tracking technology into practice.

In 2023, the Seahawks incorporated Just Walk Out technology at various merchandise stores throughout Lumen Field, allowing fans to purchase items with a swipe and scan of their palms.

The radio-frequency identification system, which involves overhead cameras and computer vision, is a substitute for cashiers and eliminates long lines. 

RFID is now found in a handful of stadiums and arenas nationwide. These stores have already curbed checkout wait times, eliminated theft, and freed up workers to assist shoppers, according to Jon Jenkins, vice president of Just Walk Out tech.

A fan presenting a digital ticket at a kiosk.

Billie Weiss/Boston Red Sox // Getty Images

Self-serve kiosks

In the same vein as Amazon’s self-scanning technology, self-serve kiosks have become a more integrated part of professional stadiums and arenas over the last few years. Some of these function as top-tier vending machines with canned beers and nonalcoholic drinks, shuffling lines quicker with virtual bartenders capable of spinning cocktails and mixed drinks.

The kiosks extend past beverages, as many college and professional venues have started using them to scan printed and digital tickets for more efficient entrance. It’s an effort to cut down lines and limit the more tedious aspects of in-person attendance, and it’s led various competing kiosk brands to provide their specific conveniences.

A family eating food in a stadium.

Kyle Rivas // Getty Images

Mobile ordering

Is there anything worse than navigating the concourse for food and alcohol and subsequently missing a go-ahead home run, clutch double play, or diving catch?

Within the last few years, more stadiums have eliminated those worries thanks to contactless mobile ordering. Fans can select food and drink items online on their phones to be delivered right to their seats. Nearly half of consumers said mobile app ordering would influence them to make more restaurant purchases, according to a 2020 study at PYMNTS. Another study showed a 22% increase in order size.

Many venues, including Yankee Stadium, have taken notice and now offer personalized deliveries in certain sections and established mobile order pick-up zones throughout the ballpark.

A fan walking past a QR code sign in a seating area.

Darrian Traynor // Getty Images

QR codes at seats

Need to remember a player’s name? Want to look up an opponent’s statistics at halftime? The team at Digital Seat Media has you covered.

Thus far, the company has added seat tags to more than 50 venues—including two NFL stadiums—with QR codes to promote more engagement with the product on the field.  After scanning the code, fans can access augmented reality features, look up rosters and scores, participate in sponsorship integrations, and answer fan polls on the mobile platform.

Analysts introducing AI technology at a sports conference.

Boris Streubel/Getty Images for DFL // Getty Images

Real-time data analytics and generative AI

As more venues look to reinvigorate the in-stadium experience, some have started using generative artificial intelligence and real-time data analytics.  Though not used widely yet, generative AI tools can create new content—text, imagery, or music—in conjunction with the game, providing updates, instant replays, and location-based dining suggestions

Last year, the Masters golf tournament even began including AI score projections in its mobile app. Real-time data is streamlining various stadium pitfalls, allowing operation managers to monitor staffing issues at busy food spots, adjust parking flows, and alert custodians to dirty or damaged bathrooms. The data also helps with security measures. Open up an app at a venue like the Honda Center in Anaheim, California, and report safety issues or belligerent fans to help better target disruptions and preserve an enjoyable experience.

Story editing by Nicole Caldwell. Copy editing by Paris Close. Photo selection by Lacy Kerrick.

This story originally appeared on Uniqode and was produced and
distributed in partnership with Stacker Studio.

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Import costs in these industries are keeping prices high

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Machinery Partner used Bureau of Labor Statistics data to identify the soaring import costs that have translated to higher costs for Americans.  
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Inflation has cooled substantially, but Americans are still feeling the strain of sky-high prices. Consumers have to spend more on the same products, from the grocery store to the gas pump, than ever before.

Increased import costs are part of the problem. The U.S. is the largest goods importer in the world, bringing in $3.2 trillion in 2022. Import costs rose dramatically in 2021 and 2022 due to shipping constraints, world events, and other supply chain interruptions and cost pressures. At the June 2022 peak, import costs for all commodities were up 18.6% compared to January 2020.

While import costs have since fallen most months—helping to lower inflation—they remain nearly 12% above what they were in 2020. And beginning in 2024, import costs began to rise again, with January seeing the highest one-month increase since March 2022.

Machinery Partner used Bureau of Labor Statistics data to identify the soaring import costs that have translated to higher costs for Americans. Imports in a few industries have had an outsized impact, helping drive some of the overall spikes. Crop production, primary metal manufacturing, petroleum and coal product manufacturing, and oil and gas extraction were the worst offenders, with costs for each industry remaining at least 20% above 2020.


A multiline chart showing the change in import costs in four major product industries.

Machinery Partner

Imports related to crops, oil, and metals are keeping costs up

At the mid-2022 peak, import costs related to oil, gas, petroleum, and coal products had the highest increases, doubling their pre-pandemic costs. Oil prices went up globally as leaders anticipated supply disruptions from the conflict in Ukraine. The U.S. and other allied countries put limits on Russian revenues from oil sales through a price cap of oil, gas, and coal from the country, which was enacted in 2022.

This activity around the world’s second-largest oil producer pushed prices up throughout the market and intensified fluctuations in crude oil prices. Previously, the U.S. had imported hundreds of thousands of oil barrels from Russia per day, making the country a leading source of U.S. oil. In turn, the ban affected costs in the U.S. beyond what occurred in the global economy.

Americans felt this at the pump—with gasoline prices surging 60% for consumers year-over-year in June 2022 and remaining elevated to this day—but also throughout the economy, as the entire supply chain has dealt with higher gas, oil, and coal prices.

Some of the pressure from petroleum and oil has shifted to new industries: crop production and primary metal manufacturing. In each of these sectors, import costs in January were up about 40% from 2020.

Primary metal manufacturing experienced record import price growth in 2021, which continued into early 2022. The subsequent monthly and yearly drops have not been substantial enough to bring costs down to pre-COVID levels. Bureau of Labor Statistics reporting shows that increasing alumina and aluminum production prices had the most significant influence on primary metal import prices. Aluminum is widely used in consumer products, from cars and parts to canned beverages, which in turn inflated rapidly.

Aluminum was in short supply in early 2022 after high energy costs—i.e., gas—led to production cuts in Europe, driving aluminum prices to a 13-year high. The U.S. also imposes tariffs on aluminum imports, which were implemented in 2018 to cut down on overcapacity and promote U.S. aluminum production. Suppliers, including Canada, Mexico, and European Union countries, have exemptions, but the tax still adds cost to imports.

U.S. agricultural imports have expanded in recent decades, with most products coming from Canada, Mexico, the EU, and South America. Common agricultural imports include fruits and vegetables—especially those that are tropical or out-of-season—as well as nuts, coffee, spices, and beverages. Turmoil with Russia was again a large contributor to cost increases in agricultural trade, alongside extreme weather events and disruptions in the supply chain. Americans felt these price hikes directly at the grocery store.

The U.S. imports significantly more than it exports, and added costs to those imports are felt far beyond its ports. If import prices continue to rise, overall inflation would likely follow, pushing already high prices even further for American consumers.

Story editing by Shannon Luders-Manuel. Copy editing by Kristen Wegrzyn.

This story originally appeared on Machinery Partner and was produced and
distributed in partnership with Stacker Studio.

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