Tucson is a city in Pima County, Arizona and is the 33rd largest city in the United States. Tucson has an estimated population of 546,000 and is the second-most populous city in Arizona after Phoenix. The city is located 108 miles southeast of Phoenix and 60 miles north of the U.S.–Mexico border. Tucson Metro Area’s population is 1,010,030 people. Since 2000, it has had a population growth of 51.46%.
Tucson is home to the Tucson Tech Corridor (TTC) and also several big technology companies that employ thousands of Tucson residents. Raytheon Missile Systems (formerly Hughes Aircraft Co.), Texas Instruments, IBM, Intuit Inc., Universal Avionics, Honeywell Aerospace, Sunquest Information Systems, Sanofi-Aventis, Ventana Medical Systems, Inc., and Bombardier Aerospace all have a significant presence in Tucson. Tucson ranks 41 out of 200 on Milken’s Best Performing Cities in High Tech GDP Growth. In addition, much of the city’s economy is centered on the University of Arizona, which is the city’s second largest employer, as well as tourism, with over 3.5 million people visiting the city each year. Not only does the university provide undergraduate and graduate students as a source of potential renters, but also faculty and staff. The University of Arizona area can be a goldmine for investors because rental demand insures low vacancy and higher rent than in other areas.
Realtor.com recently named the city the top market in the country for investors on the basis of homes’ affordability and the city’s relatively low unemployment rate of 6.0 percent. Forbes magazine also reported the findings. Local real estate experts agree that Tucson is a bustling market for investors and that the market is heating up. Arizona’s relatively low cost of living combined with its warm, sunny climate make it appealing to many people, particularly retirees. The job market in Tucson is growing and the population in the city continues to increase. These are two big positives for people looking to invest in rental property in the Tucson area. Experts predict that Tucson property values will continue to rise in the future. This could mean a big return for investors that buy now while home prices and interest rates are still low.
- Home to the University of Arizona – Leading public research University
- Tucson International Airport contributes $7.4 billions to the Arizona economy
- Ranked among the Top 10 Best Cities for College Graduates
- Average Annual Rent Growth for the next 5 years is 6.7%
- Tucson is 6% under national average for cost of living