CNNMoney.com
Top 10 cities: Where to buy nowThe real estate slump could get worse before it gets better. But these 10 markets offer great opportunities for those who have the patience to buy and hold.
2. Vero Beach, FL
64% Projected gain in home prices (5-year)*
Median home price2006: $235,0002011: $386,000
Population2006: 131,0002011: 147,000
Per capita income2006: $44,4002011: $51,200
Balmy weather, low property taxes, and a cost of living 3% lower than that of nearby West Palm Beach make this coastal town an affordable alternative, with sandy shores and the best surfing on the East Coast."Vero Beach is at high risk in the short term but will move up in the long term," Cochrane says.Here's why: A Florida Atlantic University study says Indian River County and its two closest neighbors will need a projected 154,000 new homes during the next 25 years to house the growing population and replace old structures. A Manpower Employment Outlook Survey predicts growth in construction, manufacturing, and retail jobs too. Per capita income growth closely shadowed that of Martin County, Florida's second-wealthiest, and is gaining on that of Palm Beach County, the state's richest.
CAUTION: Projected job growth in the region will revolve mainly around lower-wage work, which can dampen home values.
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