Miami and Tampa are the hottest cities in the US for property investors, according to a new report.

The study by Agent Advice looked at factors such as rising house prices, income levels and population growth, to identify the cities where property investment is likely to pay off.

Florida Cities Come Out on Top

Miami took the top spot, with prices for larger homes (with five or more bedrooms) jumping by an impressive 13% recently. And while the city’s population growth is modest at 0.7%, rising wages (up 4.4%) are fuelling demand for homes.

In second place is Tampa, another Florida city which has seen prices rise by more than 11% across the board. A 2.7% increase in personal income means that Tampa’s property market looks set to continue to boom. The city’s location on the Gulf Coast, along with its great quality of life, is attracting a growing number of investors.

North Carolina Cities Offer Opportunities

Outside of Florida, Charlotte, North Carolina, took third place. The city has seen impressive price growth of over 10% for one to three-bedroom properties, making it a good choice for a range of buyers. A combination of population growth (1.8%) and increasing wages (3.6%) make Charlotte a top location in the booming South East.

In fourth place is another North Carolina city, Raleigh, which has seen price rises of more than 10% for one and two-bedroom properties. A high quality of life and a 3.2% rise in income per capita add to the city’s appeal.

Arizona Offers Value

Rounding off the top five is Phoenix, Arizona, where property prices have also been climbing rapidly – particularly for one-bedroom apartments, which have seen price rises of 11.5%. Phoenix’s steady population growth and affordable cost of living continue to attract both residents and investors.