Unison, a San Francisco-company that co-invests with homeowners in 30 states, analyzed 20 cities to determine which cities are most vulnerable and will be hardest hit from the coronavirus pandemic.
Las Vegas, Miami, and Detroit were determined to be affected the most due to employment being heavily concentrated in one or two hard-hit industries.
They suggest that anyone who’s in the market to buy a property focus on areas with diversified economies.
The cities expected to fare better than others include New York, Boston, and Washington, D.C. due to their varied economies.
“Volatility does not mean Las Vegas and other vulnerable markets are bad places to live or to buy a home, says Sponholtz, but he recommends investing a smaller percentage of your total assets in a house than you might in a more economically diverse city.”