In 2021, there were about 83.5 million owner-occupied real estate properties in the United States. This figure is still growing, suggesting that the real estate market presents a significant investment opportunity.
When purchasing real estate, consider investing in one near a health center or medical facility.
Across the U.S., there are more than 6,000 hospitals nationwide. And there are properties for sale near these healthcare facilities.
What advantages do you get from purchasing a property like an apartment or condo unit near a health center?
Is it worth investing in real estate near health centers? What elements must you consider when deciding to live near a health center?
This article discusses the benefits of living near a health center and whether it’s worth investing in real estate in these areas. It also discusses the factors you must consider when considering living near such facilities.
Living near health centers can provide better accessibility to much-needed health services, especially for individuals who need regular clinic or hospital visits.
These individuals who require such services include those with long-term physical conditions or chronic health issues like heart disease, diabetes, and cancer.
Read on to learn the benefits of investing in a home near health centers and find out if it’s worth investing in real estate in these areas.
Benefits of Living Close to a Health Center
One immediate benefit of living near a medical facility is accessibility to health services. For example, having an apartment or condo unit near a hospital minimizes the hassles and complications associated with traveling to visit your doctor or undergo an emergency medical operation.
Investing in real estate near health centers can help shorten your travel time or prevent getting stuck in traffic jams, especially when your life is at risk, or you need immediate medical attention.
For instance, in case of accidents that involve excessive bleeding and trauma, the last thing you want to encounter is getting stuck in heavy traffic. You can quickly get the medical service you need when you live near a hospital.
Getting a property near a medical facility can also benefit you even if you don’t have a chronic or existing health condition. Sometimes, your lifestyle can put you at risk for physical injuries, like when you’re working in construction or playing sports frequently.
In these cases, immediate access to a healthcare facility can help you get a doctor’s appointment and get your injuries treated quickly.
If you’re working as a medical professional or hospital staff, having a residence near your workplace can help make your commute to work more convenient.
So, you spend less time on the road and more time attending to patients. Plus, you get to go home earlier after work because of the shorter distance than if you live farther away.
Having a real estate property close to a health center is also an opportunity to earn passive income. If you don’t need to reside in that particular residence, you can rent it out to tenants who need it more.
For example, if you live in another city, you can invest in a property near a hospital. You can rent your property to health workers or individuals who need regular hospital visits.
By investing in such a property, you can establish a potential income source within the healthcare housing market segment.
Is it Worth it?
To determine whether investing in real estate near health centers is worth your money, you should identify your needs and budget and whether there are good properties within the area near the healthcare facility.
So if you’re a medical worker experiencing frequent heavy traffic on your way to the hospital, consider looking for a property in an area with lower traffic and nearer to your workplace.
If you believe that investing in such a property gives benefits like lower transportation costs, improved productivity, and less stress, purchasing such a property may be worth it.
Considerations When Deciding to Live Near a Health Center
Financial and lifestyle considerations are essential factors to think about when buying a house or real estate. You need to know whether you can afford the property and maintain or improve your lifestyle when you live there.
Suppose you have a chronic disease or physical disability limiting your capacity to travel. It would be best to consider whether your budget could afford a real estate investment on top of your medical and living expenses and determine whether the investment is practical for your needs.
Location is another important consideration when purchasing a property. Aside from your proximity to a health center, consider other factors like access to the following places:
- Shopping centers
- Convenience stores
- Airports, train stations, or bus stops
- Restaurants and other food establishments
A health center is likely not the only place you’ll be going. So consider your accessibility to these other locations as well to see if driving or commuting to these places is also convenient for you.
Another significant factor is the area’s crime rate or security level. Ensure that the property you’re purchasing has a low crime rate to give you or your tenants peace of mind should you decide to rent your place out.
Talk to a real estate agent to determine whether investing in real estate near a health center is the right decision for you. You can also contact TCS Group at 215.692.6636 for more information.
Guest article written by Stan Clark
1. Number of owner occupied housing units in the United States from 1975 to 2021
2. Fast Facts on U.S. Hospitals, 2022
3. Are You Ready to Buy a House?