ATLANTIC CITY, NJ – AUGUST 27: A lifeguard rescue boat lies on the beach on August 27, 2015 in Atlantic City, New Jersey. New casinos in neighboring states have drawn much of Atlantic Citys visitors away, and in 2014 some 8,000 people were layed-off when four of the citys major casinos closed. The closures brought Atlantic Citys unemployment rate to more than 11 percent, double the national average. The mass unemployment has produced the highest foreclosure rate of any metropolitan U.S. area, with 1 out of 113 homes now in foreclosure in Atlantic County. (Photo by John Moore/Getty Images)
PHILADELPHIA – If you’re betting on a property, experts say you’ll go broke in this well-known New Jersey shore town.
Atlantic City, a once glamorous destination for gambling and nightlife, was ranked by GoBankingRates as one of the worst cities to buy property in the next five years.
The struggling shore town has seen “drastic population loss over the past decade due to lack of job opportunities and economic decline,” according to Daniel Rivera, the owner of Proactive Property Management.
This has led to excess housing supply and dropping property values, Rivera added.
“Cities with long-term declining populations should raise red flags for property investors,” Rivera told GoBankingRates, adding that investors should be wary of other cities with similar dynamics.
Other cities that made the list include Rochester, New York; Flint, Michigan; Gary, Indiana; and Youngstown, Ohio.
Source Agencies
