AD Mortgage Study Highlights South Carolina, Idaho and North Dakota for Real Estate Investing

Fort Lauderdale, FL, September 24th, 2026, FinanceWire

AD Mortgage, a wholesale lender, released its new study, U.S. Real Estate Investment Opportunities by State. South Carolina leads the nation for growth-oriented real estate investment conditions while Idaho ranks first for income-oriented conditions, and North Dakota takes the top spot for market fundamentals, according to a new AD Mortgage study.

The study evaluates all 50 states and Washington, D.C., through three distinct investor profiles: Growth, Income, and Fundamental. Each looks at a different set of market characteristics, from demographic and economic expansion to rental economics and long-term market stability. The findings show why a single ranking of the “best” states can overlook important differences in what investors prioritize.

Idaho, for example, ranks first for Income Investors and second for Growth Investors, but falls to 40th in the Fundamental Investor ranking. North Dakota follows the opposite pattern, leading in fundamentals while ranking 45th for growth and 49th for income.

“The data shows why investors shouldn’t simply ask, ‘What’s the best state to invest in?’ A market that looks attractive for growth can look very different when the goal is rental income or long-term stability. The real opportunity is in matching the market to the investor’s strategy,” said Max Slyusarchuk, CEO of AD Mortgage.

Key Findings Include:

• South Carolina leads the Growth ranking, followed by Idaho, North Carolina, Florida, and Tennessee. South Carolina combines 52.34% five-year home price appreciation with 8.5% population growth, strong domestic migration, and continued employment and wage growth.
• Idaho leads the Income ranking, followed by Arizona, Florida, Utah and Ohio. Its position reflects rent growth, expanding renter demand, and comparatively low ownership costs, rather than the highest rent-to-home-value ratio.
• North Dakota leads the Fundamental ranking, followed by Alabama, New Hampshire, Vermont, and Oklahoma. Its strengths include affordability, low unemployment, stable home prices, and economic diversification under the study’s model.
• Florida ranks in the top four for both Growth and Income, but places 30th for fundamentals, illustrating how a market’s appeal can change with the investment objective.
• Mississippi and West Virginia have the highest statewide rent-to-home-value proxies, at 6.37% and 6.20%, respectively, yet neither makes the Income top 10.

The rankings also reveal distinct regional patterns. Growth leaders are concentrated in the South and Mountain West, with positive net domestic migration across all 10 leading states. Income leaders are more geographically dispersed, including Ohio, Pennsylvania and Illinois alongside Western and Sun Belt markets.

Every state in the Fundamental top 10 has a home price-to-income ratio of 4.60 or lower and a five-year average unemployment rate of 3.60% or lower, according to the study.

For mortgage brokers, the findings provide a starting point for more focused conversations with investor clients about acquisition timing, property availability, rents, vacancy, taxes and insurance. The rankings compare state-level conditions; they do not predict future returns or replace analysis of an individual property.

About the Study

AD Mortgage evaluated all 50 states and Washington, D.C., using Growth, Income and Fundamental Investor models. Indicators were normalized to a 0–100 scale and combined using profile-specific weights. Each model was compared with an equally weighted version to assess the effect of weighting on the rankings.

The analysis draws on data from the U.S. Census Bureau, Federal Housing Finance Agency, Bureau of Labor Statistics, Bureau of Economic Analysis, Realtor.com and National Association of Insurance Commissioners. The Income model’s rent-to-home-value measure is a statewide comparison tool, not a property-level rental yield. Scores should be interpreted within each investor profile rather than compared across profiles.

About AD Mortgage

As a premier direct mortgage lender, AD Mortgage offers a full spectrum of Conventional, Government, and Non-QM loan products with 24-hour turnaround times and some of the most competitive rates in the industry. In addition to their AD Power Jumbo loan product, AD Mortgage offers programs for Prime borrowers, Foreign National borrowers, as well as borrowers with imperfect credit histories. Programs with no income verification are also offered for investment property loans.

The company offers free concierge services, bank statement reviews, marketing tools and resources, and more to support the brokers they serve. In 2025, AD Mortgage received several prestigious industry awards, including HousingWire Vanguard Award, PROGRESS in Lending’s Lending Luminary Award, National Mortgage Professional’s Legend of Lending Award, HousingWire Industry Titan Award. This year, the company was also featured in CBS, Bloomberg, and Inc., underscoring its growing influence and leadership in the mortgage industry.

AD Mortgage is an Equal Housing Lender. NMLS ID #958660. 899 W Cypress Creek Rd, Fort Lauderdale, FL 33309. For important disclosures and state licensing information: https://admortgage.com/important-disclosures/

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