When he resided in San Francisco in 2020, Jack Cronin discovered that the homes there were either too pricey or too far from the city core to purchase. The IT worker began searching further afield because he still wanted a piece of the most vibrant property market of his lifetime.
The 28-year-old paid $265,000 for a three-bedroom house outside Jackson, Mississippi, last year using the Roofstock website, which offers listings and information for investors interested in rental homes. Currently residing in New York City, Mr. Cronin has never been to Jackson nor interacted with the residents of his home, which is sparsely manicured with bushes and crepe myrtle trees. It suffices to know that a management business pays him $2,300 in rent each month.