New Jersey shore town makes list for worst cities to buy property in the next 5 years
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.
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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.