Special Report

Fastest Shrinking Local Economy in Every State

McKevin / Getty Images

The United States is in a period of historic, continuous economic growth, with GDP climbing every quarter since mid-2009. While this trend is good news for most Americans, not all parts of the country have experienced the same growth. In fact, in nearly every state, there is at least one county where GDP has contracted in recent years. 

Using data from the Bureau of Economic Analysis, 24/7 Wall St. reviewed GDP change from 2013 through 2018 at the county and county equivalent level to identify the fastest shrinking local economy in every state. 

California, Hawaii, Massachusetts, and New Hampshire are the only states where no counties reported a decline in GDP between 2013 and 2018. Still, each of these states has at least one county where economic growth over that period lagged behind the comparable 13.0% national GDP growth. Perhaps not surprisingly, overall economic growth has been faster in these four states than in most other states over the last five years. Here is a look at the fastest growing and shrinking state economies

In 13 counties on this list, mining, quarrying, and oil extraction — a particularly volatile industry — reported the largest decline in economic output of any other industry. Many of these counties are located in states that rank among the top coal producers, including Pennsylvania and West Virginia — and between 2013 and 2018, total U.S. coal production has fallen by over 23%.

Slow or negative GDP growth are not the only indicators of poor economic conditions in many of the counties on this list. In most of these counties, the annual unemployment rate is higher than the comparable 3.9% national rate. Additionally, In the vast majority of counties on this list, the typical household earns less than the median income across the state as a whole.

Such conditions may be pushing people out of these areas and contributing to population decline — the vast majority of counties on this list are home to fewer people today than they were five years ago. Here is a look at the fastest shrinking county in every state.

Click here to see the fastest shrinking local economy in every state
Click here to see the fastest growing economies in every state
Click here to read our methodology

Wmwhite88 / Wikimedia Commons

1. Alabama: Lawrence County
> GDP change 2013-2018: -29.5% (county) +5.5% (state)
> 2018 county GDP: $563.2 million (0.3% of state GDP)
> Fastest shrinking industry: Manufacturing (-75.2% GDP change)
> Unemployment change 2013-2018: -4.1 ppt. (8.3% to 4.2%)
> Median household income: $44,515 (county) $48,486 (state)
> Largest place in county: Moulton

[in-text-ad]

Joseph from Cabin On The Road, USA / Wikimedia Commons

2. Alaska: Yakutat City and Borough
> GDP change 2013-2018: -33.9% (county) -3.0% (state)
> 2018 county GDP: $28.4 million (0.1% of state GDP)
> Fastest shrinking industry: Educational services
> Unemployment change 2013-2018: -1.3 ppt. (9.5% to 8.2%)
> Median household income: $65,833 (county) $76,715 (state)
> Largest place in county: Yakutat

Terryfic3D / Getty Images

3. Arizona: Gila County
> GDP change 2013-2018: -7.9% (county) +15.4% (state)
> 2018 county GDP: $2.0 billion (0.6% of state GDP)
> Fastest shrinking industry: Finance and insurance
> Unemployment change 2013-2018: -3.7 ppt. (9.6% to 5.9%)
> Median household income: $42,092 (county) $56,213 (state)
> Largest place in county: Payson

Courtesy of Mike Norton via Flickr

4. Arkansas: Lee County
> GDP change 2013-2018: -31.5% (county) +4.9% (state)
> 2018 county GDP: $178.1 million (0.2% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -4.5 ppt. (9.3% to 4.8%)
> Median household income: $28,367 (county) $45,726 (state)
> Largest place in county: Marianna

[in-text-ad-2]

CampPhoto / Getty Images

5. California: Colusa County
> GDP change 2013-2018: +5.3% (county) +22.5% (state)
> 2018 county GDP: $1.7 billion (0.1% of state GDP)
> Fastest shrinking industry: Administrative and support and waste management and remediation services
> Unemployment change 2013-2018: -6.0 ppt. (18.9% to 12.9%)
> Median household income: $56,704 (county) $71,228 (state)
> Largest place in county: Colusa

6. Colorado: Kiowa County
> GDP change 2013-2018: -25.4% (county) +20.7% (state)
> 2018 county GDP: $73.8 million (0.0% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -2.7 ppt. (4.5% to 1.8%)
> Median household income: $39,784 (county) $68,811 (state)
> Largest place in county: Eads

[in-text-ad]

brandtbolding / Getty Images

7. Connecticut: Litchfield County
> GDP change 2013-2018: -3.6% (county) +1.6% (state)
> 2018 county GDP: $7.7 billion (3.1% of state GDP)
> Fastest shrinking industry: Arts, entertainment, and recreation
> Unemployment change 2013-2018: -3.3 ppt. (7.1% to 3.8%)
> Median household income: $78,314 (county) $76,106 (state)
> Largest place in county: Torrington

JERRYE and ROY KLOTZ MD / Wikimedia Commons

8. Delaware: New Castle County
> GDP change 2013-2018: -0.7% (county) +6.1% (state)
> 2018 county GDP: $42.5 billion (67.7% of state GDP)
> Fastest shrinking industry: Information
> Unemployment change 2013-2018: -2.8 ppt. (6.5% to 3.7%)
> Median household income: $70,996 (county) $65,627 (state)
> Largest place in county: Wilmington

Michael Rivera / Wikimedia Commons

9. Florida: Union County
> GDP change 2013-2018: -4.7% (county) +18.0% (state)
> 2018 county GDP: $299.2 million (0.0% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -2.9 ppt. (6.3% to 3.4%)
> Median household income: $41,770 (county) $53,267 (state)
> Largest place in county: Lake Butler

[in-text-ad-2]

Upstateherd / Wikimedia Commons

10. Georgia: Putnam County
> GDP change 2013-2018: -25.5% (county) +17.4% (state)
> 2018 county GDP: $445.7 million (0.1% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -5.3 ppt. (10.3% to 5.0%)
> Median household income: $51,245 (county) $55,679 (state)
> Largest place in county: Eatonton

segawa7 / Getty Images

11. Hawaii: Honolulu County
> GDP change 2013-2018: +9.2% (county) +11.3% (state)
> 2018 county GDP: $61.1 billion (73.9% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -2.1 ppt. (4.4% to 2.3%)
> Median household income: $82,906 (county) $78,084 (state)
> Largest place in county: Honolulu

[in-text-ad]

12. Idaho: Custer County
> GDP change 2013-2018: -40.3% (county) +17.8% (state)
> 2018 county GDP: $177.3 million (0.3% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -4.4 ppt. (8.4% to 4.0%)
> Median household income: $39,957 (county) $53,089 (state)
> Largest place in county: Challis

TheCatalyst31 / Wikimedia Commons

13. Illinois: Saline County
> GDP change 2013-2018: -26.6% (county) +6.2% (state)
> 2018 county GDP: $849.8 million (0.1% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -4.1 ppt. (10.6% to 6.5%)
> Median household income: $41,167 (county) $63,575 (state)
> Largest place in county: Harrisburg

Public Domain / Wikimedia Commons

14. Indiana: Pike County
> GDP change 2013-2018: -25.4% (county) +8.4% (state)
> 2018 county GDP: $690.5 million (0.2% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -3.3 ppt. (6.8% to 3.5%)
> Median household income: $52,527 (county) $54,325 (state)
> Largest place in county: Petersburg

[in-text-ad-2]

Shoshone / Wikimedia Commons

15. Iowa: Fremont County
> GDP change 2013-2018: -30.0% (county) +9.9% (state)
> 2018 county GDP: $241.3 million (0.1% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -2.3 ppt. (4.2% to 1.9%)
> Median household income: $54,281 (county) $58,580 (state)
> Largest place in county: Hamburg

BOB WESTON / Getty Images

16. Kansas: Sheridan County
> GDP change 2013-2018: -30.3% (county) +10.0% (state)
> 2018 county GDP: $131.9 million (0.1% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -0.4 ppt. (2.7% to 2.3%)
> Median household income: $56,071 (county) $57,422 (state)
> Largest place in county: Hoxie

[in-text-ad]

17. Kentucky: Union County
> GDP change 2013-2018: -37.3% (county) +4.4% (state)
> 2018 county GDP: $593.5 million (0.3% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -2.7 ppt. (7.7% to 5.0%)
> Median household income: $42,844 (county) $48,392 (state)
> Largest place in county: Morganfield

18. Louisiana: St. John the Baptist Parish
> GDP change 2013-2018: -38.8% (county) +4.7% (state)
> 2018 county GDP: $2.4 billion (1.0% of state GDP)
> Fastest shrinking industry: Transportation and warehousing
> Unemployment change 2013-2018: -3.0 ppt. (8.7% to 5.7%)
> Median household income: $54,821 (county) $47,942 (state)
> Largest place in county: Laplace

rickberk / Getty Images

19. Maine: Franklin County
> GDP change 2013-2018: -3.0% (county) +9.4% (state)
> 2018 county GDP: $985.0 million (1.7% of state GDP)
> Fastest shrinking industry: Manufacturing
> Unemployment change 2013-2018: -3.7 ppt. (7.7% to 4.0%)
> Median household income: $48,053 (county) $55,425 (state)
> Largest place in county: Farmington

[in-text-ad-2]

Geraldshields11 / Wikimedia Commons

20. Maryland: Kent County
> GDP change 2013-2018: -1.9% (county) +10.1% (state)
> 2018 county GDP: $831.8 million (0.2% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -2.9 ppt. (7.2% to 4.3%)
> Median household income: $56,009 (county) $81,868 (state)
> Largest place in county: Chestertown

https://www.flickr.com/photos/masstravel/

21. Massachusetts: Berkshire County
> GDP change 2013-2018: +5.8% (county) +13.8% (state)
> 2018 county GDP: $6.7 billion (1.3% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -3.4 ppt. (7.4% to 4.0%)
> Median household income: $56,674 (county) $77,378 (state)
> Largest place in county: Pittsfield

[in-text-ad]

22. Michigan: Baraga County
> GDP change 2013-2018: -4.9% (county) +10.9% (state)
> 2018 county GDP: $259.1 million (0.1% of state GDP)
> Fastest shrinking industry: Wholesale trade
> Unemployment change 2013-2018: -8.4 ppt. (14.5% to 6.1%)
> Median household income: $42,444 (county) $54,938 (state)
> Largest place in county: Baraga

23. Minnesota: Cook County
> GDP change 2013-2018: -20.5% (county) +11.1% (state)
> 2018 county GDP: $252.0 million (0.1% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -2.3 ppt. (5.8% to 3.5%)
> Median household income: $52,271 (county) $68,411 (state)
> Largest place in county: Grand Marais

24. Mississippi: Tallahatchie County
> GDP change 2013-2018: -31.5% (county) +3.2% (state)
> 2018 county GDP: $224.6 million (0.2% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -5.8 ppt. (11.1% to 5.3%)
> Median household income: $30,028 (county) $43,567 (state)
> Largest place in county: Charleston

[in-text-ad-2]

Brian Stansberry / Wikimedia Commons

25. Missouri: Pemiscot County
> GDP change 2013-2018: -29.8% (county) +4.8% (state)
> 2018 county GDP: $423.6 million (0.1% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -4.8 ppt. (10.3% to 5.5%)
> Median household income: $33,390 (county) $53,560 (state)
> Largest place in county: Caruthersville

J.B. Chandler / Wikimedia Commons

26. Montana: Petroleum County
> GDP change 2013-2018: -39.2% (county) +8.9% (state)
> 2018 county GDP: $22.5 million (0.0% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -0.6 ppt. (4.8% to 4.2%)
> Median household income: $44,688 (county) $52,559 (state)
> Largest place in county: Winnett

[in-text-ad]

Ammodramus / Wikimedia Commons

27. Nebraska: Hayes County
> GDP change 2013-2018: -36.9% (county) +8.7% (state)
> 2018 county GDP: $41.3 million (0.0% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -1.2 ppt. (3.4% to 2.2%)
> Median household income: $45,515 (county) $59,116 (state)
> Largest place in county: Hayes Center

jmoor17 / Getty Images

28. Nevada: Humboldt County
> GDP change 2013-2018: -17.8% (county) +16.8% (state)
> 2018 county GDP: $1.2 billion (0.8% of state GDP)
> Fastest shrinking industry: Construction
> Unemployment change 2013-2018: -2.8 ppt. (6.2% to 3.4%)
> Median household income: $70,373 (county) $57,598 (state)
> Largest place in county: Winnemucca

Ken Lund / Flickr

29. New Hampshire: Coos County
> GDP change 2013-2018: +0.4% (county) +10.2% (state)
> 2018 county GDP: $1.1 billion (1.5% of state GDP)
> Fastest shrinking industry: Finance and insurance
> Unemployment change 2013-2018: -2.9 ppt. (6.1% to 3.2%)
> Median household income: $45,696 (county) $74,057 (state)
> Largest place in county: Berlin

[in-text-ad-2]

dougtone / Flickr

30. New Jersey: Salem County
> GDP change 2013-2018: -12.5% (county) +6.2% (state)
> 2018 county GDP: $5.0 billion (0.9% of state GDP)
> Fastest shrinking industry: Administrative and support and waste management and remediation services
> Unemployment change 2013-2018: -5.0 ppt. (10.4% to 5.4%)
> Median household income: $64,309 (county) $79,363 (state)
> Largest place in county: Pennsville

zrfphoto / Getty Images

31. New Mexico: Mora County
> GDP change 2013-2018: -42.7% (county) +8.2% (state)
> 2018 county GDP: $76.6 million (0.1% of state GDP)
> Fastest shrinking industry: Transportation and warehousing
> Unemployment change 2013-2018: -5.6 ppt. (11.7% to 6.1%)
> Median household income: $26,968 (county) $48,059 (state)
> Largest place in county: Wagon Mound

[in-text-ad]

Jiri Eischmann/Sesivany / Wikimedia Commons

32. New York: Jefferson County
> GDP change 2013-2018: -8.1% (county) +8.8% (state)
> 2018 county GDP: $5.9 billion (0.4% of state GDP)
> Fastest shrinking industry: Government and government enterprises
> Unemployment change 2013-2018: -3.6 ppt. (9.2% to 5.6%)
> Median household income: $52,268 (county) $65,323 (state)
> Largest place in county: Watertown

Ingrid Lemme / Wikimedia Commons

33. North Carolina: Tyrrell County
> GDP change 2013-2018: -22.2% (county) +11.7% (state)
> 2018 county GDP: $105.3 million (0.0% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -6.6 ppt. (12.9% to 6.3%)
> Median household income: $35,472 (county) $52,413 (state)
> Largest place in county: Columbia

34. North Dakota: Slope County
> GDP change 2013-2018: -48.6% (county) +0.7% (state)
> 2018 county GDP: $57.3 million (0.1% of state GDP)
> Fastest shrinking industry: Manufacturing
> Unemployment change 2013-2018: +0.2 ppt. (2.1% to 2.3%)
> Median household income: $63,942 (county) $63,473 (state)
> Largest place in county: Marmarth

[in-text-ad-2]

Aesopposea / Wikimedia Commons

35. Ohio: Adams County
> GDP change 2013-2018: -44.1% (county) +9.9% (state)
> 2018 county GDP: $835.3 million (0.1% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -5.6 ppt. (12.7% to 7.1%)
> Median household income: $36,894 (county) $54,533 (state)
> Largest place in county: West Union

Victor Fazio / Flickr

36. Oklahoma: Harmon County
> GDP change 2013-2018: -37.4% (county) +10.7% (state)
> 2018 county GDP: $70.3 million (0.0% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -1.4 ppt. (4.3% to 2.9%)
> Median household income: $41,607 (county) $51,424 (state)
> Largest place in county: Hollis

[in-text-ad]

Rex_Wholster / Getty Images

37. Oregon: Sherman County
> GDP change 2013-2018: -13.7% (county) +23.2% (state)
> 2018 county GDP: $583.9 million (0.3% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -5.2 ppt. (9.3% to 4.1%)
> Median household income: $48,056 (county) $59,393 (state)
> Largest place in county: Wasco

Michael Deemer / Getty Images

38. Pennsylvania: Indiana County
> GDP change 2013-2018: -11.4% (county) +9.3% (state)
> 2018 county GDP: $3.9 billion (0.5% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -2.8 ppt. (7.7% to 4.9%)
> Median household income: $46,877 (county) $59,445 (state)
> Largest place in county: Indiana

23185977@N08 / Flickr

39. Rhode Island: Kent County
> GDP change 2013-2018: -0.5% (county) +3.0% (state)
> 2018 county GDP: $8.1 billion (15.1% of state GDP)
> Fastest shrinking industry: Finance and insurance
> Unemployment change 2013-2018: -5.0 ppt. (8.7% to 3.7%)
> Median household income: $70,223 (county) $63,296 (state)
> Largest place in county: Warwick

[in-text-ad-2]

Tom Woodward / Flickr

40. South Carolina: Clarendon County
> GDP change 2013-2018: -7.2% (county) +15.8% (state)
> 2018 county GDP: $551.3 million (0.3% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -5.6 ppt. (10.3% to 4.7%)
> Median household income: $37,525 (county) $51,015 (state)
> Largest place in county: Manning

41. South Dakota: Potter County
> GDP change 2013-2018: -50.3% (county) +6.6% (state)
> 2018 county GDP: $137.6 million (0.3% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -0.3 ppt. (3.8% to 3.5%)
> Median household income: $53,600 (county) $56,499 (state)
> Largest place in county: Gettysburg

[in-text-ad]

42. Tennessee: Unicoi County
> GDP change 2013-2018: -13.1% (county) +12.9% (state)
> 2018 county GDP: $494.8 million (0.2% of state GDP)
> Fastest shrinking industry: Construction
> Unemployment change 2013-2018: -5.6 ppt. (10.5% to 4.9%)
> Median household income: $39,851 (county) $50,972 (state)
> Largest place in county: Erwin

Billy Hathorn / Wikimedia Commons

43. Texas: Wheeler County
> GDP change 2013-2018: -43.6% (county) +16.3% (state)
> 2018 county GDP: $1.1 billion (0.1% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -1.1 ppt. (4.3% to 3.2%)
> Median household income: $49,352 (county) $59,570 (state)
> Largest place in county: Shamrock

Ken Lund / Flickr

44. Utah: Millard County
> GDP change 2013-2018: -8.4% (county) +20.4% (state)
> 2018 county GDP: $773.8 million (0.5% of state GDP)
> Fastest shrinking industry: Agriculture, forestry, fishing and hunting
> Unemployment change 2013-2018: -0.8 ppt. (4.1% to 3.3%)
> Median household income: $60,445 (county) $68,374 (state)
> Largest place in county: Delta

[in-text-ad-2]

DenisTangneyJr / Getty Images

45. Vermont: Caledonia County
> GDP change 2013-2018: -1.7% (county) +4.4% (state)
> 2018 county GDP: $1.0 billion (3.4% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -2.0 ppt. (5.3% to 3.3%)
> Median household income: $49,348 (county) $60,076 (state)
> Largest place in county: St. Johnsbury

Eduardo Montes-Bradley / Wikimedia Commons

46. Virginia: Halifax County
> GDP change 2013-2018: -13.2% (county) +6.8% (state)
> 2018 county GDP: $1.3 billion (0.3% of state GDP)
> Fastest shrinking industry: Educational services
> Unemployment change 2013-2018: -5.0 ppt. (9.1% to 4.1%)
> Median household income: $42,289 (county) $71,564 (state)
> Largest place in county: South Boston

[in-text-ad]

A. Balet / Wikimedia Commons

47. Washington: Ferry County
> GDP change 2013-2018: -1.8% (county) +24.5% (state)
> 2018 county GDP: $193.3 million (0.0% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -1.8 ppt. (13.5% to 11.7%)
> Median household income: $41,924 (county) $70,116 (state)
> Largest place in county: Republic

Nyttend / Wikimedia Commons

48. West Virginia: Boone County
> GDP change 2013-2018: -46.2% (county) +1.9% (state)
> 2018 county GDP: $663.2 million (0.9% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -3.5 ppt. (9.6% to 6.1%)
> Median household income: $38,642 (county) $44,921 (state)
> Largest place in county: Madison

49. Wisconsin: Waushara County
> GDP change 2013-2018: -5.9% (county) +9.2% (state)
> 2018 county GDP: $560.2 million (0.2% of state GDP)
> Fastest shrinking industry: Mining, quarrying, and oil and gas extraction
> Unemployment change 2013-2018: -5.1 ppt. (8.6% to 3.5%)
> Median household income: $51,195 (county) $59,209 (state)
> Largest place in county: Redgranite

[in-text-ad-2]

Jasperdo / Flickr

50. Wyoming: Johnson County
> GDP change 2013-2018: -19.2% (county) -1.2% (state)
> 2018 county GDP: $439.0 million (1.2% of state GDP)
> Fastest shrinking industry: Construction
> Unemployment change 2013-2018: -1.1 ppt. (5.1% to 4.0%)
> Median household income: $55,991 (county) $62,268 (state)
> Largest place in county: Buffalo

Methodology

To determine the fastest shrinking local economy in every state, 24/7 Wall St. calculated the change in real GDP from 2013 to 2018 for every U.S. county or county equivalent with data from the Bureau of Economic Analysis. GDP figures are chained to 2012 dollars. All data on industry level GDP also came from the BEA.

Average annual unemployment rates for 2018 and 2013 came from the Bureau of Labor Statistics. Data on population and median household income are five year estimates for 2018 and are from the U.S. Census Bureau’s American Community Survey. Largest place in the county is based on population ACS population estimates and places can include cities, towns, villages, and Census designated places.

Independent cities in Virginia were excluded from analysis.

Essential Tips for Investing (Sponsored)

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.