Norada Real Estate Investments recently revealed its 21 best cities for real estate investment in 2022 and 2023, and Phoenix made the list.

The firm looked at data and trends across the U.S. to determine its rankings, noting each city has its “own set of qualities and disadvantages, but many of them are less expensive than the national average.”

Norada cited the relatively lower cost of living and housing in the Phoenix area, attracting people from higher-cost cities such as Los Angeles and Seattle. It ranked Phoenix No. 20 on its list.

The best cities for real estate investment in 2022 and 2023, according to Norada Real Estate Investments:

1. Boise, Idaho
2. Houston
3. Dallas
4. Las Vegas
5. Atlanta
6. Orlando
7. Tampa
8. Spokane, Washington
9. Chicago
10. Austin, Texas
11. Columbus, Ohio
12. Lakeland, Florida
13. Ocala, Florida
14. Birmingham, Alabama
15. Durham, N.C.
16. Charlotte, N.C.
17. Colorado Springs, Colorado
18. Denver
19. Raleigh, N.C.
20. Phoenix
21. Seattle