Looking to buy a home? 10 states with the strongest housing markets!
Thinking about purchasing a home? These are the 10 states with the strongest housing markets according to WalletHub’s 2017 U.S. Housing Market Preference Survey, and you’ll notice that many of them are not in the northeast or on the West Coast! If you want to purchase your dream home, consider one of these 10 states with the strongest housing markets!
For example, if you were trying to find a four-bedroom, two-bathroom house in Utah that was close to your preferred schools and amenities, your monthly payment might be $1,189. This would include an average home value of $171,549 and monthly property taxes of $32. Utah’s close proximity to nearby metropolises like Salt Lake City and Provo also make it easy for professionals who work there most of the week to commute back during their time off. And when it comes time for snow day fun (whether from Mother Nature or school closings), outdoor lovers will have endless options just outside their front door thanks to Utah’s access to both public lands and skiing destinations.
Hawaii is one of the most expensive states in which to purchase a home. According to the Real Estate Shop, homeowners pay approximately 18% of their salary on mortgage costs each month and 53% of their monthly income on total housing expenses. Despite these high rates, residents enjoy living close enough for beach-going and hiking opportunities without having too much driving congestion. A large percentage of affordable homes can be found in Lihue and Kapaa which are both approximately 20 minutes from where you will find higher-priced homes along Kauai’s coastlines.
According to financial website, WalletHub, there are seven factors to consider when looking at the state of a particular housing market. It includes affordability, local economy and jobs (44%), population growth (33%), walkability (29%), crime rate (14%), net migration (8%) and student-to-teacher ratio. According to their research, Washington ranked as one of the top three states in all but one category–population growth–in which it ranked 36th out of 51. As well as ranking 3rd for affordability and walkability, as well as 8th for crime rate, population growth and net migration respectively.
Colorado’s cities are known for their relatively low levels of poverty and crime. Colorado Springs has become a top-tier destination for retailers, restaurateurs, and medical device companies, drawing in plenty of new residents. Colorado’s proximity to ski slopes also makes it one of the best states for winter sports. The state is also becoming popular among millennials, thanks to its vibrant arts scene and well-publicized craft breweries. Plus, if you’re planning on making your permanent residence here, you can look forward to living in one of America’s fastest-growing metro areas.
It’s hard not to feel optimistic about Colorado’s future.
The first step in determining where to buy is figuring out what you want out of your new residence. To that end, we’ve compiled this list of ten different cities that should make for good living spaces. Each city has its own quirks and points of interest, so read on and find your perfect home away from home!
1) Fort Collins, Colorado: Nestled on the Rocky Mountains’ eastern slope, Fort Collins offers access to an array of outdoor adventures for all ages. You’ll also be close enough to Denver for any big-city amenities you might need in the future. And don’t forget that it’s close enough to ski resorts like Loveland and Keystone too! 2) Mesa, Arizona: Mesa may not be as well known as other Arizona cities such as Phoenix or Tucson, but it does offer some advantages over those more touristy towns. For one thing, prices are still very affordable. Another benefit is that Mesa residents will enjoy higher salaries than their neighbors who live elsewhere in the state – around $9000 more annually than the average Arizonan.
California is one of the most expensive housing markets in the country. It’s also one of the largest and most diverse, with homes available for all budgets and lifestyles. As such, our housing market has both highly desirable, high-priced homes and entry-level starter homes. Homeowners can find nearly every type of neighborhood desired, too, from upscale suburbs like Redondo Beach to hip towns like Ladera Heights or San Francisco’s vibrant Castro District.
Idaho ranks in at number 9 on our list of the 10 states with the strongest housing markets. The average price for homes in Idaho is $229,899. Idaho’s median household income and population growth rate rank low compared to most other states which could be contributing factors in making this one of the less competitive areas when it comes to affordability and availability. There are also fewer properties available compared to most other states on this list as well. That being said, Idaho has been experiencing some fairly steady growth year-over-year which means you may have better luck finding something affordable there than in other parts of the country that were hit harder by the recession.
According to Business Insider, Georgia is one of the top five best states for millennials because of its relatively low costs and economy. For example, in Atlanta, millennials can afford up to 80% of homes priced at $1 million or less. The median price of a home in the metro area is only $199,900. The unemployment rate also dropped from 5.2% to 4.7%. In addition, there’s more inventory available than last year as well as an increase in new construction permits by 16%. Texas: Texas offers lower taxes than most other states and has an affordable housing market that benefits those who don’t make much money. Even though Texas has traditionally been considered a red state where Republicans have an advantage over Democrats, Hillary Clinton beat Donald Trump by 8 points in 2016 (Clinton won 26 out of 36). It may be worth noting that this was Trump’s worst performance among any blue-state Republican presidential candidate since 2000.
Florida’s warm weather and beautiful scenery make it a great place to live. Not only is Florida one of the 10 best places in America for living, but it has some of the nation’s lowest cost of living rates. In fact, many people retire here because they can get more bang for their buck than in any other state. Even without comparing taxes and other factors, Florida makes for an appealing retirement spot, but also as a place to live year-round.
When you come across beautiful real estate that seems too good to be true, there is usually a reason for it: high demand means prices are going up and getting higher every day.
Virginia is home to many suburbs and excellent schools. Whether you’re looking for a starter house or your dream property, there’s bound to be something here that will fit your needs. With some of the most affordable mortgage rates in the country, it can be quite difficult to find such low rates these days. With lower-than-average insurance costs and taxes, Virginia is one of our top picks when it comes to starting out in the real estate market.