Best Places To Buy A Home
Forbes Advisor looked at 100 metro areas with a population of at least 100,000 to identify the top 10 most affordable cities for homebuyers. We looked at several factors to gauge affordability, including the median income of that city, average home costs and median real estate taxes.
best places to buy a home
Milwaukee has become an attractive destination for people fleeing more expensive metro areas, including Chicago, according to data from Apartment List. Just over 90 miles north of the Windy City, Milwaukee median home listing prices are almost half as much as Chicago, which was $370,000 in 2020.
Of course, moving is not an inexpensive endeavor. And not everyone has the luxury to uproot their lives and plant themselves in a new place. But, as work-from-home flexibilities become more common, moving has become a more viable option.
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Explore the best places to buy a house based on home values, property taxes, home ownership rates, housing costs, and real estate trends. Ranking based on data from the U.S. Census, FBI, and other data sources. Read more on how this ranking was calculated.
Pinning down the best places to buy a house in the US can be tricky as it rests on so many variables beyond return on investment. Job opportunities, amenities, crime rates are all important areas to investigate before moving to a new home.
2021 saw houses selling at a record-breaking pace and often price. Zillow predicts that next year could see another strong year for the housing market, forecasting 14.3 percent national home value growth through November 2022.
However, Tampa is expected to soar past this with home values growing 24.6 percent during that time. Imagine what you could do with a combination of that prediction and the best return on investment home improvements.
The analysis was based on expected home value appreciation, the amount of for-sale inventory, and job opportunities. Alongside Tampa, here are the four other locations predicted to have the hottest housing markets in the US in 2022.
'The Jacksonville metro area is one of the most exciting markets to buy in right now because it is fair to both sellers and buyers,' says Lazaro Marganon, Leader of The Marganon Group based in Jacksonville. 'We have a somewhat competitive market that is not ballooning home prices nor is coming at below-asking prices.'
'Raleigh, North Carolina will give your property sustained appreciation. In college areas like Raleigh, you can count on a stable marketplace for homes,' says Daniel Osman, Head of Sale at Balance Homes (opens in new tab).
He adds that if you're looking to invest in a property to rent out Raleigh is a reliable investment. 'Many buyers will be looking to purchase homes remotely to rent the property out to itinerant students, which means real estate will always be in demand, no matter the state of the local economy.'
Rebecca is the News Editor on Homes and Gardens. She has been working as a homes and interiors journalist for over four years. She first discovered her love of interiors while interning at Harper's Bazaar and Town & Country during my Masters in Magazine Journalism at City, University of London. After graduating she started out as a feature writer for Women's Weekly magazines, before shifting over to online journalism and joining the Ideal Home digital team covering news and features. She is passionate about shopping for well-crafted home decor and sourcing second-hand antique furniture where possible.
The best state to buy a house in the US in 2023 is yet to be determined as the real estate market is constantly changing. However, some of the conditions that are currently considered good markets for buyers are:ArizonaColoradoFloridaGeorgiaCheck our guide for more information!
Even with rising homeownership costs squeezing out buyers, some real estate markets will remain hot in 2023, mostly due to their relative affordability compared with the rest of the U.S., a new forecast finds.
Based on a variety of factors, including home affordability, job growth, migration gains and housing supply, the National Association of Realtors (NAR) analyzed 179 markets to determine which will offer the most value to buyers. The data looks back one year from October 2022 and reflects expected demand from buyers in 2023.
The Atlanta metro area remains relatively affordable compared with other regions in the country. Over 20% of renters can afford to buy a median-priced home in the area, based on a calculation that includes a 10% down payment. The national average is 15.1%.
A fast-growing tech hub with low unemployment, Raleigh has seen home prices increase by almost 30% since 2020. With a median home price near $500,000, it is the most expensive of the top 10 markets for 2023.
However, "local home listing prices are coming down from this summer's peak, home inventory has increased 188% in the last 12 months and unemployment in Raleigh is lower than it was pre-pandemic," said Jay Nelson, communications director at the Raleigh Regional Association of Realtors, in a recent interview with The News & Observer.
Median home price: $390,100Dallas-Fort Worth is another emerging tech hub in the U.S., with job growth nearly twice as high as the national average, which was 3.4% for the year looking back from October 2022. While the supply of homes is less than the national average, inventory increased in 2022, with the number of active listings tripling the national average, according to NAR's data.
Alabama's most populous city is the most affordable area for homes amongst this list. Just under 30% of renters can afford a typical home with a 10% down payment, which is almost twice the national average.
Median home price: $398,000As with many cities in Florida, Jacksonville became a migration hotspot during the pandemic, with home prices soaring by almost 58% since the beginning of 2020.
The qualifying income to purchase a median-priced home with a 10% down payment is about $98,000. That's less than most large metro areas across the state, including Miami, where the qualifying income with a 10% down payment is $140,000.
San Antonio became a migration hotspot during the pandemic, especially from California, where home prices and the cost of living tend to be more expensive.The city has become a destination within the state of Texas, too. Many potential homebuyers have migrated to San Antonio from nearby Austin, largely due to cheaper home prices. In San Antonio, residents earning $85,000 qualify for a median priced home, including a 10% down payment, much less than $130,000 required in Austin. Job growth is also stronger than the national average.
In 2022, Knoxville's population grew by its largest total since 2007, driven largely by its relative affordability compared with the rest of the country as a whole. A robust job market and supply of homes that rebounded in 2022 is expected to keep this market in high demand in 2023. While home prices in Knoxville skyrocketed during the pandemic, nearly a quarter of renters can still afford to buy a median-priced home with a 10% down payment, which is about 10% more than the national average.
To find the most promising and best places to invest in real estate in 2023, we gathered data from the house price index per state in Q2 2022,1 median property tax,2 rental vacancy rate,2 home appreciation,3 debt-to-income (DTI) ratio,4 consumer price index (CPI),5 cost of living3 and rent-to-income ratio2 in the 100 largest U.S. cities.
Some of the best neighborhoods for young professionals include Broad Ripple, Fountain Square and Meridian-Kessler. The current median sold price in Indianapolis is $229,997, with 38.8% of homes being sold below asking price. This is great news for those looking to get a sweet deal on a potential rental property.
Popular neighborhoods in Cleveland are Ohio City, Tremont and University Circle. The median sold price in Cleveland is $119,920, with 49.4% of homes being sold below asking price.
The median sold price for homes is currently $203,000. Sold prices have increased 6.6% since last year, with homes typically selling under 30 days of being on the market. In August 2022, 42.9% of homes sold above asking price.
Ohio continues to be a popular place to invest in real estate, with Cincinnati coming in at No. 9. Cincinnati was recently ranked as the No. 1 best place to live in Ohio.16 Some of the best neighborhoods in Cincinnati include Hyde Park, West Price Hill, East Price Hill and Oakley.
The median sold price for homes is currently $252,333, with a high home appreciation rate of 13.53%. Sold prices have decreased 4.8% since August 2022, with homes typically selling under 30 days of being on the market.
As the capital of Ohio, Columbus is known as a great place to live for job opportunities and career growth. It was even ranked in the top 15 cities to launch your career.17 Columbus is home to several large universities, making it a hub for student housing rentals. These neighborhoods include the University District, Victorian Village and Short North.
The median sold price for homes is currently $246,417, with a high home appreciation rate of 13.53%. As of September 2022, homes in Columbus are being sold for 12% more than they were in 2021.
To find the most promising cities to invest in real estate in 2023, we gathered data from the house price index per state in Q2 2022, median property tax, rental vacancy rate, home appreciation, debt-to-income ratio, consumer price index, cost of living and rent-to-income ratio in the 100 largest U.S. cities. 041b061a72