Housing’s back. Indeed, the same industry that sent the U.S. economy into freefall nearly a decade ago is on its feet again. The trust issues linger among Americans, however, fearing another housing crisis as real-estate markets heat up across U.S. metro areas.
But there’s evidence to the contrary. Citing U.S. Census Bureau data, the New York Times recently reported that sales of new single-family homes were higher this past July than in nearly 10 years. Nationwide, which tracks the health of U.S. real estate, reported at the end of quarter two that “the overall U.S. housing market is sustainable, ” adding that “few regional housing markets are vulnerable to a housing downturn.”
In light of such good news, WalletHub’s analysts compared 300 U.S. cities across 16 key metrics to help prospective home buyers find the most attractive real-estate markets. The data set ranges from “median home-price appreciation” to “housing affordability” to “job growth.” Scroll down for the complete ranking, additional expert commentary and a full description of the methodology.
To help prospective home buyers find the most attractive housing markets, WalletHub’s analysts compared 300 U.S. cities across 16 key metrics. The data set ranges from “median home-price appreciation” to “housing affordability” to “job growth rate.”
|Best Real-Estate Markets||Worst Real-Estate Markets|
|1||Frisco, TX||291||Baltimore, MD|
|2||McKinney, TX||292||Waterbury, CT|
|3||Richardson, TX||293||Hartford, CT|
|4||Murfreesboro, TN||294||Fall River, MA|
|5||Austin, TX||295||Flint, MI|
|6||Allen, TX||296||Cleveland, OH|
|7||Overland Park, KS||297||Elizabeth, NJ|
|8||Thornton, CO||298||Detroit, MI|
|9||Plano, TX||299||Paterson, NJ|
|10||Arvada, CO||300||Newark, NJ|
Best vs. Worst
- San Mateo, Calif., has the lowest percentage of homes with negative equity, 1.9 percent, which is 27 times lower than in Hartford, Conn., the city with the highest, 51.2 percent.
- Berkeley, Calif., has the lowest average number of days until a house is sold, 38, which is 4.9 times lower than in Paterson, N.J., the city with the highest, 186.
- Simi Valley, Calif., has the lowest vacancy rate, 2.40 percent, which is 15.1 times lower than in Miami Beach, Fla., the city with the highest, 36.17 percent.
- Detroit has the lowest home price as a percentage of income, 131 percent, which is 11.5 times lower than in Santa Monica, Calif., the city with the highest, 1, 508 percent.
- Austin, Texas, Lincoln, Nebr., and Livonia, Mich., have the lowest unemployment rate, 2.5 percent, which is 4.6 times lower than in Yuma, Ariz., the city with the highest, 11.4 percent.
For the full report and to see where your city ranks, please click here