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Across the country, housing markets got hot with activity, high demand and rising prices. Then came the Fed rate hikes in 2022, which contributed to a cooling of the housing market. For first-time homebuyers, navigating the housing market lately has been dizzying. In order to compile the list Niche graded each place by using data and aggregate surveys. Some of the factors it considered were income versus typical home values, cost of living, public school ranking, property tax, crime, and safety.
Nevada: Carson City
It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Not only does South Dakota make the top 10 list of cheapest states, it's one of the eight states in the U.S. with no personal property tax. In addition to the Mount Rushmore National Memorial, you can easily vacation in your own state by visiting Badlands National Park and the Black Hills. Yes, it's cold in the winter (as in, very cold), but North Dakota has a lot to brag about. The overall cost of living is low, schools are strong (number eight in the country), and jobs are plentiful.
#5. Nevada – Average Home Value: $418,583
These statistics show a very low number of renters in the state; therefore, vacancy rates are high and rent prices are low, leaving a lot of supply and little demand. This is not ideal for investors who want to market their properties for top dollar and get quality tenants. In determining the overall ranking of the best states for first-time homebuyers, we analyzed and scored 12 different factors to arrive at a combined score. This table shows the 10 best states for first-time homebuyers, along with factors in their ranking like availability of programs, sale prices, property taxes and foreclosure rates. Keep in mind that as with any program of this type, there are likely eligibility requirements you’ll have to meet to qualify.
What To Look For When Buying A House: A Guide For Home Buyers
Kentucky’s low costs for housing extend to Independence, the best place to look for a home in the state. The strong buyer’s market and relatively low listing prices could have something to do with it being in one of the states where millennials can afford a home. Coventry offers a good value in a solid market for buyers and a town with a high livability score. It could also be a solid place to look if you’re trying to escape Hartford, one of the cities most in danger of another housing crisis. The following table details foreclosure rates by state as a number per all housing units and as a percentage. States are listed in alphabetical order, with the foreclosure rate rank for each in the far left column (the lower the rank, the worse the foreclosure rate).
The Natural State lives up to its name, with sandstone formations, natural springs and swimming holes and the world’s longest bayou. If Arkansas sounds like the next place you’ll call home, check out houses for sale in Arkansas. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Given that Ohio turns up near the top of every "best of" list, we couldn't leave it out. It ranks number 10 for job opportunities, number 13 for the most entertaining things to do, and is, of course, on the top 10 list of cheapest states.
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Although Londonderry is a great buyer’s market for its area and boasts a high livability score, the high costs in New Hampshire make it one of the states where you’re most likely to live paycheck to paycheck. Carson City might not be the hottest housing market in the state, but it is a good buyer’s market and is expected to see a 7 percent-plus return on your investment in the first year. The median home value of over $1 million for Honolulu is the second-highest in this study. So although the median list price of $625,000 might seem very steep, it’s also just over half the median home value — potentially indicating you could be getting a real bargain on the home’s value.
While its other rankings are moderately low, the overall home value and supply ranked fifth collectively, making it the primary reason for its inclusion in this list. Ranked among the top 10 most affordable states in the U.S., Iowa is also recognized as one of the safest. With a cost of living around 90% of the national average and housing costs at just 75% of the average, Iowa offers financial benefits and a diverse population that embraces differences. Huntsville recently ousted Birmingham as the state’s most populous city and is a hub for the aerospace industry. Its median home sale price is $270,125 and has been increasing steadily for several years. Birmingham is a great city for housing affordability with a median home sale price of only $109,083.
Two states, including Mississippi and West Virginia, stand out for their mortgage payments costing homeowners less than $1,000 each month. “The Seattle and San Francisco areas are great examples of this phenomenon. Conversely, a lack of good jobs in an area can make even relatively low home prices unaffordable for most of the people who live there.
Median Home Price By State 2024 – Forbes Advisor - Forbes
Median Home Price By State 2024 – Forbes Advisor.
Posted: Thu, 18 Apr 2024 07:00:00 GMT [source]
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Still, the percentage of renters offset this by ranking eighth, showing that many individuals actively seek rental properties, with landlords collecting an average monthly rent of $1,082 (20th-highest). Texas also has the fifth-lowest overall tax burden in the U.S. at 8.60%, a significant factor when people consider moving to a new state. Other factors contributing to its first-place spot are its increasing rent values, relatively high median household incomes at $66,559, and average monthly rent of $1,024. Median home values are also reasonable, at $375,300 (24th), so investors can profit from the high rents and inexpensive homes. The median value per square foot in Idaho rose by close to 10% in the year leading up to January 2020 – the best rate for this metric across all 50 states. Our data shows that the median annual property taxes paid in the state are less than $1,500 (15th-lowest overall), and the 2018 effective property tax rate is 0.63% (13th-lowest).
That said, if northeast Texas isn’t exactly your speed, you could consider going closer to the gulf with Houston suburb Acres Home, which is one of real estate’s hottest neighborhoods in the country. Brunswick offers the second-highest livability score in the study and a median listing price that’s still under $250,000, indicating that this is one great place to live that many people could actually afford. Younger homebuyers should seriously consider Des Moines during their search. The city boasts solid scores for livability, a buyer’s market, expectations for solid growth in home prices and home prices that mostly stay under $150,000. That could be one of the reasons why Iowa is one of the states where millennials can actually afford homes. Tucker has one of the lower livability scores in this study, but the solid growth in home values would appear to help keep it an attractive market to buy in.
A state’s resident affordability strongly drives the demand for more housing. Our evaluation is based on median household income and the cost of living, both gathered from World Population Review. States with a low cost of living and high income potential contribute to more opportunities and a thriving economy.
Shreveport, which offers proximity to Dallas and Arkansas, provides the most bang for your buck with a median home sale price of $166,750. Des Moines is the state capital and its most populous city but maintains a small-town feel. If you’re looking for a lively college town that’s big on breweries, museums, and sports, check out Iowa City where the median home price is $276,333. Cedar Rapids has a great local restaurant scene and miles of recreational trails.
These five worst states for landlords suffer from low housing inventory, slow job growth, decreased population growth, and a low happiness score, indicating weak demand for rental properties. Household incomes are low compared to other states, and high vacancy rates indicate too many vacant units to affect supply and demand. These numbers bode well for investors because they support higher rents, low tenant turnover, and renters who can typically afford to pay each month. Hawaii, on the other hand, has very high home prices, with a 12-month average median sale price of $712,350.
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