The housing market in the United States is currently experiencing unprecedented turmoil. Factors such as historically low interest rates, the pandemic, and tightening by the Federal Reserve have created difficulties for both buyers and sellers. While some areas are seeing leveling or declining prices in response to higher mortgage rates, finding affordable homes remains a challenge across the country. This situation has led business leaders to pay close attention to states with healthy housing markets, as they offer opportunities for prospective employees to make wise purchases and find happiness in their homes.
CNBC’s annual competitiveness study, America’s Top States for Business, also takes an interest in the housing market by measuring it in similar ways as companies do. Housing is considered a crucial factor within the Economy category of the study, which is one of the ten categories used to determine competitiveness. To assess the healthiest housing markets, multiple factors are taken into account, including price appreciation, housing starts, foreclosure rates, and affordability. This year, the study also incorporates the National Association of Realtors’ Affordability Distribution Score, which evaluates the affordability of homes for sale across different income levels.
Based on these criteria, the following ten states stand out for providing the best housing value:
10. Alabama: Despite rising prices, Alabama offers relatively affordable housing with low foreclosure activity.
6. (tie) Wisconsin: Wisconsin experiences healthy price appreciation and low foreclosure rates, contributing to its overall affordability.
6. (tie) Ohio: Ohio boasts the most affordable housing in the country, but it also has lower price appreciation rates and a higher foreclosure rate.
6. (tie) New Jersey: New Jersey has a fairly balanced housing market, with low underwater mortgages, although recent foreclosures may indicate potential trouble.
6. (tie) Indiana: Indiana is known for its stability, maintaining strong affordability despite rising home prices.
6. (tie) Georgia: The Peach State enjoys solid housing numbers, including double-digit price appreciation, but rising foreclosures raise concerns.
4. North Carolina: The Tar Heel State, ranked as the overall No. 1 State for Business, faces increased housing demand, leading to higher prices and a growing need for construction. However, affordability remains a challenge.
3. Maine: Homebuyers have been drawn to Maine, resulting in higher prices but still manageable affordability levels.
2. South Carolina: South Carolina offers solid price appreciation, affordable housing relative to the region, and strong construction activity. However, rising foreclosures require attention.
1. Florida: Florida’s housing market is exceptional, with soaring prices due to an influx of new residents. The state is experiencing a home-building boom, and while underwater mortgages are rare, increasing foreclosures indicate potential stress. This could impact affordability in the future.
Overall, these states present opportunities for individuals seeking a balance between housing value and market conditions.
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