2015's Healthiest Housing Markets
Housing’s back. Indeed, the very same industry that sent the U.S. economy into freefall during the not-so-distant past is on its feet again — and expectedly has Americans worried that an overheating market will escort us back into recession. It’s hard to blame us for our trust issues, though, especially now that we’re finally getting a taste of normalcy again. But steady economic recovery is exactly the reason some experts dismiss our fears as unfounded.
One such harbinger of good news is insurance company Nationwide, which has been tracking the health of real estate on a quarterly basis. At the beginning of the year, Nationwide reported that “the overall housing market is healthier than at any time since 2001.” With such promise, the insurance company claims the chances of a housing downturn in the near future are slim.
Of course, other indicators of economic expansion help, too. The unemployment rate has dipped to a seven-year low of 5.3 percent, well within the 5.0 percent to 5.5 percent range that most economists consider to be consistent with full employment. More jobs, soaring rent prices and rising consumer confidence just might encourage lenders to open doors to more first-time home buyers.
To help prospective home buyers find the most attractive markets, WalletHub compared 300 U.S. cities across 14 key metrics. Our data set ranges from median home-price appreciation to home price as a percentage of income to job growth. You can find the complete ranking, additional expert commentary and a detailed methodology below.