Due to low mortgage rates and the COVID-19 epidemic, the property market in the United States has seen a wild ride since early 2020. Many people who could work from home moved to the places they preferred, and the 3% mortgage rates made it possible for them to do so. Mostly, the migration lowered prices in Southern cities. S&P Case-Shiller reports that for nearly two years, home values have increased by up to 30% month over month in Tampa, Miami, and Phoenix. That came to an end over a year ago when mortgage rates rose to as much as 6% as a result of the Federal Reserve’s aggressive rate hikes in its fight against inflation.
People List Properties For Sale Due To Home Value Situations
In the majority of markets, home price growth has ceased. Prices have started to decline in some. Fewer people list their properties for sale because, in the majority of situations, they do not believe they can command high prices. If home prices are the key metric, some metros are better to live in than others, as has been the case during the housing run-up and drop-off.
The 50 largest housing markets were examined in Lending Tree’s analysis for its “Best — and Worst — Large Metros for Homeownership” report utilizing the following data points:
- The median increase in home value over five years
- Owner-occupied residences’ median household income
- Rate of home ownership
- Median yearly taxes for residences that are inhabited
- Housing cost to household income ratio for owner-occupied dwellings, on average
- Percentage of homes with one or fewer people living in each room
- Percentage of occupied homes lacking access to complete plumbing
- The proportion of occupied homes lacking a full kitchen
- Percentage of occupied homes without phone service
Los Angeles As The Worst Place To Live In The United States
The United States provided the data. American Community Survey of the Census Bureau.
Los Angeles appears to be the worst place in which to live. Only 24% of homes’ worth increased during the previous five years in the second-largest metropolis in the nation. That percentage exceeds 40% in a lot of other cities. The homeownership percentage in Los Angeles is 49%, compared to over 70% in several other cities.
Large cities make up the majority of the worst places to own a home, and four of the top ten are in California. They are San Francisco, Riverside, and San Jose, in addition to Los Angeles. New York City, Miami, Houston, and Philadelphia are among the other cities on the list.
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