The three biggest variables when deciding where to live are the affordability of housing, the cost of living, and the rate of employment. Forbes, US News & World Report, Huffington Post, and other media outlets have all chimed in with their surveys measuring each one of these areas in the upcoming months. And the sweet spot where these three variable meet? It's in the heart of Texas.
One of the best places to buy a house right now is Texas. Interestingly, Texas also has the lowest unemployment and the second lowest cost of living. Realtor.com reports that homes in Austin, TX are staying on the market an average of 77 days, selling 20% sooner than a year ago.
The worst place to try to makes ends meet, own a home, and work is California, followed closely by New York. And if you have sights set on living in Washington D.C., you're better off looking in nearby Baltimore, where prices have dropped 22% from their highest point.
When you look at averages across the U.S., home prices are down about 30% from 2006 when they reached their highest level in 42 years of statistic gathering. A 30-year fixed mortgage loan carries an average interest rate just under 4%. Compared to CD and Treasury Notes that are returning 1-2% profit, a home is the better investment choice. Profits from rental properties are even better, hovering around 6% annually.
If you are looking to buy a foreclosure, Tucson, AZ is the place, with home prices at all all-time low, down 45% from the housing boom. The median selling price for a home there is $170,000. It takes an average of 86 days to unload a home in the Tucson area. Moreover, the unemployment rate is 7.8% compared to the national average of 8.6%. But, keep in mind that this statistic may be a little skewed. A large percentage of people without jobs are no longer on the grid, having abandoned their futile job searches, dropping out of the work force altogether. El Centro, CA has the highest unemployment rate in the country at 27%. The lowest is in Midland, TX at 4%.
Other markets ripe for good housing deals include (market followed by median home price):
Kansas City, MO - $137,000
St. Louis, MO - $129,000
Buffalo-Niagara Falls, N.Y - $113,000
Cincinnati-Middletown, OH-KY - $127,300
Cleveland-Elyria-Mentor, OH - $108,500
Phoenix-Mesa-Scottsdale, AZ - $126,000
Rochester, N.Y. - $118,900
Las Vegas-Paradise, NV - $126,200
Minneapolis-St. Paul-Bloomington, MN-WI - $145,000
Atlanta-Sandy Springs-Marietta, GA - $102,100
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