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Best Real-Estate Markets


Whether you’re joining the real-estate business or just looking for a place to call home, it’s important to get a handle on the housing markets you’re considering before investing in a property. This year, the housing market is skewed much more toward sellers, with mortgage rates continuing to trend upward and home values having risen over 1.0% in the last year on average.

If you aim for long-term growth, equity and profit with your housing purchase, you’ll need to look beyond tangible factors like square footage and style. Those factors certainly drive up property values. From an investor’s standpoint, though, they hold less significance than historical market trends and the economic health of residents.

To determine the best local real-estate markets in the U.S., WalletHub compared 300 cities of varying sizes across 17 key indicators of housing-market attractiveness and economic strength. Our data set ranges from median home-price appreciation to job growth.

Main Findings

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Best Places to Buy a House

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that city, where a rank of 1 represents the best conditions for that metric category.

Share of Seriously Underwater Mortgages

Lowest

  • T-1. Miami Gardens, FL
  • T-1. Hialeah, FL
  • T-1. Miami, FL
  • T-1. Miami Beach, FL
  • T-5. West Palm Beach, FL
  • T-5. Boca Raton, FL
Share of Seriously Underwater Mortgages

Highest

  • T-295. Peoria, IL
  • T-295. Columbus, GA
  • T-295. Philadelphia, PA
  • T-295. Baton Rouge, LA
  • T-295. Shreveport, LA
  • T-295. St. Louis, MO
Median Days on the Market

Lowest

  • 1. Warren, MI
  • 2. Grand Rapids, MI
  • 3. Dearborn, MI
  • 4. Westminster, CO
  • 5. Richardson, TX
Median Days on the Market

Highest

  • 264. Elizabeth, NJ
  • 265. Newark, NJ
  • T-266. San Antonio, TX
  • T-266. New York, NY
  • T-266. Yonkers, NY
Median Home-Price Appreciation

Highest

  • 1. Miami Gardens, FL
  • 2. Sunnyvale, CA
  • 3. Stockton, CA
  • 4. Richmond, CA
  • 5. Vallejo, CA
Median Home-Price Appreciation

Lowest

  • 296. Waterbury, CT
  • 297. Peoria, IL
  • 298. Jackson, MS
  • 299. Rockford, IL
  • 300. Hampton, VA
Foreclosure Rate

Lowest

  • 1. Boise, ID
  • 2. Overland Park, KS
  • 3. Madison, WI
  • 4. New York, NY
  • 5. Quincy, MA
Foreclosure Rate

Highest

  • 282. Stockton, CA
  • 283. North Las Vegas, NV
  • 284. New Haven, CT
  • T-285. Cleveland, OH
  • T-285. Palm Bay, FL
% of Delinquent Mortgage Holders

Lowest

  • 1. Santa Clara, CA
  • 2. San Mateo, CA
  • 3. Santa Monica, CA
  • 4. Santa Barbara, CA
  • 5. Costa Mesa, CA
% of Delinquent Mortgage Holders

Highest

  • T-293. Jackson, MS
  • T-293. Springfield, MA
  • T-293. Joliet, IL
  • T-293. Baton Rouge, LA
  • T-293. Portsmouth, VA
Home Price as % of Income

Lowest

  • 1. Flint, MI
  • 2. Detroit, MI
  • 3. Dayton, OH
  • 4. Lansing, MI
  • 5. Akron, OH
Home Price as % of Income

Highest

  • 296. Boulder, CO
  • 297. Berkeley, CA
  • 298. Glendale, CA
  • 299. Santa Barbara, CA
  • 300. Santa Monica, CA
Maintenance Costs as % of Income

Lowest

  • 1. Sunnyvale, CA
  • 2. Santa Clara, CA
  • 3. Naperville, IL
  • 4. Bellevue, WA
  • 5. Centennial, CO
Maintenance Costs as % of Income

Highest

  • 296. Newark, NJ
  • 297. Detroit, MI
  • 298. Hartford, CT
  • 299. Cleveland, OH
  • 300. Flint, MI

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Ranking by City Size

Overall Rank
(1=Best)		 Large Cities Overall Rank
(1=Best)		 Midsize Cities Overall Rank
(1=Best)		 Small Cities
1 Nashville, TN
(71.71)		 1 McKinney, TX
(74.41)		 1 Denton, TX
(71.67)
2 Austin, TX
(69.63)		 2 Frisco, TX
(74.27)		 2 Allen, TX
(69.88)
3 Seattle, WA
(67.60)		 3 Cary, NC
(70.03)		 3 Santa Clara, CA
(68.61)
4 Raleigh, NC
(67.40)		 4 Durham, NC
(69.87)		 4 Murfreesboro, TN
(67.83)
5 Tampa, FL
(66.96)		 5 Port St. Lucie, FL
(69.54)		 5 Hillsboro, OR
(66.68)
6 Atlanta, GA
(66.65)		 6 Gilbert, AZ
(69.37)		 6 Surprise, AZ
(66.16)
7 Fort Worth, TX
(66.12)		 7 Peoria, AZ
(67.13)		 7 Roseville, CA
(65.00)
8 Charlotte, NC
(66.12)		 8 Salt Lake City, UT
(67.07)		 8 Richardson, TX
(64.73)
9 Denver, CO
(64.41)		 9 Boise, ID
(66.23)		 9 Longmont, CO
(64.64)
10 Orlando, FL
(64.12)		 10 Plano, TX
(65.80)		 10 Athens-Clarke, GA
(64.49)
11 Phoenix, AZ
(63.64)		 11 Tempe, AZ
(65.15)		 11 Renton, WA
(63.94)
12 Dallas, TX
(62.90)		 12 Reno, NV
(65.15)		 12 Charleston, SC
(63.56)
13 Mesa, AZ
(62.75)		 13 Chandler, AZ
(64.01)		 13 Bellevue, WA
(63.42)
14 Henderson, NV
(60.99)		 14 Vancouver, WA
(64.00)		 14 Carrollton, TX
(63.26)
15 Aurora, CO
(60.90)		 15 Irving, TX
(63.92)		 15 Arvada, CO
(62.81)
16 Colorado Springs, CO
(60.90)		 16 Fort Collins, CO
(63.80)		 16 Greeley, CO
(62.79)
17 Portland, OR
(59.73)		 17 Irvine, CA
(63.51)		 17 Clovis, CA
(62.61)
18 Columbus, OH
(58.47)		 18 Sunnyvale, CA
(62.69)		 18 Visalia, CA
(61.74)
19 Miami, FL
(58.09)		 19 Eugene, OR
(62.58)		 19 Spokane Valley, WA
(61.50)
20 Arlington, TX
(58.07)		 20 Huntsville, AL
(62.01)		 20 Davie, FL
(60.60)
21 Houston, TX
(56.87)		 21 Grand Prairie, TX
(61.36)		 21 North Charleston, SC
(60.58)
22 Jacksonville, FL
(56.47)		 22 Knoxville, TN
(60.36)		 22 Wilmington, NC
(60.48)
23 San Jose, CA
(56.35)		 23 Spokane, WA
(60.35)		 23 Thornton, CO
(60.38)
24 Minneapolis, MN
(56.10)		 24 Madison, WI
(60.20)		 24 Beaverton, OR
(60.30)
25 San Diego, CA
(55.99)		 25 Overland Park, KS
(60.12)		 25 Everett, WA
(59.57)
26 Bakersfield, CA
(55.75)		 26 Elk Grove, CA
(59.99)		 26 Roswell, GA
(59.40)
27 Tucson, AZ
(55.66)		 27 Ontario, CA
(59.77)		 27 Temecula, CA
(59.05)
28 Fresno, CA
(55.55)		 28 Garland, TX
(59.57)		 28 Kent, WA
(58.84)
29 Anaheim, CA
(55.54)		 29 Glendale, AZ
(59.51)		 29 Palm Bay, FL
(58.74)
30 Oklahoma City, OK
(55.51)		 30 Salem, OR
(59.25)		 30 Norman, OK
(58.02)
31 Sacramento, CA
(55.20)		 31 Grand Rapids, MI
(58.90)		 31 Carlsbad, CA
(57.80)
32 Omaha, NE
(55.13)		 32 Hialeah, FL
(58.52)		 32 Ann Arbor, MI
(57.80)
33 Las Vegas, NV
(55.02)		 33 Lakewood, CO
(58.43)		 33 Federal Way, WA
(57.62)
34 Santa Ana, CA
(54.77)		 34 Lincoln, NE
(58.38)		 34 West Palm Beach, FL
(57.44)
35 Riverside, CA
(54.35)		 35 Tacoma, WA
(58.26)		 35 Vista, CA
(57.42)
36 Memphis, TN
(54.23)		 36 Cape Coral, FL
(58.02)		 36 Lakeland, FL
(57.22)
37 Kansas City, MO
(53.65)		 37 St. Petersburg, FL
(57.90)		 37 Broken Arrow, OK
(57.16)
38 Boston, MA
(53.06)		 38 Scottsdale, AZ
(57.79)		 38 San Mateo, CA
(57.13)
39 San Antonio, TX
(52.68)		 39 Fremont, CA
(57.52)		 39 Westminster, CO
(57.09)
40 El Paso, TX
(52.54)		 40 Richmond, VA
(57.38)		 40 Yakima, WA
(57.07)
41 Wichita, KS
(52.29)		 41 Rancho Cucamonga, CA
(56.99)		 41 Santa Maria, CA
(56.70)
42 Virginia Beach, VA
(52.21)		 42 Salinas, CA
(56.80)		 42 Green Bay, WI
(56.39)
43 Albuquerque, NM
(52.18)		 43 Hayward, CA
(56.52)		 43 Miami Gardens, FL
(56.38)
44 Lexington, KY
(52.03)		 44 Fontana, CA
(56.49)		 44 Cambridge, MA
(56.15)
45 Los Angeles, CA
(51.74)		 45 Pembroke Pines, FL
(56.17)		 45 Plantation, FL
(56.03)
46 Tulsa, OK
(51.42)		 46 Chula Vista, CA
(55.90)		 46 Dearborn, MI
(56.01)
47 St. Paul, MN
(50.96)		 47 Alexandria, VA
(55.40)		 47 Savannah, GA
(55.83)
48 Long Beach, CA
(50.66)		 48 Fort Wayne, IN
(55.23)		 48 Boulder, CO
(55.80)
49 Oakland, CA
(50.46)		 49 Chesapeake, VA
(55.02)		 49 Mesquite, TX
(55.75)
50 Stockton, CA
(50.38)		 50 Escondido, CA
(54.91)		 50 Costa Mesa, CA
(55.68)
51 Louisville, KY
(49.70)		 51 Oceanside, CA
(54.84)		 51 Sunrise, FL
(55.68)
52 Washington, DC
(49.59)		 52 Winston-Salem, NC
(54.59)		 52 Clearwater, FL
(55.47)
53 Honolulu, HI
(49.51)		 53 North Las Vegas, NV
(54.13)		 53 Murrieta, CA
(55.46)
54 Corpus Christi, TX
(49.34)		 54 Huntington Beach, CA
(54.13)		 54 Sterling Heights, MI
(55.22)
55 Pittsburgh, PA
(48.85)		 55 San Bernardino, CA
(54.05)		 55 Gainesville, FL
(55.20)
56 Indianapolis, IN
(48.37)		 56 Modesto, CA
(53.89)		 56 High Point, NC
(55.19)
57 Cincinnati, OH
(47.96)		 57 Birmingham, AL
(53.56)		 57 Coral Springs, FL
(55.18)
58 San Francisco, CA
(47.91)		 58 Garden Grove, CA
(53.45)		 58 Quincy, MA
(55.05)
59 Milwaukee, WI
(46.23)		 59 Pomona, CA
(53.44)		 59 Vacaville, CA
(55.01)
60 New York, NY
(44.76)		 60 Jersey City, NJ
(53.02)		 60 Pompano Beach, FL
(54.79)
61 Newark, NJ
(41.21)		 61 Greensboro, NC
(52.80)		 61 Miramar, FL
(54.68)
62 Detroit, MI
(41.02)		 62 Springfield, MO
(52.76)		 62 Gresham, OR
(54.62)
63 Chicago, IL
(38.60)		 63 Santa Rosa, CA
(52.64)		 63 Pueblo, CO
(54.50)
64 St. Louis, MO
(37.52)		 64 Worcester, MA
(52.35)		 64 Yuma, AZ
(54.37)
65 Philadelphia, PA
(37.00)		 65 Moreno Valley, CA
(51.82)		 65 Simi Valley, CA
(54.16)
66 Cleveland, OH
(36.75)		 66 Glendale, CA
(51.79)		 66 Westminster, CA
(54.11)
67 New Orleans, LA
(34.37)		 67 Hollywood, FL
(51.11)		 67 Boca Raton, FL
(54.03)
68 Baltimore, MD
(32.42)		 68 Fort Lauderdale, FL
(51.04)		 68 Ventura, CA
(53.88)
69 Augusta, GA
(50.78)		 69 Fullerton, CA
(53.59)
70 Buffalo, NY
(50.74)		 70 Warren, MI
(53.52)
71 Corona, CA
(50.65)		 71 West Covina, CA
(53.51)
72 Santa Clarita, CA
(50.43)		 72 Victorville, CA
(53.47)
73 Oxnard, CA
(50.41)		 73 Santa Barbara, CA
(53.40)
74 Tallahassee, FL
(50.27)		 74 Orange, CA
(53.15)
75 Rochester, NY
(49.51)		 75 Fairfield, CA
(53.08)
76 Little Rock, AR
(49.45)		 76 Chico, CA
(53.01)
77 Laredo, TX
(49.32)		 77 El Cajon, CA
(52.92)
78 Newport News, VA
(49.02)		 78 Manchester, NH
(52.83)
79 Amarillo, TX
(48.88)		 79 Rialto, CA
(52.68)
80 Palmdale, CA
(48.79)		 80 Berkeley, CA
(52.26)
81 Norfolk, VA
(47.96)		 81 Naperville, IL
(52.16)
82 Montgomery, AL
(47.50)		 82 Sandy Springs, GA
(52.00)
83 Lancaster, CA
(46.83)		 83 Concord, CA
(51.82)
84 Providence, RI
(46.77)		 84 Torrance, CA
(51.72)
85 Fayetteville, NC
(46.44)		 85 Centennial, CO
(51.71)
86 Akron, OH
(45.86)		 86 Richmond, CA
(51.67)
87 Anchorage, AK
(45.71)		 87 Mission Viejo, CA
(51.53)
88 Des Moines, IA
(45.63)		 88 Daly City, CA
(51.49)
89 Aurora, IL
(44.06)		 89 Vallejo, CA
(51.44)
90 Mobile, AL
(43.74)		 90 Inglewood, CA
(51.43)
91 Columbus, GA
(43.57)		 91 Thousand Oaks, CA
(51.30)
92 Paterson, NJ
(41.47)		 92 Allentown, PA
(51.12)
93 Yonkers, NY
(41.40)		 93 Livonia, MI
(50.78)
94 Joliet, IL
(40.89)		 94 Lansing, MI
(50.43)
95 Springfield, MA
(40.39)		 95 El Monte, CA
(50.30)
96 Toledo, OH
(40.32)		 96 Santa Monica, CA
(50.23)
97 Jackson, MS
(39.25)		 97 Kenosha, WI
(50.19)
98 Baton Rouge, LA
(35.41)		 98 Pasadena, CA
(50.10)
99 Shreveport, LA
(34.90)		 99 South Gate, CA
(49.53)
100 Downey, CA
(49.46)
101 Burbank, CA
(49.43)
102 Lynn, MA
(48.70)
103 Carson, CA
(48.40)
104 Stamford, CT
(48.36)
105 Lowell, MA
(48.33)
106 Compton, CA
(48.05)
107 Norwalk, CA
(47.40)
108 Antioch, CA
(47.06)
109 Fort Smith, AR
(46.58)
110 Cedar Rapids, IA
(46.43)
111 New Bedford, MA
(46.24)
112 Erie, PA
(45.96)
113 Fall River, MA
(45.89)
114 Albany, NY
(45.72)
115 Roanoke, VA
(45.46)
116 Rockford, IL
(45.06)
117 Hampton, VA
(44.21)
118 Flint, MI
(44.21)
119 Elgin, IL
(44.07)
120 Elizabeth, NJ
(44.04)
121 Tuscaloosa, AL
(43.94)
122 Dayton, OH
(42.96)
123 Brockton, MA
(42.82)
124 Miami Beach, FL
(42.39)
125 Springfield, IL
(42.01)
126 Davenport, IA
(41.39)
127 New Haven, CT
(41.05)
128 Waterbury, CT
(41.04)
129 Bridgeport, CT
(38.61)
130 Waukegan, IL
(38.60)
131 Hartford, CT
(36.98)
132 Peoria, IL
(36.67)
133 Portsmouth, VA
(36.06)

 

Ask the Experts

Economic indicators point to a strong housing market, but does that mean it’s a good time to buy a home? We consulted a panel of experts for their insight. Click on the panelists’ profiles below to read their bios and thoughts on the following key questions:

  1. Is now a good time to buy? What economic indicators should potential buyers be watching?
  2. How has the inflation affected housing prices and the home-buying process? What changes should we expect in the housing market during the upcoming months?
  3. How likely is it that the Federal Reserve will increase interest rates in the coming months? How will this impact the housing market?
  4. Why are Millennials still sitting out of the housing market? What can be done to increase homeownership rates for this cohort?
  5. What trends are impacting the housing market in 2023? Will it crash or boom?

Methodology

In order to determine the best real-estate markets, WalletHub compared 300 cities across two key dimensions, “Real-Estate Market” and “Affordability & Economic Environment.”

We evaluated those dimensions using 17 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the healthiest housing market.

Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.

Each city in our sample was categorized according to the following population-size guidelines:

  • Large city: More than 300,000 residents
  • Midsize city: 150,000 to 300,000 residents
  • Small city: Fewer than 150,000 residents

Real-Estate Market – Total Points: 80

  • Home Value Forecast: Full Weight (~8.00 Points)
    Note: This metric is based on Zillow’s Home Value Forecast, which predicts the Zillow Home Value Index one year from May 2024.
  • Median Home-Price Appreciation: Full Weight (~8.00 Points)
  • Median Days on the Market: Full Weight (~8.00 Points)
  • Share of Seriously Underwater Mortgages: Full Weight (~8.00 Points)
    Note: This metric measures the proportion of seriously underwater mortgages, where the combined estimated balance of loans secured by those properties was at least 25 percent more than their estimated market value.
  • Ratio of Rent Price to Sale Price: Full Weight (~8.00 Points)
  • Foreclosure Rate: Full Weight (~8.00 Points)
  • Share of People Delinquent on their Mortgage Debt: Full Weight (~8.00 Points)
  • Vacancy Rate: Full Weight (~8.00 Points)
    Note: This metric was calculated as follows: Vacant Housing Units / Total Housing Units.
  • Share of Young Homes: Full Weight (~8.00 Points)
    Note: “Young Homes” refer to housing units built between 2010 and 2021.
  • Building-Permit Activity: Full Weight (~8.00 Points)
    Note: This metric measures the number of unit permits pulled per 1,000 residents.

Affordability & Economic Environment – Total Points: 20

  • Housing Affordability: Double Weight (~5.00 Points)
    Note: This metric measures home price as share of income.
  • Maintenance Affordability: Full Weight (~2.50 Points)
    Note: This metric measures maintenance costs as share of income.
  • Population Growth Rate: Full Weight (~2.50 Points)
  • Job Growth Rate: Full Weight (~2.50 Points)
  • Unemployment Rate: Full Weight (~2.50 Points)
  • Underemployment Rate: Full Weight (~2.50 Points)
  • Median Credit Score: Full Weight (~2.50 Points)

 

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Council for Community and Economic Research, Zillow, TransUnion, Chmura Economics & Analytics, The National Association of Realtors, ATTOM, a property data provider – U.S. Home Equity & Underwater Report, ATTOM, a property data provider – U.S. Foreclosure Market Report and WalletHub research.

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