Top 10 rising housing markets
Filed under: Finance, Real Estate, Planning
People take many factors into account when deciding where to buy a home. For some homebuyers access to good public schools is crucial, while for others safety is the top priority. Homebuyers may also want take into account whether their home value is expected to rise. But knowing where home values are expected to grow and how fast they are going to grow can be hard to predict. Below we rank 10 rising housing markets where, based on current data, home values can be expected to increase.
Key Findings
- Consider Texas property – Texas cities claim half of the spots in our top 10. Colorado is the only other state has more than one city in the top 10. There are also another three Texas cities ranked between 11 – 25, giving the state a total of eight appearances in the top 25.
- It may be better to rent in Michigan – Three of the 10 housing markets at the bottom of our list are in Michigan. They are Detroit, Lansing and Warren. It may make sense to rent here with home values falling.
Data and Methodology
Change in median home values. This is the percent change of median home values from 2011 to 2015. Data comes from the 2011 and 2015 U.S. Census Bureau's 5-Year American Community Surveys.Change in median incomes. This is the percent change in individual median incomes. Data comes from the 2011 and 2015 U.S. Census Bureau's 5-Year American Community Surveys.
Difference between population change and housing unit change. This is the percentage point difference between the percent change in population and percent change of housing units from 2011 to 2015. Data is from the U.S. Census Bureau's 2015 5-Year American Community Survey. Here is an example: In Midland, Texas, the population grew by 12.78% and the number of housing units grew by 5.71%, thus the difference between them is 7.07%.
Questions about our study? Contact us at press@smartasset.com.
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