The Best and Worst Housing Markets for 2016March 30th, 2016
Is now a good or bad time to buy or sell a home? It depends on where you’re looking to make the move.
In some areas, for example, unemployment is low, salary and income growth is steady, and — perhaps most importantly — home values either are skyrocketing or steadily increasing. (The former’s a good thing if you’re looking to sell, of course, while the latter is great if your goal is to buy.) In other areas, though, the opposite is true.
Here are a few examples of both:
Five of the Best Housing Markets in 2016
Because so many different variables determine whether or not you should consider a particular housing market in the US “good” or “bad,” there’s no easy way to come up with a list of the best and worst ones for 2016.
Still, most people – real-estate experts, especially -- seem to agree that the following cities have a lot to offer whether your plan is to buy or sell a home sometime this year.
Dallas-Fort Worth, Texas
Some of the factors that make this Southern metroplex so appealing both to homebuyers and sellers: according to Zillow.com, its unemployment rate is just 4 percent, and its residents boast solid income growth. Add in the easy access to barbeque and honky-tonks, and it’s easy to see why so many people choose to settle down in Dallas-Fort Worth.
Like Dallas-Fort Worth, Denver is a wonderful place to live for a whole host of reasons. That’s true even if you have no interest in microbrews or exploring the great outdoors. For starters, it has a low unemployment rate of just 3.1 percent. Also, home values are expected to grow 5 percent year-over-year in the metro area.
Grand Rapids, Michigan
If this seems like an out-of-left-field choice, consider that, according to the most recent Census data, Grand Rapids has seen a three-year population growth rate of 3.1 percent. That means people are moving to Michigan’s second-largest city at a higher rate than the national average (which is 2.3 percent). Plus, the Bureau of Labor Statistics says employment here has expanded by 3.9 percent in the last year.
Providence, Rhode Island
A big reason Providence’s housing market is so hot right now is its proximity to Boston. So why doesn’t this blurb focus on Boston? Because homes are far more affordable in Providence. Don’t expect that to last for too much longer, though. A recent CNN report suggests the city’s home sales and prices will rise as much as 10 percent by the end of 2016.
San Diego, California
Experts expect San Diego’s housing market to see similar growth this year. Admittedly, that’s better news for home sellers than buyers. Still, there’s plenty for people who want to move to, or move within, San Diego to feel good about as well. The city’s beautiful weather and pristine beaches are two obvious examples.
Five of the Worst Housing Markets in 2016
If the markets highlighted above are some of the best in the US for homebuyers and sellers, what are some of the worst?
The following locations are a few examples:
- Atlantic City, New Jersey
- Chicago, Illinois
- Milwaukee, Wisconsin
- Las Vegas, Nevada
- Los Angeles, California
What makes these cities less attractive for people looking to sell or buy a house? Some of them tend to have high housing costs. Others continue to be plagued by foreclosures. And then there are factors like low salaries and unemployment rates that are higher than the national average.