For those looking to rent an apartment or buy their first home, several areas in the United States have the best median home price appreciation and housing and maintenance affordability.
WalletHub, a personal finance company, recently conducted an analysis of real estate markets in 300 cities to determine the best markets in the US. The study analyzed each city across 17 metrics, including living costs, utility costs, and job growth.
"Current home prices are extremely important, but there's much more that you need to look at when determining the health of a city's real estate market," Cassandra Happe, an analyst for WalletHub, said. "The best cities may not always be the cheapest, but they offer excellent housing options and long-term stability."
Each city is then given a score on a 100-point scale. Those with a score of 100 represent the healthiest housing market in the US.
Which Cities Have the Best Housing Market
Of all housing markets, McKinney, TX, topped the list as the best real estate market in the US. This is mainly due to the growth it experienced between 2010 and 2021, in which the inventory in the housing market grew by 35%. It also has the 13th-highest job growth rate in the US.
Following McKinney is Frisco, which saw a 42% increase in inventory between 2010 and 2021. Additionally, Frisco is the 10th cheapest city for phone service and the 11th cheapest for maintenance and energy costs.
Rounding off the top three is Cary, NC. The city has the 10th lowest energy costs in the country and the 12th lowest phone service and home maintenance costs. Furthermore, it has the 10th lowest mortgage delinquency rate and 20th lowest foreclosure rate.
READ ALSO : Should You Wait for Mortgage Rates To Fall Before Buying a Home? Here's What Experts Say
10 Top US Real Estate Markets
1. McKinney, TX
Real Estate Market Rank: 1
Affordability Rank: 3
Total Score: 74.09
2. Frisco, TX
Real Estate Market Rank: 2
Affordability Rank: 1
Total Score: 73.03
3. Cary, NC
Real Estate Market Rank: 4
Affordability Rank: 5
Total Score: 70.52
4. Nashville, TN
Real Estate Market Rank: 3
Affordability Rank: 97
Total Score: 69.79
5. Durham, NC
Real Estate Market Rank: 5
Affordability Rank: 33
Total Score: 68.99
6. Gilbert, AZ
Real Estate Market Rank: 8
Affordability Rank: 2
Total Score: 68.88
7. Charlotte, NC
Real Estate Market Rank: 6
Affordability Rank: 42
Total Score: 68.07
8. Denton, TX
Real Estate Market Rank: 7
Affordability Rank: 40
Total Score: 67.53
9. Allen, TX
Real Estate Market Rank: 13
Affordability Rank: 6
Total Score: 67.29
10. Port St. Lucie, FL
Real Estate Market Rank: 18
Affordability Rank: 4
Total Score: 67.015 Best Real Estate Markets in the US in 2024: Analysis
