Which states offer homebuyers the best value?
Finding an affordable home in the current housing market can be a challenge, but there are a few states ahead of the game. A recent report surveyed the current conditions and ranked the states by price appreciation, housing starts, foreclosure rates, and affordability.
Coming in at the top of the list? Florida offers the best housing market in the country for buyers. Home prices are elevated, but so are new developments. Florida also boasted an average appreciation rate of 15.7% and a very low foreclosure and underwater rate.
South Carolina was the second place finisher with solid price appreciation, relative affordability, and several new homebuilding projects in progress.
New home construction data released
The U.S. Commerce Department released new home construction data on Wednesday. The good news is that single-family home building permits increased by 2.2% month-over-month, and indicates that several new projects could be kicking off shortly.
“The level of single-family starts remains robust, and we believe ongoing near-term strength is likely given the continued upward trend in permits,” said Mark Palim, deputy chief economist at Fannie Mae in Washington.
However, single-family home starts fell by 7.0% month-over-month, indicating that inventory may remain tight until more projects get going. Also, building materials continue to suffer from supply chain challenges with electrical transformer equipment highlighted in the report.
Where can buyers find an affordable home near the beach?
Do you want to be able to walk out your door and feel your feet sink into the sand? You can achieve the beach home you’ve wanted even in the current market conditions. A recent study by Realtor.com reviewed the housing markets that offered property near the beach and ranked them by affordability.
Coming in as the most affordable beach town in the U.S. was Gulfport, MS. Gulfport is right between Alabama and Louisiana, and offers 26 miles of beach. Located off the Gulf of Mexico, Gulfport boasted a median price for homes within one mile of a beach of only $224,000.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
