Which towns are the best to call home in 2024?
According to recent data from U.S. News & World Report, Naples, FL is the best place to live in the U.S. in 2024. Featuring white beaches and some of the best golf courses in the world, Naples was ranked as the best location to live in the country.
Warm weather, low taxes, and a robust job market were also sited as reasons for Naples to claim the top spot.
The Sun Belt was well-represented this year. Southeastern metro areas claimed half of the top 10 spots with Greenville, SC, Charlotte, NC, Raleigh, NC, Huntsville, AL, and Virginia Beach, VA ranking in the top 10.
The Mountain West was also visible in the top 10. Boise, ID and Colorado Springs, CO came in second place and third place.
When it comes to home affordability, Huntsville, AL was the most affordable metro area to make the top 10 spots. The median home price in Huntsville is only $245,381. That’s almost $180,000 less than the national average.
Weekly mortgage refinance demand spikes
The Mortgage Banker’s Association released its weekly report on new mortgage and refinance applications. According to the data, applications for mortgage refinance were up 7% for the week and 21% higher than the same week one year ago.
Joel Kan, MBA’s vice president and deputy chief economist, stated, “Rates coming down from recent highs spurred some borrowers to act, with increases across both conventional and government refinance applications. VA refinances had a double-digit increase for the third consecutive week, although the current level of refinancing is still well below its historical average.”
Are demographics changing in the current market?
Data from tracked mortgage originations over the past five years indicated that the face of the average homebuyer is changing in the U.S. at a national level.
Last year, Hispanic homebuyers represented 14% of new mortgages. That’s up from 12.6% in 2022 and 11% in 2018. Black homebuyers were at 8.7% last year, that’s up from 7.1% in 2018. Asian buyers also saw an increase and now represent 8.2% of mortgages. That’s up from 6.4% in 2018.
Redfin senior economist, Elijah de la Campa, said, “The pool of homebuyers taking out mortgages is becoming less white because America is becoming more diverse, and many people of color are in their prime homebuying years.”
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