One of the biggest demands to envelope the US is housing, but in recent years, it appears as though recovery has become more and more uneven. This is more evident in several states in the country. Cities that were struck the hardest by recession such as Tampa, Florida, now have the healthiest housing markets. Thousands of people lost their houses to foreclosure during the past ten years, but now the state’s housing economy stands as the country’s best.
What seems promising is that people are now either buying their own properties or investing in them, making markets more lucrative by the year. However, this hasn’t been the case for some markets, which had risen to sky-high levels but have now plummeted beyond expectations.
The best and the worst
Real estate analytics and auctions company Ten-X rated US states based on several criteria, including job potential, wage growth, unemployment rate, populations, and certain industry-specific factors such as construction and inventory. The ratings have revealed the current best and worst housing markets in the country.
Florida stands on the top after recovering without any hiccups. Unemployment rates have shown a significant drop while wage and job growth have been on a steady incline. Home prices and sales have shown a steady increase. Jacksonville has also made it onto the list of top 5 cities with the best housing economies in the country.
The list saw a surprising entry with Las Vegas, which earlier suffered the worst housing crash, marking the highest rate of foreclosure in the country. Although housing prices are still 20 percent lower, this is attracting more people to the area. Dallas, Texas, made it to the number 2 slot with its consistent rates of employment growth, health care, and business services. Columbus, Ohio, rounds up the five-city list.
On the other hand, Central and northern New Jersey made it to the lowest of the list of cities with the work housing markets in the country. With high home prices and lackluster populations and employment growths, its entry was no surprise. Other names were San Francisco and Los Angeles which suffer from affordability. The final name on this list is Long Island, New York. All of these cities have high home prices making it impossible for people to want to settle down here.
It is difficult to predict how the housing market will remain in the next few years thanks to its frequent see-sawing, but the cities that currently have the best markets show great promise of consistency and sustainability.