Best Places in the USA for Homeowners
Contrary to popular belief, buying a home is not always a better financial decision than renting . It depends on many factors, from the rise in the value of your home to property taxes in your area. By analyzing several metrics, including these, Bankrate has compiled a ranking of the best urban neighborhoods for homeowners.
Their research analyzed data from a variety of sources, including the Federal Housing Finance Agency and the Council for Social and Economic Research . Eight main factors were considered: housing affordability; rise in price; property tax; homeowners insurance, electricity and maintenance costs; foreclosures and the rate of growth in rents over the past six years.
Portland was # 1 on their list only in part because Oregon has the lowest premiums at $ 568 per year. More importantly, Portland had the third highest foreclosure rate in the surveyed areas (0.3% pa over the past 3 years), home maintenance costs and electricity bills were also low, and At the same rate as rent increases, home ownership looks even better in Portland. Phoenix, Atlanta, Las Vegas and Minneapolis round out the top five.
Of course, any such list offers a general view, and in this context, “best” refers to the financial aspect of home ownership. But the ratings take into account some important factors in this area. The chart above shows how 14 of these areas are ranked, but check out the full list of cities at the link below, including cities with the worst homeowner conditions.
How Bankrate Identified the Best and Worst Cities for Homeowners | Bank rate