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In a time where mortgage rates are dropping, refinance is rising, and affordable homes are few and far between, it can be difficult to find the right place to buy a home.
WalletHub compared 300 cities to find the best real estate market. The study revealed that Boise, Idaho, was the best place to buy a home in 2019. Boise came in at No. 1 for “Real Estate Market” rank and No. 38 in “Affordability and Economic Environment.”
Another hot spot to buy a home is Texas. Texas markets occupied five of the top-10 and seven of the top-15 markets in the nation.
Frisco came in at No. 2 overall, Denton, McKinney, and Carrollton came in at No. 4, 5, and 6, respectively, and Allen was at No. 9. Austin was No. 12 and Fort Worth was No. 13. WalletHub also reported that Allen had the nation’s lowest foreclosure rate.
Austin was ranked as the best large city to buy a home, followed by Fort Worth. Frisco was the second-best mid-size city behind Boise, and Denton, Carrollton, and Allen were the top-three small cities for homebuyers.
Newark, New Jersey; Dayton, Ohio; and Detroit, Michigan were named the three worse markets to buy a home.
California markets Richmond and Oakland had the highest median-home price, with the lowest median-home prices residing in Anchorage, Alaska.
Home prices rose across the nation in Q2 2019, as the Federal Housing Finance Agency reported prices rose 1% in the quarter and are 5% higher than last year. Prices rose in every state and it is the 32nd-consecutive month for increases.
Idaho had the nation’s highest appreciation rate at 11.4%. Utah (7.7%); Tennessee (7.2%); Georgia (6.9%); and Arizona (6.9%) followed.
The latest Case-Shiller Index found that prices rose 3.1% in June, which is a marginal decline from 3.3% growth in May.
“While falling mortgage rates have thus far only led to an increase in refinancing, rather than purchase activity, there will undoubtedly be a large boon to the marginal homebuyer,” said Ralph B. McLaughlin, Deputy Chief Economist and Executive of research and insights for CoreLogic.
