When buying a home, buyers often look for what is going to give them the best return on their purchase, and where you buy can have an impact on value. Beyond just square footage and style, WalletHub examined several key factors that go into a home’s value across 300 U.S. cities to find out what markets are the best, in terms of affordability and overall quality.
WalletHub ranks Frisco, Texas at number one in its findings in both the small cities category and overall, due to its highest quality “Affordability & Economic Environment” ranking. In large cities, Seattle comes in at number one, with the housest at the lowest number of days on the market of any U.S. city.
California ranks high overall, due to several of its major cities holding the lowest number of homes in negative equity in the nation. Richmond, California has the highest median home price appreciation of the 300 cities surveyed, while five other California cities (Sunnyvale, San Jose, San Francisco, Concord, and Santa Clara) rank right behind Seattle in the shortest number of days a home stays on the market.
If a buyer is looking for a high return on a low maintenance home, Colorado may be the place to go. Longmont, Boulder, Fort Collins, and Centennial, Colorado all boast some of the lowest maintenance costs as percentage of income in the country.
While New York City holds the lowest rate of homes in foreclosure, its homes stay on the market for the longest, bad news for a seller looking for a quick turnaround. Additionally, while California is home to several cities with the quickest turnarounds, its high median home prices are the highest as a percentage of income.
WalletHub puts Detroit at the very bottom of its overall list, with the lowest real estate market rank and the lowest Affordability and Economic Environment rank. Detroit also has some of the highest maintenance to income rates in the country, and also holds the highest number of homes still unsold by the banks.
Find the complete WalletHub report here.