Top 10 States: America’s Most Resilient Housing Markets Delivering Optimal Value for Buyers
The U.S. housing market is currently experiencing significant challenges. Factors such as prolonged low interest rates, the COVID-19 pandemic, and the Federal Reserve’s ongoing tightening cycle have placed both buyers and sellers in a tough predicament.
In response to the rising mortgage rates, many areas have witnessed a stabilization or even a decline in prices. However, despite these adjustments, the National Association of Realtors states that finding affordable homes remains a difficult task. Some states have managed this tumultuous situation better than others, prompting various companies to closely monitor the housing market. With a scarcity of qualified workers, business leaders are seeking locations with robust housing markets, providing prospective employees the opportunity to make sound investments and establish contented homes.
To evaluate the housing market’s strength, CNBC conducts an annual competitiveness study titled “America’s Top States for Business,” utilizing similar criteria employed by businesses. Under our 2023 methodology, housing is a crucial metric considered within the Economy category, which consists of ten competitiveness indicators. To determine the states with the healthiest housing markets, we assess multiple factors such as price appreciation, housing starts, foreclosure rates, and affordability. Additionally, this year, we incorporated the NAR’s Affordability Distribution Score as a metric. This score examines the affordability of homes available for purchase across all income levels, as of the end of the previous year.
The following ten states are poised to provide the best value for your housing investment.
2. South Carolina
4. North Carolina
6. (tie) Georgia
6. (tie) Indiana
6. (tie) New Jersey
6. (tie) Ohio
6. (tie) Wisconsin