With home values up around 21 percent in the past year and mortgage rates having almost doubled, the personal-finance website WalletHub recently released its report on “2022’s Best Real-Estate Markets.” To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 17 key metrics, according to the survey.
The data set ranges from median home-price appreciation to job growth.
The best real estate markets were mainly discovered in Texas in the cities of Frisco, Allen, McKinney, Austin, Denton and Richardson. Nashville, Tenn., Cary, N.C. Gilbert and Peoria, Ariz. Also made the “best” list.
The worst real estate market locations were Baltimore, Md., Columbus, Ga., Baton Rouge, La., Rockford, Ill., Cleveland, Ohio, Hartford, Conn., St. Louis, Mo, Shreveport, La., Bridgeport, Conn., and Peoria, Ill.
Best versus worst takeaways from the survey were:
- Daly City and San Mateo, Calif. had the lowest share of seriously underwater mortgages, 0.66 percent, which is 26.8 times lower than in St. Louis, Mo., the city with the highest at 17.68 percent.
- South Gate, Calif. had the lowest vacancy rate, 1.97 percent, which is 18 times lower than in Miami Beach, Fla., the city with the highest at 35.42 percent.
- Flint, Mich. had the lowest home price as a share of income, 104.33 percent, which is 14.2 times lower than in Santa Monica, Calif., the city with the highest at 1,477.21 percent.