Homeownership is becoming less and less popular among Millennials and Gen Z specifically as high mortgage rates continue to soar. This uptick has caused even once booming homeownership cities such as Austin, TX, and Phoenix, AZ to see a decline in permanent residents.
Although this news may seem disillusioning, there is good news: LendingTree, a loan management company based in the US, has identified the top 10 cities in America where home ownership is still a sound investment. And we have to say - we were shocked at which city came in at number one...
Raleigh, North Carolina
Raleigh topped the best US city to buy a home in list. This mid-sized city in North Carolina is known for its quantity of free museums, its pleasantly warm climate, and its relatively affordable housing, both for renters and buyers. (And yes, you can live out your Where the Crawdads Sing dreams in North Carolina if you so choose.)
According to LendingTree, the median sale price of a home is $400,000, with the median annual taxes for owner-occupied homes being around $2,586.
Plus, Raleigh is about two hours from the beach as well as many hiking trails and other nature exploration sites, and is also nearby many impressive universities and colleges, such as Duke University, UNC Chapel Hill, and more.
Raleigh isn't the only US southern city that's hot on the market right now, though.
LendingTree revealed to Business Insider why US southern cities are seeing more and more permanent residents over the years. "The South has the advantage of being more affordable but still a place where property values are increasing," Jacob Channel, the spokesperson for LendingTree, said.
A correspondent from Raleigh Realty shared her story of what pros are available for those considering making the move, especially for those who already live in large cities: "The weather, the affordability, a lot less traffic, and a great economic opportunity for entrepreneurs and small businesses. A lot of folks are making the move from cities like Chicago, New York City, Boston, and even California thanks to the affordability of Raleigh."
The Top 10 Best Cities in the US to Become a Homeowner
LendingTree lists the following 10 cities as the best in the US to own a home in, based on factors like median home-sale price, five-year median home value appreciation, median annual taxes for owner-occupied homes, and homeownership rate.
- Raleigh, NC
- Charlotte, NC
- St. Louis, MO
- Nashville, TN
- Atlanta, GA
- Minneapolis, MN
- Jacksonville, FL
- Indianapolis, IN
- Kansas City, MO
- Salt Lake City, UT
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