WalletHub Releases List of 2020’s Best Real Estate Markets
On Tuesday, August 25th, the personal-financial website WalletHub released a list of 2020's Best and Worst Real-Estate Markets.
Though Lubbock did not make the list, WalletHub compared 300 cities based on two key dimensions, “Real-Estate Market” and “Affordability & Economic Environment.”
"We evaluated those dimensions using 24 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the healthiest housing market.", wrote Adam McCann for WalletHub.
McCann also wrote, "Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample."
To view the methodology used to compare cities, click here.
|Best Real-Estate Markets||Worst Real-Estate Markets|
|1. Boise, ID||291. Newark, NJ|
|2. Seattle, WA||292. Hartford, CT|
|3. Frisco, TX||293. Shreveport, LA|
|4. Nashville, TN||294. Waterbury, CT|
|5. Gilbert, AZ||295. Bridgeport, CT|
|6. Murfreesboro, TN||296. Jackson, MS|
|7. Austin, TX||297. Dayton, OH|
|8. Spokane Valley, WA||298. Albany, NY|
|9. Denton, TX||299. Baltimore, MD|
|10. Renton, WA||300. Miami Beach, FL|
The study also revealed comparisons between housing markets:
Best vs. Worst
- Berkeley, California, has the lowest share of homes with negative equity, 1.17 percent, which is 32.8 times lower than in Detroit, the city with the highest at 38.36 percent.
- Berkeley, California, has the lowest average number of days until a house is sold, 34, which is 8.1 times lower than in Miami Beach, Florida, the city with the highest at 276.
- South Gate, California, has the lowest vacancy rate, 1.88 percent, which is 19.6 times lower than in Miami Beach, Florida, the city with the highest at 36.91 percent.
- Akron, Ohio, has the lowest home price as a share of income, 190.14 percent, which is 7.8 times lower than in Berkeley, California, the city with the highest at 1,482.00 percent.
To read the entire study and compare cities for yourself check out the report online.