America is embroiled in a housing crisis. The supply of homes is tight. The supply of affordable homes is even tighter, and persistently high mortgage rates make things even worse. But the extent of the problem varies from state to state.
That is why companies take the local residential real estate market into account when deciding where to locate. They want their prospective employees to be able to find an affordable place to live that is also a good investment. That makes the housing market an important element of state business competitiveness.
CNBC considers the housing market as part of the Economy category in America’s Top States for Business, the annual rankings of all 50 states. Under this year’s methodology, states are graded based on that balance of affordability and value. We consider price appreciation and seller gains, as well as affordability, inventory, and housing starts. We also look for signs of stress, like foreclosure activity and underwater mortgages.
While every buyer and seller has different priorities, the housing markets in these ten states could give you the best bang for your buck.
10. Delaware
Aerial photo residential upscale homes in Brookside Delaware USA
Felixmizioznikov | Istock | Getty Images
Housing affordability is about average in The First State, but your Delaware housing dollar gets a big boost from very low property taxes. Delaware homeowners paid an effective tax rate of less than half a percent, according to real estate data firm ATTOM. That is the fourth-lowest in the country.
2024 Economy Rank: No. 10 (Top States Grade: B-)
Appreciation: 4.73%
Inventory (July): 2 months
Affordability score (0 to 2, with 2 being most affordable): 0.56
Effective property tax rate: 0.43%
Median sales price: $360,700
9. Indiana
Exterior of ranch houses in a neighborhood in Indiana, Midwest, USA
Wanderluster | Istock | Getty Images
The Hoosier State offers a rare combination of affordability including low property taxes, as well as healthy price appreciation. Inventory remains tight, but Indiana homebuyers are still finding what they are looking for at an attractive price.
2024 Economy Rank: No. 19 (Top States Grade: C)
Appreciation: 8.02%
Inventory (July): 2 months
Affordability score: 0.81
Effective property tax rate: 0.86%
Median sales price: $265,300
8. Georgia
A sign outside a home for sale in Atlanta, Georgia, U.S.
Elijah Nouvelage | Bloomberg | Getty Images
Home inventories are building in The Peach State, which is good for affordability. Homebuilders…
Click Here to Read the Full Original Article at Top News and Analysis (pro)…
