As we turn the calendar to the new year, we thought it would be fun to take a look at five cities where people are expected to do lots of buying in 2017.
Things are changing in the housing market and rates are slightly higher than they were before the election, but people are always moving. Here’s where they’re going.
Trulia is a real estate website that gives users ideas on housing markets and their version of rent and home values. It posted an interesting article where they rank cities for home buyers in terms of affordability, the local job market, vacancy rates and where people are searching for homes on the site.
Spoiler alert from the Trulia data – if you’re in Florida, several of the markets are going to see big-time growth potential in 2017.
In addition to taking a look at this data, we thought we would add some insight from Redfin – another housing market website – on some cities that aren’t the biggest in the nation, but could end up being very affordable.
Without further ado, let’s get to the cities.
Where the Buyers Are
These cities have high growth potential projected for 2017. This isn’t necessarily a top 10. We tried to pick homes in areas all over the country.
Jacksonville has a 3.8% job growth rate, according to the Trulia data. It indicates that a large number of people are searching out places in Jacksonville to live as opposed to those already living in Jacksonville, searching out new places to live. Among the other pluses listed are great weather, good schools and ocean proximity.
It’s worth noting that Trulia did do their list top 10-style and five of the 10 cities mentioned were in Florida. People must really like the weather.
Grand Rapids, Michigan
As Michigan’s second-largest city, Grand Rapids is a pretty happening town. It features a bustling downtown with stunning architecture, as well plenty of jobs in medicine, manufacturing and education, among others. Overall job growth is reportedly up 2.7% over the course of the year. It’s also known as “Furniture City.”
Raleigh, North Carolina
The Raleigh-Durham area is home to three different research universities, including the University of North Carolina’s main campus, Duke and North Carolina State. If you live here, you’ll probably get to see some good basketball.
Raleigh makes the list because it’s among the leaders in new building permits per 1,000 people since 2010, according to Redfin data. It’s a sign that there’s a high interest in housing in and around the area.
Colorado Springs, Colorado
Denver is constantly listed as a place having among the highest home values in the country. Since property values are up, some people can be priced out of the market. Trulia lists Colorado Springs as a place that’s much more affordable. Among the other advantages is a generally mild climate. It experiences all four seasons, and you can take advantage of a variety of outdoor activities.
This is another one of those areas where Redfin has identified the most new construction in this decade. Austin is also a cultural hub, home to South By Southwest (SXSW), a massive annual music, arts and interactivity festival. The city is home to the University of Texas, so if you want to live around young people, this could be the place for you.
Cities like Raleigh and Austin are also cheaper to live in for the same amenities, according to the Redfin data.
Phoenix has a great climate and has homes available in a variety of price ranges. If you’re looking for a fairly affordable house in the big city, you can get one for as little as $150,000 – $200,000.
Obviously there are more factors that go into selecting the right location than a specific city or even the right home style. Here are some neighborhood fit issues to consider.
Are you getting ready to buy? Go ahead and get preapproved through Rocket Mortgage® by Quicken Loans®.
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