Whether you’re looking to buy a home or are just looking to sell your current property, you’ll want to make sure you’re prepared. If you’re in an expensive market, 1 rule rental property going to have to have a strong knowledge of the area so you can make a good offer.
Los Angeles
Despite the recent recession, Los Angeles is still one of the most expensive markets in the United States. The housing market is dominated by expansive oceanfront mansions, along with several major hillside areas that enjoy ample sunshine.
The price of a single-family home in Los Angeles was twice the national median in September. That’s not the case across the entire state. In fact, Orange County has the fifth-priced median home in the country.
In addition to having the most expensive homes in the country, Los Angeles is also a place where many people are moving because of the cost of living. The median household income in the Los Angeles area is more than double the national average.
Hawaii
Despite the booming economy, Hawaii is one of the most expensive places to live in the United States. The cost of living in Hawaii is more than four times higher than the national average.
The cost of living in Hawaii is driven by the lack of available housing inventory and the cost of imports. Because most goods must be shipped from other parts of the world, the prices are higher than they would be if the goods were readily available.
Hawaii residents must budget for basic necessities such as food, utilities, and transportation. In addition, they must pay more for rent than they would if they lived in other parts of the country.
Manchester-Nashua, NH
Compared to other states, New Hampshire’s housing market is incredibly expensive. In fact, Manchester-Nashua is the priciest region in the Granite State. As the number one housing market in the country, it’s no wonder that so many out of state home buyers are flocking to the area.
The average housing cost in Manchester is $1,558 a month. However, if you don’t have a mortgage, the cost of living here is much lower. Unlike some other areas of the nation, New Hampshire has a relatively low unemployment rate, at 2.4 percent.
It’s also worth noting that the cost of goods in the Manchester-Nashua area is 7.9 percent higher than the national average. This means that your monthly budget for rent, utilities and other costs will be higher than you may expect.
Rochester, NY
Whether you’re looking to move to New York state, or just looking to find an affordable market, Rochester is one of the best. The city has a relatively low cost of living compared to other large cities, and is also in a good location for job opportunities.
The average home in the Rochester, NY housing market costs less than 80,000 dollars. This makes it one of the more affordable markets in the country, and one that is popular among young families.
The cost of living is largely influenced by the local job market. This is a good thing for home buyers looking for a more affordable city, because the high pay rates in the more expensive cities aren’t available in the Rochester area.
Dallas-Fort Worth
Located in the South, Dallas-Fort Worth is a metropolitan area known for its big city living and warm weather. It is also the fourth largest metro in the United States. The area is home to over 7.6 million people.
Over the past year, the average price of a home in Dallas-Fort Worth rose 30%. This is one of the largest increases in the nation.
While the housing market is still hot, the price rise has slowed down. The average monthly mortgage payment is nearly $400 more than a year ago. This increase is negative for sellers. Nevertheless, buyers are still looking for homes in the market.
San Jose
Known as the heart of Silicon Valley, San Jose is one of the most expensive cities in the U.S. The San Jose housing market has soared in recent years, and its median sale price has gone up by nearly a quarter of a million dollars.
Located in the Bay Area, San Jose is home to several notable tech companies, including Facebook, Cisco, Adobe, eBay and Google. These industries contribute to the high cost of living in the region.
The San Jose real estate market is competitive and low inventory keeps prices high. It’s not surprising that home values in the region rose at a record pace last year.
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