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Rent No More! 10 U.S. Cities With Huge Increases in Homeownership

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Rent No More! 10 U.S. Cities With Huge Increases in Homeownership
Article by Clare Trapasso; realtor.com | November 27, 2017

House 1026It’s time to tune out the chatter, the doom, and certainly the gloom: The American Dream of homeownership is alive and well. Really.

But that doesn’t mean it’s easy to buy a home these days. So what are the stumbling blocks? Stroke-inducing student loan debt. Soaring home and rent prices, and a lack of properties in many markets. And let’s not forget the Great Recession, which set so many would-be buyers back on their heels.

All this has dragged down homeownership rates, which hit 63.9% nationally in the third quarter of the year, according to the U.S. Census Bureau. That’s down about five percentage points from their pre-crash high in 2004.

But wait: There are bright beacons of hope across the nation, places where homeownership is actually on the rise.

The data team at realtor.com® set out to find those metros where homeownership rates are growing the fastest. In the process, we discovered a few trends. Ownership is shooting up the most in Rust Belt cities undergoing a resurgence; in smaller cities close to much bigger and pricier metros, where commuters can snag a home for less; and in fast-growing Southern hubs that are continuing to experience booming job markets.

Bonus: More than half of the metros on our list boast median prices well under the national median of $274,492.

“Affordability is a strong draw to these areas,” says Danielle Hale, chief economist at realtor.com®. A lot of these cities are on the outskirts of big cities where folks can snag an abode for less and then commute downtown for work, she adds.

However, interested buyers had better move fast—all this demand is steadily pushing home prices skyward.

To come up with our findings, the data team analyzed Census data comparing the homeownership rates in the first three-quarters of 2014 to the first three-quarters of 2017. The Census data only included 75 of the largest metros (with some cities moving on or off the list over the years, due to population shifts). Home list price data, from realtor.com, dates from Oct. 1.

So where are the most buyers settling into homes of their very own? Get ready for a few surprises…

1. Milwaukee, WI
Median home price: $224,950
Current homeownership rate: 68.7%
Three-year homeownership change: +11%

2. Charlotte, NC
Median home price: $327,050
Current homeownership rate: 62.8%
Three-year homeownership change: +10.5%

3. Memphis, TN
Median home price: $195,050
Current homeownership rate: 61%
Three-year homeownership change: +9.3%

4. Baltimore, MD
Median home price: $300,040
Current homeownership rate: 68.4%
Three-year homeownership change: +7.3%

5. Allentown, PA
Median home price: $225,050
Current homeownership rate: 74.8%
Three-year homeownership change: +7.3%

6. Pittsburgh
Median home price: $174,950
Current homeownership rate: 74%
Three-year homeownership change: +7.2%

7. Albuquerque, NM
Median home price: $239,950
Current homeownership rate: 66%
Three-year homeownership change: +5.7%

8. Nashville, TN
Median home price: $359,050
Current homeownership rate: 68.8%
Three-year homeownership change: +4.9%

9. Dallas, TX
Median home price: $339,950
Current homeownership rate: 60.7%
Three-year homeownership change: +4.8%

10. Syracuse, NY
Median home price: $149,950
Current homeownership rate: 66.5%
Three-year homeownership change: +4.6%

Read the complete article at realtor.com
Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor. She previously wrote for a Financial Times publication and the New York Daily News. Contact her at clare.trapasso@move.com. Follow @claretrap


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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The Housing Hot List for October

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The Housing Hot List for October
realtor.com    article by Daily Real Estate News | October 30, 2017

Nashville Union Station HotelListing prices for residential homes remained near record highs in October, according to a preliminary analysis by realtor.com®. The median list price nationwide was $274,000, near the $275,000 record set in June.

One point of relief for “market-fatigued buyers” who’ve faced low inventories for the past few years is that supplies of new listings are up slightly from a year ago, says Danielle Hale, realtor.com®’s chief economist. By the end of October, about 420,000 new listings will have hit the market over the entire month, realtor.com® predicts.

Some housing markets are more lively than others, with California continuing to see some of the most activity. Realtor.com® released its “hottest market” list for October, which is based on how quickly homes are selling and the amount of clicks cities receive on listings at realtor.com®.

The top 20 performing markets in October are:

  1. San Jose, California
  2. Vallejo, California
  3. San Francisco, California
  4. San Diego, California
  5. Boston, Massachusetts
  6. Stockton, California
  7. Sacramento, California
  8. Detroit, Michigan
  9. Denver, Colorado
  10. Modesto, California
  11. Columbus, Ohio
  12. Fresno, California
  13. Dallas, Texas
  14. Nashville, Tennessee
  15. Colorado Springs, Colorado
  16. Midland, Texas
  17. Rochester, New York
  18. Oxnard, California
  19. Santa Cruz, California
  20. Janesville, Wisconsin

Source: “Tight Inventory Drives High Prices, Quick Sales in the Nation’s Hottest Markets,” realtor.com® (Oct. 27, 2017); REALTOR® Magazine Online, Daily Real Estate News 103017


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

10 Cities That Have Changed the Most

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10 Cities That Have Changed the Most
Article by Daily Real Estate News | October 23, 2017

Nashville MusicCityCenter

Music City Center, Nashville TN

The city of Austin, Texas, has been named the “most changed” in the country over the last decade, with the most dynamic transformations to its housing market, incomes, crime rates, and economy compared to any other large U.S. metro, according to a new analysis by MagnifyMoney, a subsidiary of LendingTree. In fact, several Texas cities topped the list of most evolved economies and housing markets in the last 10 years.

MagnifyMoney analyzed data from 2006 to 2016 for the 50 largest cities, factoring in commute times, incomes, housing prices, crime rates, and building permits, among other items. “Change isn’t necessarily a good or bad thing,” MagnifyMoney notes in a report on its findings. “Big growth in commute times and rents can be negative, but they can also be a function of positive developments like job and income growth. Similarly, places without as much change could be more attractive to people working their way up the salary ladder or those who are retired and living on fixed incomes, offering more affordable housing and less congestion.”

The following cities topped MagnifyMoney’s list as seeing the most dramatic change over the past 10 years:

  1. Austin, Texas
  2. Dallas-Fort Worth, Texas
  3. Houston, Texas
  4. Nashville, Tennessee
  5. Portland, Oregon
  6. Denver, Colorado
  7. Raleigh, North Carolina
  8. San Antonio, Texas
  9. Charlotte, North Carolina
  10. San Jose, California

Other cities have stayed virtually the same over the past decade, with Birmingham, Ala., being the least changed—falling on the bottom of MagnifyMoney’s list of 50 most changed cities. These metros rounded out the bottom five: Milwaukee (number 49), New Orleans (number 48), Buffalo, N.Y. (number 47), and Indianapolis (number 46).

See if your city ranked at the top or bottom of the “most changed” in the nation.

Source: “This Place Sure Has Changed: Which Cities Have Changed the Most?” MagnifyMoney.com (Oct. 19, 2017); REALTOR® Magazine Online, Daily Real Estate News 102317


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

Normandy Lake Area Southern Gem Just Reduced

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207ThomaLane Aug2017

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Written by Kenneth Bargers

August 11, 2017 at 4:20 pm

Murfreesboro among Best Markets for First-Time Buyers 2017

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Murfreesboro among Best Markets for First-Time Buyers 2017
WalletHub.com article by Daily Real Estate News | July 18, 2017

Murfreesboro 1001Texas is good for first-time home buyers, according to a new study by WalletHub, a personal finance resource. The Lone Star State boasts four of the top 10 locations for first-time home buyers in 2017; McKinney, Texas, ranked first on WalletHub’s list.

“Cities in north Texas have very healthy housing markets and a high percentage of homes sold in the past year,” WalletHub analyst Jill Gonzalez told realtor.com®. “Construction is flourishing in general, with high percentages of housing units built within the last five years.”

WalletHub researchers analyzed 300 cities using 23 different indicators, including affordability, quality of life, cost of living, real estate taxes, crime rates, and more. The top 10 best places for first-time home buyers that topped its list for 2017 are:

  1. McKinney, Texas
  2. Frisco, Texas
  3. Allen, Texas
  4. Cary, North Carolina
  5. Norman, Oklahoma
  6. Lincoln, Nebraska
  7. Richardson, Texas
  8. Boise, Idaho
  9. Thornton, Colorado
  10. Murfreesboro, Tennessee

Source: “2017’s Best & Worst Places for First-Time Home Buyers,” WalletHub.com (July 17, 2017) and “The 10 Best and Worst Cities for First-Time Home Buyers in 2017,” realtor.com® (July 17, 2017); REALTOR® Magazine Online, Daily Real Estate News 071817

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Front Door Ideas highlight July 2017 newsletter

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July2017Newsletter 675w

Written by Kenneth Bargers

July 12, 2017 at 5:42 pm

Normandy Lake Southern Gem Just Reduced!

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207Thoma JustReducedEblastMay2017

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