Forbes Best Cities To Buy A Home
July 15, 2008
Below Forbes explains the process of how they ranked the best cities to buy a home.
We examined the country’s 40 largest metropolitan areas and looked at cities where home prices have appreciated over the last two years. We also measured tightening vacancy rates. These metrics indicate places where buyers are investing in homes in order to live, not just make a quick buck, and where the housing market is relatively solid. We culled our vacancy and home price information from the U.S. Census Bureau and the National Association of Realtors.
The average vacancy rate across the major metro areas was 2.88%, and the average percent appreciation was just .07% over the last two years.
Below are the rankings:
1. Houston, Texas
2. Austin, Texas
3. St. Louis, Mo.
4. Philadelphia, Pa.
5. San Antonio, Texas
“This Latin-flavored American city is growing fast thanks to bustling businesses and a low cost of living. Having major corporations like IBM certainly helps attract residents who bring brains and tax revenue to the city. With a median home price of $150,900, up from $133,900 in 2005, it’s an affordable place relative to the rest of the country. Home to professional basketball’s Spurs, this town is packed–just 2.4% vacancy–and full of Texas pride.”
6. Dallas, Texas
7. Charlotte, N.C.
8. San Francisco, Calif.
9. Jacksonville, Fla.
10. Atlanta, Ga.
As you can see our neighbors Austin, Houston and Dallas ranked in the Top 10 as well. If you don’t know, Texas has some of the most affordable housing in the country. Read the entire article “Best Cities To Buy A Home” written by Maurna Desmond over at Forbes.com
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