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Best States for Home Ownership

Housing Markets

Best States for Home Ownership

SmartAsset compared all 50 states to rank the best place for homeownership based on 10 metrics.

September 22, 2021
Scenic view of Idaho
Photo: stock.

SmartAsset compared all 50 states to rank the best place for homeownership based on such factors as value appreciation, home value to household income ratio, the average cost of annual insurance, property taxes, burglary rate, and five other metrics.

Idaho ranked first.

Nowhere in the U.S. did home values increase more between July 2020 and July 2021 than in Idaho, where homes shot up in price by 34.60%. Idaho also has the fifth-lowest foreclosure rate in the nation, at just 0.21 per 10,000 homes, contributing to its spot atop the rankings. Meanwhile, the Gem State has the eighth-lowest average annual homeowners insurance ($940) and ninth-highest median home value ($308,236).

Number two is Utah.

Thanks in part to a 26.84% increase in home values between July 2020 and July 2021 (third-highest overall). Utah also ranks highly for median home value ($376,455), which is sixth-highest across our study. The state’s average annual homeowners insurance is fourth-lowest in the nation ($711), while closing costs are just 1.26% of the median home value, ninth-lowest of all 50 states. Utah also ranks 10th-lowest for effective property tax rate (0.58%).

Coming in third is New Hampshire where homes appreciated by more than 21% between July 2020 and July 2021, the eighth-highest rate across our study. Meanwhile, the Granite State has the lowest burglary rate (126.3 per 100,000 residents) and fifth-lowest average annual homeowners insurance ($773).

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