Homeowners in Midwestern and Western states are doing the best this year, as all 10 in a new ranking were in these regions. Idaho, Utah, and Minnesota were the top three.
The Gem State is number one for homeowners, as the value per square foot of the average home grew 9.3 percent from 2016 to 2017, the fifth-fastest rate in SmartAsset's study. Washington, Oregon, Nevada, and Utah were faster, between 9.4 percent in Utah and 12.4 percent in Washington. Vermont was the only state not included in the study due to a lack of data, and of all studied, only Alaska had decreasing home values, down 0.4 percent, meaning all other states' home values grew over the 12 month period.
Homeownership is a hallmark of American society. Data from the Federal Reserve Bank of St. Louis shows that 64.2 percent of homes in America are owner-occupied, and a Pew Research survey from 2016 found that 72 percent of renters would like to own a home at some time in the future. But the benefits to home ownership are different based on which state you live. Some states have seen fast-growing home values while others offer affordable mortgages, thanks to low property tax rates.
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