Whether you’re buying, renting, investing, or building, picking the right location can make all the difference in terms of affordability and home value. But a good location for buying may not be the best place to rent: For example, homeownership is a stretch for even relatively well-off families in New York City's Manhattan, Realtor.com’s number one place to rent. Meanwhile, the top picks for best cities to buy include more low-key locations such as Clayton County, Georgia. Find out which cities are best for each kind of potential homebuyer or renter.
The past year has been filled with plenty of highs and lows, no matter your perspective. And housing was no different, closing out 2019 with a mixed scorecard.
Home prices are still high, and a severe housing shortage still grips the nation. But the economy is strong and lower mortgage rates have made it easier for many would-be buyers to get into the market, according to a recent realtor.com® report. It just depends on which market.
"The big takeaway is, it was a somewhat disappointing year for housing," says Javier Vivas, director of economic research at realtor.com. "The low mortgage rates should have propelled home sales much higher than we saw. [But] prices just got to levels that were just too high for buyers."
So what are buyers to do? Well, they may want to head to one of the most affordable housing markets in the nation. The financially savvy probably want to get into places where their home's value is sure to grow fast. Maybe they're still figuring out whether it's better to rent or buy. Or they may want to join their peers and buy in a millennial mecca, Gen X hot spot, or boomer boomtown.
Don't worry. We've got you covered.