Chicago home values rank among lowest in nation

Chicago home values rank among lowest in nation
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Chicago home values rank among lowest in nation

Chicago ranks among the worst in terms of owning a home among 300 cities across the country, and among the worst in the top 64 largest cities in the country. A new study by WalletHub compares the health of the real estate market in 300 cities and 64 of the countries top. Chicago ranks slightly higher in terms of affordability but still among the 20 percent of the worst cities.

With home values up 5.2% from last year but affordability dropping as mortgage rates get higher, the personal-finance website WalletHub today released its report on 2019’s Best Real-Estate Markets as well as accompanying videos.

To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 23 key metrics. The data set ranges from median home-price appreciation to home sales turnover rate to job growth.

Typical Suburban street view. Courtesy of Wikipedia

Typical Suburban street view. Courtesy of Wikipedia

Health of Chicago’s Real-Estate Market (1=Best; 150=Avg.):

  • 251st – % of Homes with Negative Equity
  • 200th – Avg. Days Until Sale
  • 172nd – Median Home-Price Appreciation
  • 257th – Job Growth Rate
  • 245th – Foreclosure Rate
  • 214th – % of Delinquent Mortgage Holders
  • 252nd – Number of Unsold Homes Owned by Banks (REOs)
  • 136th – Home Price as % of Income
  • 256th – Population Growth Rate

Chicago ranks 284th overall  (out of 300 cities) and 61st among 64 of the largest cities.

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Whether you’re joining the real-estate business or just looking for a place to call home, it’s important to get a handle on the housing markets you’re considering before investing in a property. With unemployment falling and house prices rising, the market as a whole has been in a boom, despite the fact that the new tax code has drastically reduced mortgage interest deductions. But while home values are rising, up 5.2% from last year, fewer homes are affordable because mortgage rates are rising. However, home prices and rental rates vary widely across the U.S. based on supply and demand.

If you aim for long-term growth, equity and profit, you’ll need to look beyond tangible factors like square footage and style. Those factors certainly drive up property values. From an investor’s standpoint, though, they hold less significance than historical market trends and the economic health of residents.

To determine the best local real-estate markets in the U.S., WalletHub compared 300 cities of varying sizes across 23 key indicators of housing-market attractiveness and economic strength. Our data set ranges from median home-price appreciation to home sales turnover rate to job growth. Read on for our findings, expert insight from a panel of researchers and a full description of our methodology.

This chart shows the top 30 Best cities to own a home

Overall Rank (1=Best) City Total Score ‘Real-Estate Market’ Rank ‘Affordability & Economic Environment’ Rank
1 Boise, ID 73.68 1 38
2 Frisco, TX 72.44 9 1
3 Overland Park, KS 71.69 2 57
4 Cary, NC 71.07 7 3
5 Denton, TX 70.51 3 41
6 McKinney, TX 70.23 26 2
7 Carrollton, TX 70.02 6 21
8 Durham, NC 69.67 4 37
9 Allen, TX 69.52 13 6
10 Fort Wayne, IN 69.51 5 51
11 Murfreesboro, TN 69.19 18 4
12 Austin, TX 68.47 12 28
13 Fort Worth, TX 68.23 16 27
14 Gilbert, AZ 67.99 25 8
15 Grand Rapids, MI 67.88 8 103
16 Thornton, CO 67.58 19 43
17 Spokane Valley, WA 67.12 17 83
18 Aurora, CO 67.11 11 121
19 Wilmington, NC 66.83 10 156
20 Greeley, CO 66.8 20 84
21 Denver, CO 66.8 14 131
22 Charlotte, NC 66.6 29 22
23 Nashville, TN 66.45 24 70
24 Hillsboro, OR 66.42 35 16
25 Richardson, TX 66.32 34 17
26 Lexington, KY 66.31 22 86
27 Colorado Springs, CO 66.28 28 64
28 Chico, CA 66.2 23 82
29 Seattle, WA 65.84 15 179
30 Bellevue, WA 65.69 21 140

This Chart shows the 20 worst cities

280 Mobile, AL 46.08 268 263
281 Albany, NY 46.02 286 202
282 Fort Lauderdale, FL 45.99 288 169
283 Waterbury, CT 45.85 278 233
284 Chicago, IL 45.58 283 227
285 Rockford, IL 45.18 292 167
286 Fall River, MA 45.11 279 262
287 Bridgeport, CT 44.8 285 254
288 Hartford, CT 44.63 263 297
289 Cleveland, OH 44.12 289 248
290 Flint, MI 43.25 276 298
291 Paterson, NJ 43.24 284 290
292 Birmingham, AL 42.83 291 275
293 Baltimore, MD 42.24 295 215
294 Peoria, IL 41.89 296 183
295 Jackson, MS 40.88 293 287
296 Elizabeth, NJ 40.18 294 285
297 Miami Beach, FL 39.46 298 191
298 Dayton, OH 38.76 297 264
299 Detroit, MI 33.81 299 300
300 Newark, NJ 33.31 300 299

The study shows that in Illinois, Rockford ranks 5th as having the lowest home price as a percent of income, and ranks 284 out of 300 for having the most unsold homes that are owned by the bank.

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Ray Hanania

Ray Hanania is an award-winning columnist, author & former Chicago City Hall reporter (1977-1992). A veteran who served during the Vietnam War and the recipient of four SPJ Peter Lisagor Awards for column writing, Hanania writes weekly opinion columns on mainstream American & Chicagoland topics for the Southwest News-Herald, Des Plaines Valley News, the Regional News, The Reporter Newspapers, and Suburban Chicagoland.  

Hanania also writes about Middle East issues for the Arab News, and The Arab Daily News criticizing government policies in the Israeli-Palestinian conflict.

A critic of mainstream news media bias, Hanania advocates for peace & justice for Israel & Palestine, & the empowerment of Arabs in America. 

Click here to listen to Ray's Political Podcast. 

Hanania's columns are archived on his personal website at RayHanania.com. Hanania was named "Best Ethnic American Columnist" by the New America Media in November 2007, and is the 2009 recipient of the SPJ National Sigma Delta Chi Award for column writing.

Email Ray Hanania at rghanania@gmail.com.
Ray Hanania

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