Editor’s Note: This article first appeared on SmartAsset.com
Homeownership is frequently regarded as a key component of wealth accumulation and investment.While real estate markets vary by city, home values have generally increased over time.
In fact, home values are rising across the United States.SAccording to Zillow, home prices have increased by nearly 17% in the last year, rising to 298933 by the end of July 2021.However, appreciation is only one aspect of homeownership’s financial picture.
Homeownership is a good investment for a prospective buyer based on closing costs, property taxes, and insurance.
As the real estate market continues to heat up, SmartAsset set out to figure out which states are the best for homebuyers.We compared all 50 states using ten different metrics: median home value, home value appreciation, home value to household income ratio, foreclosures per 10,000 homes, average annual homeowners insurance burglary rate, median annual property taxes effective property tax rate, average closing costs, and average closing costs as a percentage of median home value.
This is the seventh study by SmartAsset on the best states for homeowners.The version for 2021 can be found here.Read the Data and Methodology section at the end for a breakdown of our data sources and how we put it all together to create our final rankings.
The best states for homeowners are listed below.
Idaho is a state in the United States
Nowhere in the United StatesSDid home values rise faster in Idaho between July 2021 and July 2021 than they did in California, where they increased by 34 percent?60%
Idaho also has the nation’s fifth-lowest foreclosure rate, at 0%.Its position at the top of the rankings is due to the fact that it has 21 per 10,000 homes.
Meanwhile, Idaho has the eighth-lowest annual homeowners insurance rate (940) and the ninth-highest median home value (308236).
Shutterstock Uladzik Kryhin
Utah is ranked first in the United States.2 in this research, owing in part to a 26Between July 2021 and July 2021, home values increased by 84% (third highest overall).
Utah also has the sixth-highest median home value (376455) among the states in our study.
The state’s average annual homeowners insurance is the fourth-lowest in the country (711) and closing costs are only 1 percent of the purchase price.The median home value in this state is $26,000, which is the ninth-lowest of all 50 states.Utah also has the tenth-lowest effective property tax rate (0%) in the country.58%)
New Hampshire is a state in the United States.