Dive Brief:
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Boston is the “healthiest” U.S. housing market when it comes to home equity levels, the percentage of homeowners with underwater mortgages, and eight other measures, according to an analysis of housing data by personal finance website WalletHub.
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The analysis also considered the number of “precarious” mortgages; the size of down payments; mortgage costs; how easy it is to qualify for a home loan; whether first-time homebuyers are eligible for assistance; and the accessibility of financing.
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The next-healthiest markets are Oklahoma City, San Antonio, TX, northern New Jersey, and Hartford, CT.
Dive Insight:
“Real estate’s resurrection” is out in front of much “promising evidence of steady economic recovery,” Richie Bernardo, a personal finance writer for WalletHub, said in a column about the analysis.
The organization’s examination of 25 large metropolitan markets revealed that “signs of economic improvement abound,” he wrote. Lower bankruptcy and foreclosure rates, lower down payments on homes, and an increasing number of mortgage loan approvals is evidence of a growing housing market, he said.
Still, as “healthy” as Boston’s housing situation might be, it’s an expensive place to buy a home. The median home value there is $449,500, according to Zillow’s latest Home Value Index, and it is expected to rise by 0.9% over the next year.
That compares with a median home price of $183,400 in Las Vegas, which ranked last on WalletHub’s 25-city list.