Thursday, November 3, 2011

Best and Worst Housing Markets in the U.S. (2009 – Current)

2009 was perhaps the turning point from one of the most catastrophic financial meltdown in our country’s history. Furthermore, with President Obama’s administration moving into office from the 2008 election also brought some changes to the country, including a massive mortgage relief program.

The basic idea for the program is to reduce the mortgage burden for homeowners and borrowers by lowering the interest rate, extending the life of the loan, lowering the loan principle, etc. Typically speaking, an affordable loan payment is defined as 31 percent of borrower’s monthly gross income.

Based on the survey conducted by Zillow.com with 1,000 largest cities in the states and the information referenced from businessweek.com, here are some of the best and worst housing markets in the United States since the Obama administration took over office.

Best Housing Market – Number 1: Weston, Florida 

Value change: Up 15.1%
Medium home value (August, 2011): $280,000
Highlights:
  • Businessweek.com also ranked this city as United States “best affordable suburbs” in 2006
  • Money Magazine ranked Weston as the 19th place in America in the “Biggest Earners” category, with a medium family income of $119,689 in 2010

Best Housing Market – Number 2: Arlington, Massachusetts 


Value change: Up 14.8%
Medium home value (August, 2011): $475,800
Highlights:
  • Arlington, once known as Menotomy Village, was the famous historical ride took by Paul Revere to alert the colonists
  • High level of great schools including 9 public school systems and two parochial schools

Best Housing Market – Number 3: Brookline, Massachusetts 

Value change: Up 13.6%
Medium home value (August, 2011): $506,900
Highlights:
  • Affluent suburb community with a historical touch
  • The site of the oldest country club, the Country Club, which was founded in 1882

Best Housing Market  – Number 4: Burke, Virginia 


Value change: Up 13.5%
Medium home value (August, 2011): $434,200
Highlight:
  • Part of the 2008’s popular video game Fallout 3 was referenced to Burke, VA (Mister Burke and his residence in a fictional tower adjacent to the real town of Burke)

Best Housing Market  – Number 5: Vienna, Virginia 


Value change: Up 12.8%
Medium home value (August, 2011): $638,500
Highlight:
  • Money Magazine ranked Vienna as the top four best places to live in the country in 2005

Worst Housing Market  – Number 1: Homestead, Florida 


Value change: Down 48.8%
Medium home value (August, 2011): $76,000
Highlight:
  • The city has a problem of high crime rates and still recovering for the 1992 Hurricane Andrew devastation

Worst Housing Market – Number 2: Pontiac, Michigan 

Value change: Down 47.4%
Medium home value (August, 2011): $33,800
Highlights:
  • The main economic line of the city relies on the auto industry and it has died down over the years
  • Pontiac Silverdome stadium hosted the Detroit Lions of the National Football League from 1975 to 2002
  • The site for two of the America’s renowned haunted houses The Realm of Darkness and Erebus

Worst Housing Market – Number 3: Trenton, New Jersey 

Value change: Down 46%
Medium home value (August, 2011): $60,700
Highlights:
  • Capital of New Jersey
  • The city suffers from declining manufacturing job opportunities and high crime rates

Worst Housing Market – Number 4:  Lehigh Acres, Florida 


Value change: Down 42.2%
Medium home value (August, 2011): $63,700
Highlight:
  • The city is suffering from dramatic housing market booms effect, now many left with foreclosure status

Worst Housing Market – Number 5: Altamonte Springs, Florida 

Value change: Down 41.3%
Medium home value (August, 2011): $86,300
Highlights:
  • The city suffers from major impact from recent economic booms and busts
  • The location for Central Florida’s largest Independence Day celebration event Red, Hot & Boom

*Did you notice that Florida has cities listed under both best and the worst housing markets?

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