These Will be The 15 Best Housing Markets For The Next 5 Years
- Posted on May 9, 2012 at 4:12pm by
Becket Adams
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The housing market is more affordable than it has been in the last 40 years and house prices are expected to bottom later this year (down 36 percent from 6 years ago), Business Insider’s (BI) Mamta Badkar reports.
BI’s report is based on a recent study from Fiserv Case-Shiller, a group that “measure[s] the average change in home prices in a particular geographic market, covering more than 3,000 zip codes, 300 counties and 100 metropolitan areas,” according to its website.
And according to BI, the Fiserv Case-Shiller data can be used to identify the best housing markets for the next five years — which is exactly what they do.
“The 15 cities are ranked by the projected annualized change in home prices between Q4 2011 and 2016,” Badkar writes, “We also included the median home price, median household income, unemployment rate, and the change in home prices since their peak to give a better scope of the housing market.”
Here are the 15 best housing markets for the next five years [all block quotes from Business Insider, data provided by Fiserv Case-Shiller Indexes]:
15. Santa Barbara-Santa Maria-Goleta, California
Annualized expected growth from 2011 – 2016: 7.4 percent
Home prices have declined 51.0 percent in the Santa Barbara-Santa Maria-Goleta metro area since they peaked in Q3 2005. The median home price is $266,000 which is much higher than the national median of $163,000.
The metro’s 8.3 percent unemployment rate is in line with the national average, and it has a median household income of $68,800 above the national median of $63,000.
14. Port St. Lucie, Florida
Annualized expected growth from 2011 – 2016: 7.5 percent
Home prices have fallen 55.8 percent in the Port St. Lucie metro area since their peak in Q1 2006. It has an unemployment rate of 11.0 percent and a median family income of $51,700 that is higher than the national median.
The median home price in Port St. Luice is $130,000.
13. Modesto, California
Annualized expected growth from 2011 – 2016: 7.5 percent
Modesto home prices have dived 64.4 percent since their Q1 2006 peak, and the current median home price is $141,000, well below the national median of $163,000. But the city has an extremely high unemployment rate of 15.7 percent and a median family income of $54,800.
12. Sante Fe, New Mexico
Annualized expected growth from 2011 – 2016: 7.6 percent
Santa Fe’s home prices have tumbled 17.1 percent since their Q4 2007 peak. It has a low unemployment rate of 5.8 percent and a median household income of $59,400.
11. Panama City-Lynn Haven-Panama City Beach, Florida
Annualized expected growth from 2011 – 2016: 7.6 percent
Panama City has a median home price of $138,000, and its home prices are down 42.0 percent from their Q1 2006 peak. The metro has an unemployment rate of 8.3 percent in line with the national average, and a median household income of $56,200.
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TexMarine
Posted on June 5, 2012 at 3:40pmThe ONLY reason most of these markets are even on the list is that home prices dropped significantly after the bubble burst, allowing them to be more affordable, thus ‘improving’ the market. What they don’t tell you is that these markets will suffer once again when the bubble bursts. Good housing markets are stable housing markets; hello Texas.
Report Post »blair152
Posted on May 11, 2012 at 11:10amGreat cities.
Report Post »Larry E
Posted on May 11, 2012 at 12:16amNo place I’d want to live in any of the 15 places. I’m glad that I live fairly far away from any of them. I‘ll just stay where I am and pray that the Californians don’t discover us. Too cold for most of them in the winter anyway.
Report Post »bum
Posted on May 10, 2012 at 3:31pmwhat they don’t tell you about is the taxes and HOA fees in a lot of these places. i live near PC beach and looked into beach real estate. Sure you can get a condo for $1000 per month, but insurance is $800 per month and HOA fees are $800 per month so that $1000 turns into $2600.
Report Post »RedManBlueState
Posted on May 10, 2012 at 2:49pmGee, I wonder why Detroit isn’t on their list. You can buy a city block for $100.
Report Post »Garwoodv6
Posted on May 10, 2012 at 4:54amThis “article” strikes me as typical left-wing liberal looniness dreamed up from “something I saw, heard, or read about and did some research on it.“ The ”research“ amounted to such ”extensive“ studies” as pictures, data, and statistics found on the internet, and perhaps a few phone calls to “verify” their conclusions.
Or, like “WHERE IS JG” said, the authors have upside-down mortgages on properties in these areas and are trying to duupe potential buyers into being as short-sighted as they themselves were, hoping they’ll buy them out.
Either way, I’d never dream of looking for a home (or other investment property), much less employment, in any of these cities… and I’ve spent time in several of them in the last 4 years.
Report Post »where is JG
Posted on May 9, 2012 at 9:52pmBusiness Insider? I bet the editors and business interest all have UPSIDE down properties in these sheetHOLE liberal areas and are trying to dump their interests in these places to save their speculative behinds cause I see no reason to own anything in KKKalifornia or NM or OR or FL
Report Post »dontbotherme
Posted on May 9, 2012 at 9:50pmI choose…. none of the above….. I would never choose to live in any of those cities.
Report Post »tharpdevenport
Posted on May 9, 2012 at 9:10pmI live in Panama City. The Beach is technically anything over the Hathaway bridge.
We’ve had explosions in buildings, tons of condos, and resturants, etc. Then the housing market and economy crashed. Most of the resturants shut down. Some that had been there a while went under, too. Somet tried to expand, but failed in new locations.
Many of the high rise condos, like you would see in the photo, are empty for the most part. Nobody wants them they’re too highly priced, you have to deal with beach traffic — which is horrendous during the seasonal visitors, rude beach cops, and the fact you have to wait ten to twenty minutes for an elevator at any of those, which is half the time crowded (imagine trying to move in).
Even during Spring Break and summer, half the rooms in these places don’t fill. Some more popular ones get more tourists.
Unless the economy improves and people have money, all these new resturants they are building right now (What-A-Burger, another Dunkin’ Doughnuts, other stuff), and some of these new buildings being planned, including land cleanred for future development, it’ll be the same as it is now — empty and closed.
What we really need here are many, many things, including better quality rental housing, less alcohol businesses, less protitutes, better trained and beheaved police (at least once a year they make the state/national news for something), some manufacturing, and some condo bulldozing so we can SEE the friggin’ beach.
Report Post »P8riot
Posted on May 9, 2012 at 6:47pmI can’t remember how many times “the experts” have told us that the housing market is about to “bottom out” – lol
Report Post »lukerw
Posted on May 9, 2012 at 8:08pmThe We-Ja Board… has a Ghost who Lies!
Report Post »MCDAVE
Posted on May 9, 2012 at 6:21pmCheap houses,but try to find a good paying job….the housing market will not recover until the jobs return….OMG
Report Post »disenlightened
Posted on May 9, 2012 at 5:49pmInstead of longing for the days of the death camps, why don’t you go back to school, get a degree in finance, and work your lazy rear end off? Or is it just easier to hate the Jews?
Report Post »bocajojo4
Posted on May 9, 2012 at 4:57pmPort St Lucie, Florida..ha…looks nothing like that….been there, live there, had business there…no way…
Report Post »LadyLibertykicksASS
Posted on May 9, 2012 at 4:53pmWe will be luck to have a refrigerator box to call our own……..
Report Post »Doctor Nordo
Posted on May 9, 2012 at 4:52pmI live in Port Saint Lucie and there’s a reason that the houses are so cheap.
You ready?
It’s a ****-hole. Plain and simple. This area is so run down that it’s not even funny.
Report Post »SJvet
Posted on May 10, 2012 at 4:03pmIt’s easy enough to check places out using Google Earth, especially street view.
Report Post »Eric_The_Red_State
Posted on May 9, 2012 at 4:46pmWe need some concervatives in Oregon.
Big Secret – We only TELL people it rains here all the time to keep them out. It’s REALLY sunny for the most part.
Report Post »kindling
Posted on May 9, 2012 at 4:20pmBut Modesto is an ugly city so if you want the same kind of home and area but with prettier neighborhoods move to Merced.
Report Post »lukerw
Posted on May 9, 2012 at 4:15pmUnless… the Dollar becomes WorthLess; the Economy collapes; or, there is Civil War!
Report Post »Exrepublisheep
Posted on May 9, 2012 at 5:40pmCivil war. When Obama wins again and the right get their guns.
Report Post »Naps
Posted on May 9, 2012 at 6:32pmSo maybe you should vote for Ron Paul?
Report Post »Ron Paul 2012
lukerw
Posted on May 10, 2012 at 2:16am@NAPS
Report Post »I think… Christ said… it is better to use your money to buy Friends… than suffer a Trial by a Jury. And, with 197 Nations in the World… and only a few Friends… plus knowing that it is better to fight Wars elsewhere than here… I would vote for a Flying Pig before Ron!