As a country, we’ve seen the housing market skyrocket and then crash in recent years, making the dream of homeownership seem more difficult for those hoping to break into the market. Politicians say the gap is narrowing and things are starting to change, but is it really? Is the gap increasing depending on the different levels of income? It’s important that you, as a prospective new homeowner, do your research and really understand mortgage rates in the different areas you’re looking at. People mistakenly believe that the rates will not vary that much. This article will show you how some of the US ZIP codes are doing in terms of the cost of housing and how many people are now renting and not owning. By educating yourself, you can find out if the area you want to move to is really the best option for you and your family.
When you’re looking at zip codes, you want to make sure you’re not only getting a great deal, but one that will perform well if you decide to sell. Buying the cheapest is not always the best option. There are currently three states that offer the cheapest zip codes. Michigan, Ohio, and North Carolina offer citizens the cheapest ZIP codes. There are a few cities in Michigan that can be included on this list, but unfortunately most of them tend to be Detroit. Detroit was once a major resource for American workers, but as work was outsourced to different countries, we saw the economy begin to slow down in this region. It’s currently trying to come back, and Chrysler is a major force in helping to prove that Detroit will survive.
On the other hand, the cheap side of the real estate market is the most expensive. Five states are fighting to be included in the list. New Jersey, New York, California, Colorado, and Connecticut make the cut by offering the most expensive ZIP codes. It should come as no surprise that California and New York make the list more than any of the other states. In fact, New York City has three of the most expensive ZIP codes in the United States. In New York City, the most expensive house for sale will cost you about $45 million. However, if you’re looking to move to Los Angeles, chances are you’ll spend a little more money. The most expensive home sells for around $125 million and they have a median price of almost $3 million.
These are all things to consider when you are considering moving or relocating for any reason. The cost of living is also higher in California and New York compared to the rest of the country. You can use a mortgage rate calculator to help you determine what your payments would be in a given area. Also talk to a real estate agent and find out some area statistics. Think long term and find a place that works for you now and benefits you in the future.