Four North Texas cities are among the top places in the U.S. to buy a house, according to personal finance website WalletHub.
Among the top 20 cities on the national list, Frisco came in at No. 3, Denton trailed shortly behind at No. 9, with Allen at No. 14 and McKinney ranked No. 16. Frisco also ranked first for job growth rate, first for population growth rate, second for lowest foreclosure rate and second overall among midsize cities.
Numerous other North Texas cities appeared further down the list of 300 communities, with Fort Worth at No. 35, Irving at No. 41, Grand Prairie at No. 50, Richardson at No. 70, Plano at No. 92, Arlington at No. 97, Garland at No. 98, Mesquite at No. 160 and Dallas at No. 219.
Twenty-four indicators were used to rank 300 cities in WalletHub’s 2020 “Best Real-Estate Markets” which was published on Aug. 25. Cities were evaluated using criteria including vacancy rate, share of young homes and building permit activity. Specific to 2020, the report also factors in the ranking the city’s home state earned in WalletHub’s “States with the Best Health Infrastructure for Coronavirus” report where Texas ranked No. 25.
“If you aim for long-term growth, equity and profit, you’ll need to look beyond tangible factors like square footage and style,” financial writer Adam McCann wrote in the report. “Those factors certainly drive up property values. From an investor’s standpoint, though, they hold less significance than historical market trends and the economic health of residents.”
Here is the list of the top 10 real estate markets:
1. Boise, Idaho
2. Seattle, Washington
3. Frisco, Texas
4. Nashville, Tennessee
5. Gilbert, Arizona
6. Murfreesboro, Tennessee
7. Austin, Texas
8. Spokane Valley, Washington
9. Denton, Texas
10. Renton, Washington
According to McCann, with the unique situation that the housing market is in with record-low mortgage rates, buying a home could be a “golden opportunity” for those who have extra cash.
Source: Dallas Morning News