Here is something for to cheer about for residents of Allen, Wylie and Princeton Texas. According to SmartAsset, these three cities of Collin County Texas along with close neighbor Richardson are among America’s Healthiest Housing Markets.
According to SmartAsset’s methodology:
A healthy housing market is both stable and affordable; homeowners in a healthy market should be able to easily sell their homes, with a low risk of losing money over the long run. So, in order to find the healthiest housing markets in the country, they considered the following four factors:
- Fluidity and
- Risk of loss
They measured stability with two equally weighted indicators:
- the number of years people remain in their homes and
- the percentage of homeowners with negative equity (as homeowners with negative equity are more likely to go into foreclosure).
To account for the second factor, risk, they use the percentage of homes that decreased in value. To determine housing market fluidity, they looked at data on the average time a for-sale home in each area spends on the market—the longer it takes to sell, the less fluid the market. Finally, they calculated affordability as the monthly cost of owning a home as a percentage of household income in each county and city.
Affordability accounted for 40% of the housing health index, while each of the other three factors accounted for 20%. When data on the above four factors was unavailable for cities, they excluded these from their final rankings of healthiest markets.
With SmartAsset’s interactive Healthy Housing Markets map, user can locate the healthiest housing markets in your state and across the country. Search for the overall healthiest markets or look specifically at one of our four healthy-housing indicators: stability, risk, ease of sale and affordability. Hover over a county or state to get more information.
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