Renting a house or apartment is one thing. But for most, buying a home is a major investment and a long-term commitment. On average, an individual or couple owns just three homes during their lifetimes – a small starter home in the early adulthood years, a larger home to accommodate children, and often, back again to a downsized abode after the children have moved away and it’s time to relax and enjoy the retirement years.
If you’re considering purchasing a home, there’s good news. Real estate experts say home prices in 2016 are expected to rise at just half the pace they did in 2015 and that homes are expected to remain on the market for longer periods of time. This means more available homes to choose from, more competitive financing options and more time to consider all factors and make the best decision for you and your family.
Still, some locales are more buyer-friendly than others, according to a recent study by GOBankingRates, an online resource for personal finance content news and tips. Researchers plied through information on all US states, ranking each on five top factors – housing affordability, renting costs compared with buying costs, year-over-year home value changes, average annual percentage rate for mortgages and property tax rates.
And the top 10 winners are:
- South Dakota
To get the lowdown on just where your prospective new home state ranks and why, check out the full analysis on GOBankingRates’ website. And if your next move takes you to or from the greater Washington DC metro area, call McKendree Moving & Storage at 800-530-2626 or request a quote online.