Real Estate Monster?
Rising home values can quickly transition a reasonable housing market into the type of real estate monster that has consumed places like the San Francisco Bay Area. And Los Angeles and New York. While the idea of affordable housing in an urban center isn’t implausible for plenty of Americans living in the Midwest and South, that’s also rapidly changing in some areas. Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com
GOBankingRates conducted a study to determine which major U.S. cities are on track to lose their label of affordability. After taking 300 of the biggest cities in the U.S., the study used Zillow’s one-year forecast to project the growth in home values in each city over the next decade. Then, it identified the places where that change would take the average home value from under the national median. It currently sits at $259,906 and is expected to rise 7.0% in the next year. That will be over the median at some point in the next 10 years.
Approach With Some Caveats
Granted, this approach comes with some caveats. Projecting into the future based on a single year’s growth rate could ultimately paint an unfair picture in markets where the current rate is an anomaly. Additionally, Zillow’s estimated home values don’t necessarily reflect the list prices or sale prices in each market.
Still, identifying the areas that are outpacing the national average for growth can help shed light on the cities where you should buy a home sooner rather than later. If you end up living in one of these cities 10 years down the line, you might want to check out other, more affordable real estate markets instead.
Last updated: Feb. 15, 2021
2020 home value: $258,544
One-year projected growth rate: 8.1%
Ogden was the first settlement in Utah, located 35 miles north of Salt Lake City. It attracts numerous tourists to ski and enjoy the snow.
I am an active Realtor specializing in the Douglas County /El Paso County areas. I have experience listing and selling residential properties throughout Douglas County including: Castle Rock, Parker, Highlands Ranch, Franktown, Sedalia, and Larkspur. I am currently expanding my business to; Black Forest, Monument, Colorado Springs, Peyton, Falcon, Woodland Park, Divide and Cripple Creek.