A recent study ranking the nation's healthiest housing markets placed Charlotte in the number three position for North Carolina and 15th in the country. SmartAsset, a popular online resource&
Charlotte Named 3rd Healthiest Housing Market In NC
A recent study ranking the nation's healthiest housing markets placed Charlotte in the number three position for North Carolina and 15th in the country.
SmartAsset, a popular online resource for personal finance and home buying, ranked Durham and Raleigh in first and second place, respectively, for the state. Winston-Salem earned the number four rank while Greensboro placed fifth.
According to the study, Durham was the only N.C. housing market to earn a spot on the top 10 healthiest housing markets in the nation, placing sixth.
How the Rankings Were Determined
The study used four distinct factors when determining the health of a particular housing market: stability, affordability, fluidity and risk of loss. Only markets with populations greater than 200,000 were evaluated.
The study found that Charlotte homeowners remained in their homes an average of 11.6 years. Of the five N.C. housing markets examined in the study, Charlotte ranked second in ease of sale (fluidity), fourth in both stability and affordability and first in risk.
According to SmartAsset, stability was measured with two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity (homeowners with negative equity are at more likely to go into foreclosure). For the risk factor, SmartAsset used the percentage of homes that decreased in value. To determine market fluidity, they looked at the average time homes spend listed for sale -- the longer it takes for a home to sell, the less fluid the market. Lastly, they calculated affordability as the monthly cost of owning a home as a percentage of household income in each county and city.
Affordability counted the most, at 40% of the housing market health index. The other three factors accounted for 20% of the index.
The Top 10 Healthiest Housing Markets in the U.S.
1. Buffalo, New York
2. Fremont, California
3. Colorado Springs, Colorado
4. San Jose, California
7. Aurora, Colorado
8. Mesa, Arizona
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