The crash in the US housing market affected many investors and wiped millions off the value of property around the world. The market has slowly recovered but it has been limited by the lack of first time buyers. This is partly due to the more stringent financial lending terms and partly due to a lack of jobs which has meant would-be first time buyers cannot afford to get on the property ladder. This now looks set to change as the economy has improved significantly and there are many new jobs now available. The best housing markets to attempt to purchase a home or investment property in the USA are:
Atlanta has taken longer to recover than many of the other markets across the States. However, it is now showing strong signs of returning to its well known status as a leader in population growth and household ownership. Prices are rising but are still low compared with other states making this an excellent time to buy.
Dallas is one of the few areas which appeared to be hardly affected by the economic crisis. Prices remained strong and the area has now set a new employment record in 2014. Their growth for this year is expected to be well above the US average and the area will be one of the best for number of new house formations this year.
Des Moines, Iowa
This may be a small area, particularly in comparison to many of the American districts. However, Des Moines is home to a large number of first time buyers and has some of the lowest priced homes across the country. The unemployment rate is very low and this contributes to the boom in housing.
Denver has come out of the recession much stronger than many other areas. All the jobs lost have already been replaced and there is a strong growth in new jobs coupled with low unemployment. Housing prices may be steadily rising but this is an excellent option for those looking to invest in a property.
This is the area traditionally occupied by the energy industries and this has probably helped them ride the recession better than most. Job opportunities are booming; there are twice as many in this area than the national rate, the increase in employed people is balanced against a strong construction industry which helps to keep supply and demand balanced. The only concern this area has at present is the dip in oil prices.
The population of LA amounts to over thirteen million people. This means even a small amount of growth in the market translates into a good investment opportunity. The employment rate is good and there are plenty of job prospects within the area. The main issue this area faces is of affordability. The average house price is twice the national price and this can make it extremely difficult for any first time buyer.
Much like Des Moines this area is fortunate to have a very low unemployment rate, plenty of first time buyers and affordable housing. Household income here is above the US average. These factors all contribute to creating a fantastic opportunity for first time buyers and anyone looking for an investment.
Despite a 60% crash in house prices, home construction in Phoenix has now returned to its pre-recession level and is forecast to continue for the foreseeable future. Houses are still within the national average price range and the market is growing steadily.
San Jose, California
Houses here are on the edge and within the Silicon Valley. This means that, despite the recession, houses have still been selling for well above the national average and will continue to do so. Those who are employed at these high tech companies have the means to afford these properties and this ability is not set to stop soon. House prices are climbing slowly whilst increases in jobs and wages are above the national average. Soon enough you will be able to buy villas in Turkey too if homes in San Jose keep increasing in price.
Washington has had its fair share of ups and downs since the recession but is fortunate enough to have a diverse employment sector. This variety of job opportunities has ensured a continual growth in jobs and a strong employment market. Washington is expected to be one of the top five areas in the country in respect of new home formations.