When it comes to affordable housing, Delaware ranks high thanks to its low property taxes. This state offers an advantage to homeowners in terms of property taxes across the country. Even though housing affordability is average, the effective property tax rate in Delaware is less than half a percent, making it attractive to potential buyers. With a median sales price of $360,700, Delaware stands out as a state where you can get a big boost for your housing dollar.
Indiana
Indiana presents a unique combination of affordability and healthy price appreciation. With low property taxes, homeowners in Indiana can enjoy a median sales price of $265,300. Despite tight inventory, Indiana’s housing market offers attractive prices for potential buyers. The state ranks 19th in Economy Rank, with a grade of C, making it a great option for those looking for affordable housing.
Building inventories in Georgia are contributing to greater affordability in the state. The Peach State sees healthy price appreciation, with a median sales price of $385,600. The effective property tax rate is relatively low at 0.82%, making homeownership more affordable. With an Economy Rank of No. 7 and a grade of B, Georgia stands out as a state where housing is becoming more accessible to buyers.
Tennessee
Despite having some of the lowest property taxes in the country, affordability remains a concern in Tennessee. The state is taking steps to incentivize more affordable housing, particularly in the multifamily sector. With a median sales price of $393,000, Tennessee offers a mix of affordable housing and moderate price gains. The state ranks 3rd in Economy Rank, with a grade of B+, indicating improvements in the housing market.
Nevada’s housing market is historically volatile but manageable. The state sees active housing construction and moderate price appreciation. Although affordability continues to be a challenge, Nevada offers low property taxes and healthy home equity. With an Economy Rank of No. 8 and a grade of B, Nevada’s housing market is favorable for buyers, despite some affordability concerns.
New Jersey
New Jersey’s housing market saw a surge in home prices, making affordability a concern for potential buyers. With the second-highest property taxes in the nation, New Jersey offers a mix of high home prices and affordability challenges. Boasting an Economy Rank of No. 17 and a grade of C+, New Jersey’s housing market poses obstacles for buyers, despite active construction and strong home equity.
The Tar Heel State sees busy homebuilders and strong housing starts, indicating a growing market. With a median sales price of $383,700 and reasonable property taxes, North Carolina offers a balance of affordability and price appreciation. The state ranks 4th in Economy Rank, with a grade of B+, making it an attractive option for buyers looking for affordable housing.
Arizona continues to see decent gains for sellers as home inventory increases. Construction activity is strong, and home equity remains healthy in the state. With low property taxes and moderate affordability, Arizona presents an appealing option for buyers. The state ranks 5th in Economy Rank, with a grade of B+, indicating a stable and active housing market.
South Carolina
Home prices are on the rise in South Carolina, but affordability remains relatively stable. The state sees an increase in construction activity and rising inventory levels. With low property taxes, South Carolina offers a mix of affordability and price appreciation. While home equity could be better and foreclosures are on the rise, the state’s housing market presents opportunities for potential buyers.
Florida’s housing market is experiencing appreciation in home values, attracting new residents to the state. While property taxes help offset affordability concerns, rising foreclosures and underwater mortgages pose challenges. The state’s housing market is tenuous but balanced, contributing to Florida’s strong overall economy. Climate risks and insurance crises are major factors affecting the housing market in Florida, making it a state to watch for potential buyers.