If you want to live the American Dream, then owning a home is on the list of things to consider. For some individuals, it may not be affordable or easy to become a homeowner. Even if you were able to finally become a homeowner, having your own house could appear to be burdensome, especially if the homeowner’s insurance and property taxes are higher than usual. The state of the economy and current interest rates are also two contributing factors to purchasing a home. These are things that are definitely out of your control. It goes without saying, then, that to make such a large investment means that you must seriously consider the best place to live. Let’s take a closer look at some of the best states to live in 2016.
According to real estate experts, Minnesota ranks number seven on the list of places to live in 2016. However, the state received a higher ranking in a 2015 study. In 2015, the price per square foot of a single family home was 6.6%. The average home price is currently more than three times that of the median income per household.
In Idaho, the conditions for new homeownership have improved. In 2015, the prices of homes saw an increase of 9.8%, per square footage. This makes Idaho the state that had the highest rate in price appreciation. In comparison, the prices for homes per square foot increased by only 1.7% in 2014.
In the United States, the state of Montana is not as densely populated as other areas in the country. Census data revealed that for each square mileage, there are just 6.8 residents. So, if you are looking for a lot of breathing room, then Montana would be the ideal place to live.
Want to find that affordable place to call home? Then consider the state of Utah. Both Colorado and Utah are running almost head to head in the affordable home category. Homeowners, on average, in the state of Utah will pay less in closing costs compared to all, but three states in the U.S. In addition, homeowner’s insurance continues to remain low. The cost of homeowner’s insurance on average is about $580 per year.
Of all five top U.S. real estate markets discussed here, Colorado stands at the top when it comes to growth and stability. As a whole, the state of Colorado is a great place to live, especially for homeowners. The average property tax rate is only 0.58%, which is one of the lowest in the United States. In addition, the state boasts the second highest rate in price appreciation per square footage. The 6.5% population growth between 2010 and 2014 shows that there are people moving to this location and for several reasons, one of which is for the affordability. If you're curious about the rest of the list, check out Top 100 Best Places to Live by Livability.
Rental in Colorado
If you are looking to rent a studio apartment, you would end up paying $1,039 per month, which is $22 lower than the national average studio rent. It can get quite expensive if you were to rent apartments with one, two and three bedrooms. For that reason, it may be better to purchase a home in order to enjoy the tax savings and low insurance.
Choose one of the homes for sale in University Park if you are thinking of relocating to the area. Contact Elevation Realty
to talk about your real estate needs. You are also welcomed to make contact by phone at 303-579-3566.