It's hard to keep up, really. Yet another report has been published giving Coloradans more validation that our state is really an awesome place to live. But this time the report is not focused on quality of life, nor on the joys of our amazing outdoors, or even the impressive universities, but rather this report informs on how this is a great state in which to own a home. But before we get too comfortable, this is a drop from last year's report, when Colorado ranked fifth, so we may be seeing some increase in the overall costs to owning a home due to the amount of demand for living in our state.
According to the Colorado Association of REALTORS, the publisher of this report (which arrived last month) is SmartAssets, an online resource with links to home buying and other real estate tools. SmartAssets published this study on the best housing markets for growth and stability and looked at nine factors for each of the 50 states, such as property taxes, crime, average property taxes, closing costs, median listing per square foot and other factors as well. The report revealed that three of our state's metro areas ranked in the top 10. Woot! Then, based on the data, the researches concluded that Colorado as a whole was a great place for home ownership.
Here are some reasons that will make our friends and family in California and New York quite jealous (sorry guys!).
Colorado’s average effective property tax rate (0.58%) is among the lowest rates in the nation.
Colorado has the 2nd highest rate of home price appreciation at 9.7% (per square foot).
Colorado homes sell for about $191 per square foot on average.
Watch out for Colorado's neighbor, Wyoming - for the second year in a row, Wyoming ranks as the state with the best environment for home ownership.
The cost of home ownership is high in the Northeast - owning a home can be expensive in places like Massachusetts and New York. When you consider that states like New Jersey and Connecticut have double-digit foreclosure rates and high housing costs, buying a home in this region might seem like a risky move. Click here for the full report.
Data on average closing costs comes from Bankrate. Foreclosure rate data comes from RealtyTrac and burglary rates come from the FBI. Data on the price per square foot in each state and the annual change in those prices comes from Zillow. We used data from the U.S. Census Bureau to look at property tax rates and to calculate the median ratio of home values to median income. Homeowners insurance costs come from ValuePenguin.com.
If you like data, there are plenty of other important statistics we track for Single Family Homes (SFH) for Louisville's neighboring towns on a regular basis, including Erie, Lafayette and Superior. Check out our latest market summary here. At Louisville Realty Associates, we have the experience, energy and depth of knowledge to help you list your home for the best price. You can reach us anytime at email@example.com.
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