Home News See the Full Rankings for WSJ/Realtor.com’s Summer Emerging Housing Markets Index

See the Full Rankings for WSJ/Realtor.com’s Summer Emerging Housing Markets Index

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Many Americans are still moving to economically viable suburban, low-cost areas, as remote or hybrid work remains part of their options.High prices and rising mortgage rates Housing market slowdown It has pushed smaller and more affordable areas to the top spots for the hottest new homes and property locations.

To help homebuyers decide on the best place to make a home investment, The Wall Street Journal Realtor.com Rank which housing market offers a strong rate of return on investment and is the best place to live.

The WSJ / Realtor.com Emerging Housing Market Index looks at both real estate and non-residential indicators.This sixth release contains the same set of indicators as before Installment payment.. The index is updated quarterly.

Why is Elkhart, Indiana at the top of the list for the second time?Read more about it here..

methodology

To identify the top of the emerging housing market, The Wall Street Journal and Realtor.com reviewed data from the 300 most populous core-based statistical areas measured by the US Census Bureau. (Note: Both Journal and Realtor.com are owned by the parent company.

News Corp..

).

The overall methodology explores two major areas: the real estate market (50%) and economic health (50%). These two areas consist of eight key indicators.

Real estate supply (16.6%)

Measures the relative rarity of real estate for sale in the market compared to other real estate, based on the median number of days in the real estate list market. Markets with high supply scores have relatively few days on the market compared to other regions. Its relatively limited supply can lead to higher home prices. In contrast, markets with low supply scores have more days in the market compared to other regions, indicating that relatively abundant supplies help ease pressure on home prices. (Source: Realtor.com)

Real estate demand (16.6%)

It measures the relative abundance of real estate demand in a market compared to other markets, based on the average number of unique viewers per real estate list. Markets with high demand scores have a relatively high number of unique viewers per household. Its abundant buyer demand can lead to higher home prices. In contrast, markets with low demand scores have a smaller number of unique viewers per property list. This shows that limiting buyer demand can help curb upward pressure on home prices. (Source: Realtor.com)

Median home list price (16.6%)

Measures recent home price performance compared to other markets based on the general asking price of an active real estate list on Realtor.com.

Unemployment rate (6.25%)

Measure the relative health of the local employment market. The data consists of an estimated percentage of the private non-institutional population over the age of 16 who were not employed during the reference period. The seasonally adjusted series is used for the index. (Source: US Bureau of Labor Statistics)

Wages (6.25%)

Measure the relative quality of employment in the region in terms of total wages. The data consists of the median regular weekly income of full-time wage and salary workers, including taxes, overtime, fees, chips and other deductions. Self-employed are not included. (Source: US Bureau of Labor Statistics)

Regional price parity (6.25%)

Measure the cost of living and working in a metropolitan area. RPP consists of differences in price levels across metropolitan areas for a particular year and is expressed as a percentage of price levels across the country. The RPP covers all consumer goods and services, including home rent. (Source: US Bureau of Economic Analysis)

Amenity (6.25%)

Measure local habitability in terms of available amenities, as represented by chain stores known for their “daily luxury” purchases, which are a signal of discretionary consumer income. Data is,

Starbucks,

Whole Foods and Trader Joe’s location in the per capita area. (Source: WSJ analysis of public store locations.)

Commuting (6.25%)

It measures quality of life in terms of how much time a resident needs to spend each day getting in and out of work. The data consists of the average one-way travel time for workers 16 years and older who did not work from home. (Source: US Census Bureau)

Foreign-born residents (6.25%)

Studies measuring the economic health and diversity of the region, represented by the mass portion born outside the United States, show that there is a strong correlation between the economic vitality of the region and the number of foreign-born residents. is showing. (Source: US Census Bureau)

SMEs (6.25%)

It measures the economic health and diversity of the region, as represented by the activities of SMEs. The data consists of the number of SBA 7 (a) loans granted per person. (Source: US Small and Medium Business Administration.)

Property tax (6.25%)

Measure property tax based on the median home price. Areas with high property tax are ranked low and areas with low property tax are ranked high. (Source: US Census Bureau)

Final score

Each metric is indexed to normalize the data, and the values ​​for each region are added together to generate a composite score. The totals are sorted to generate the final ranking. If two or more US metropolitan areas are tied in the final score, use the Real Estate Demand Indicator to break the tie.

Writing to IntiPacheco [email protected]

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