Kentucky ranked 41st among 50 states in terms of popularity, based on 71 metrics, including economy, healthcare, education, opportunities, and infrastructure. The average household income of $70,144 is also among the lowest in the country, which reduces the homeownership affordability for locals. Furthermore, mortgage rates are at 4.51%, higher than in California and New York.
The low median home price of $141,000 amid a tight inventory of 4,237 existing homes and only 15,022 new constructions suggests a mild homebuyer demand. The Bluegrass State has the weakest real estate market in 2022. Household incomes are also low in some of these states compared to other housing markets in the country. The five weakest housing markets predominantly suffer from a low number of available homes and new developments as mortgage rates continue to increase. Hawaii is also among the top 10 tourist destinations in 2022, which is advantageous for property investors with beach-front properties. Nevertheless, the market is ideal for investors who want to take advantage of the state’s low mortgage and property tax rates. To qualify for a loan on a $600,000 house in Hawaii, the recommended minimum income is $110,895, which is higher than the current average income. Additionally, with a relatively lower mortgage rate of 3.99%, investors will find great opportunities in Hawaii.ĭespite the high-income levels, an average household might not still be able to afford a median-priced home. The average household income of $103,780 is the sixth highest in the country, which is favorable for locals planning to buy a home. This also reflects a stiff homebuying demand amid a low inventory of 2,358 existing homes and 3,460 new constructions. The exorbitantly high median home price of $615,300 in Hawaii is indicative of a red-hot market. Overall, California is the best state to be a real estate agent. Its sunny coasts also draw in homebuyers and investors seeking waterfront properties. The state’s sizable land area provides room for more inventory and new constructions. Aside from a well-performing local economy, California’s beautiful expanse of beaches, forests, and parks makes it extremely appealing to investors.
The housing market will continue to be highly competitive as buyers anticipate increasing mortgage rates and tight inventory, creating a sense of urgency to purchase a home. Despite these soaring numbers, the favorable average household income of $106,916 allows more homeownership affordability for locals. The median home price of $505,000 is the country’s second-highest, reflecting strong buyer demand despite a relatively high mortgage rate of 4.39%. California’s housing inventory is at 27,227 and new constructions at 117,219, suggesting a healthier supply of houses compared to other states. The Golden State has the strongest real estate market in 2022, ranking well in terms of income levels, new construction rates, and available homes.
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