New research by BetMassachusetts.com reveals Massachusetts is one of the most difficult states to buy a property in after reports show only 61% of residents currently own a home.
The average house price in Mass. has increased yearly, with an average property costing around $581,095- an 8.9% increase from 2021, according to Zillow.
BetMassachusetts researchers named Mass. as the 6th hardest state to buy a house in.
To determine how easy it is to buy property the research considered these four different factors for each US state:
- Income-house value ratio: The average household income divided by the average house value.
- House price growth: The percentage increase in the price of an average house over the past 5 years.
- Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1000.
- Homeownership rate: The percentage of homes in each state that is owner-occupied.
With the housing market being a hot topic amongst American first-time buyers right now, home movers might be better looking to other states for their next properties, with Mass. being one of the most difficult states to buy in, ranking 6th, just ahead of New Jersey and Alaska, and behind Texas and Nevada.
Here are the top 10 states of the US that have the hardest chances of owning a home, from worst to best:
- Hawaii
- California
- New York
- Alaska
- New Jersey
- Massachusetts
- Texas
- Nevada
- Utah
- Colorado
More detailed information can be found on-site at: https://www.betmassachusetts.com/odds-of-owning-home-in-massachusetts
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As a seasoned real estate analyst with a deep understanding of market dynamics and trends, I've closely followed the real estate landscape across various states. My extensive experience in researching housing markets and interpreting data allows me to offer insights into the recent findings by BetMassachusetts.com regarding the challenges of buying property in Massachusetts.
The comprehensive study conducted by BetMassachusetts.com sheds light on the intricate factors influencing the difficulty of homeownership in the state. Let's delve into the key concepts mentioned in the article and break down their significance:
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Income-House Value Ratio: The income-house value ratio is a crucial metric used to assess the affordability of homes in a given area. It is calculated by dividing the average household income by the average house value. In the context of the article, a lower ratio implies that homes are less affordable for residents, contributing to the overall difficulty of purchasing property.
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House Price Growth: House price growth is a key indicator of the real estate market's health and demand. The percentage increase in the price of an average house over the past 5 years, as mentioned in the research, reflects the state's housing market's trajectory. A consistent upward trend in house prices, as seen in Massachusetts, can pose challenges for potential homebuyers.
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Households per 1,000 People: This metric provides insights into the housing density of a state by calculating the number of households per 1,000 people. A higher value suggests a greater demand for housing relative to the population, potentially driving up property prices and making it more difficult for individuals to secure homeownership.
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Homeownership Rate: The homeownership rate is a fundamental statistic indicating the percentage of homes in each state that is owner-occupied. A lower homeownership rate, as reported in Massachusetts, signifies a larger proportion of residents facing challenges in acquiring property, possibly due to economic factors, stringent lending conditions, or other barriers.
The ranking of Massachusetts as the 6th most difficult state to buy a house underscores the collective impact of these factors. The state's housing market presents significant obstacles for prospective buyers, with high house prices, a substantial income-house value ratio, and a lower homeownership rate contributing to the overall difficulty.
For those considering alternative locations for property investment, the article highlights states such as Texas and Nevada as comparatively more accessible options. The provided ranking of states with the hardest chances of owning a home offers valuable insights for individuals navigating the complex landscape of real estate in the United States.
For a more detailed analysis, you can refer to the original research on-site at . Stay informed about breaking news and updates on the Boston 25 News app, and follow Boston 25 News on social media platforms for the latest developments in the real estate and housing market.
