Arizona Mortgage » Rankings

The Most Expensive U.S. ZIP Codes (2012 Edition)

Mark Taylor — Tue, 23 Oct 2012 12:45:00 +0000

Since late-2011, home values have climbed in many U.S. markets.

The government’s Home Price index puts the increase at +3.7% an annual basis and the National Association of REALTORS® shows home sale prices up 11% since last year.

The price at which a home sells is determined by the economic force of supply-and-demand but location and amenities matter, too; establishing a baseline from which supply-and-demand can work.

Using data compiled by real estate market data firm Altos Research, Forbes Magazine recently presented America’s 10 most expensive ZIP codes for 2012. California and the New York Metro area dominate the list.

New York, NY (10065) : $6,534,430
Alpine, NJ (07620) : $5,745,038
Atherton, CA (94027) : $4,897,864
Sagaponack, NY (11962) : $4,180,385
Hillsborough, CA (94010) : $4,127,250
New York, NY (10014) : $4,116,506
Los Altos Hills, CA (94022) : $4,016,050
New York, NY (10021) : $3,980,829
Rolling Hills, CA (90274) : $3,972,500
New York, NY (10075) : $3,885,409

As an illustration of how home prices have climbed since Forbes publishes last year’s Most Expensive ZIP code list, this year’s #10 — Upper East Side, New York City, New York — would have ranked third in 2011.

The Forbes list may be interesting but, to home buyers or sellers in Phoenix , it’s far from the final word in home values. Real estate remains a local market which means that — even within a given ZIP code — prices can vary based on street and neighborhood, and home characteristics.

Look past the general data and get to the specifics. Talk to your real estate agent for local market pricing.

The Top 10 Cities In Which To Raise A Family

Mark Taylor — Wed, 11 Apr 2012 12:45:00 +0000

Looking for a great place to raise a family? Forbes Magazine has a list that may help you.

Titled “The Best Cities For Raising A Family“, Forbes has compiled and analyzed data from America’s 100 largest metropolitan areas, accounting for seven lifestyle factors including cost of living, commuting ease, school quality, crime density, and home affordability.

Given these selection criteria, it’s no surprise that Grand Rapids, Michigan took top honors. The area’s low median income is offset by an extremely low cost of living and a school system that’s among the best in the nation. Nearly 90% of the homes in Grand Rapids are affordable families earning the median income — the seventh-highest affordability ranking in the country — and commutes are quick.

Since the housing peak, home prices are down just 12% in Grand Rapids — a figure below the national average.

The complete Top 10 list for the Forbes “The Best Cities For Raising A Family” piece were:

Grand Rapids, Michigan
Boise, Idaho
Provo, Utah
Youngstown, Ohio
Raleigh, North Carolina
Poughkeepsie, New York
Omaha, Nebraska
Ogden, Utah
Cincinnati, Ohio
Worcester, Massachusetts

Now, before you make a home-buying decision based on the Forbes report, remember that real estate is a local market and even city-wide statistics can be too broad to be helpful to everyday home buyers in Scottsdale. Even within Grand Rapids, there are some neighborhoods that outperform in terms of home valuations and school quality, for example; and some areas from which a daily work commute may be more cumbersome.

For accurate, real-time housing data for any of the above markets or for a smaller neighborhood like grayhawk , be sure to ask a real estate professional.

America’s Best Places To Raise A Family, Listed By State

Mark Taylor — Tue, 13 Dec 2011 13:45:00 +0000

BusinessWeek recently released its 2011 America’s Best Place to Raise a Family rankings. College-town Blacksburg, Virginia took top honors, breaking a 2-year win streak for the Chicago, Illinois region.

In 2009, suburban Mount Prospect, Illinois placed first. Last year, it was Tinley Park, Illinois.

The BusinessWeek report employs data from real estate information firm Onboard Informatics to make its rankings, compiling data across categories such as education, crime, and jobs plus access to parks and affordable homes. All selections are limited by population; all selections are home to 50,000 residents or fewer. Median incomes are within 20 percent — plus or minus — of the state’s median income levels.

BusinessWeek names one winner in each state. The winners in the 10 most populous states and their nearest “big city” are listed below

California : East San Gabriel (Los Angeles)
Texas : Wells Branch (Austin)
New York : Hampton Manor (Albany)
Florida : Niceville (Fort Walton Beach)
Illinois : Morton Grove (Chicago)
Pennsylvania : Cecil-Bishop (Pittsburgh)
Ohio : St. Henry (Dayton)
Michigan : Spring Arbor (Jackson)
Georgia : Hoschton (Atlanta)
North Carolina : Tryon (Spartanburg, SC)

The winners in all 50 states can be found on the BusinessWeek website.

Rankings like the BusinessWeek America’s Best Place to Raise a Family can be useful for home buyers in Mesa , but like everything in real estate, statistics do not apply to every home equally. Even within the “best towns”, there are areas in which school systems are better, crime figures are lower, and amenities are more plentiful.

Therefore, before you make the decision to buy a home, talk with a real estate agent who has local market knowledge. It’s the most effective means to get data that matters to you.

Ranking The Best Places To Live In The U.S. (2011 Edition)

Mark Taylor — Thu, 25 Aug 2011 12:51:18 +0000

CNNMoney recently released its Best Places To Live 2011 list.

The annual survey is based on data from Onboard Informatics. Using Quality of Life factors such as education, crime and “town spirit”, and focusing on towns with between 8,500 and 50,000 residents, the CNNMoney survey ranks the country’s best “small towns”.

To be eligible, towns must be have a median household income greater than 85 percent, and less than 200 percent of the state median income; must not be a categorized as a “retirement community”; and must be racially-diverse.

From a list of 3,570 eligible towns nationwide, Louisville, Colorado was ranked #1.

The complete Top 10 Best Places to Live as cited by CNNMoney, and their respective average home listing prices :

Louisville, Colorado ($383,569)
Milton, Massachusetts ($577,008)
Solon, Ohio ($291,162)
Leesburg, Virginia ($486,018)
Papillion, Nebraska ($218,520)
Hanover, New Hampshire ($643,500)
Liberty, Missouri ($177,678)
Middleton, Wisconsin ($347,770)
Mukilteo, Washington ($345,487)
Chanhassen, Minnesota ($418,607)

Rankings like these can be helpful to home buyers nationwide, but it’s important to remember that the Best Place To Live survey is subjective. You may find none of the above towns to be to your liking.

You may also find the lowest-ranked city to be your favorite.

In other words, before making a decision to buy, connect with a real estate agent who has local market knowledge. That’s the best, most reliable way to make sure you get the housing data that matters to you.

Ranking The Best Places To Live In The U.S. (2011 Edition)

Mark Taylor — Thu, 25 Aug 2011 12:49:07 +0000

CNNMoney recently released its Best Places To Live 2011 list.

From a list of 3,570 eligible towns nationwide, Louisville, Colorado was ranked #1.

The complete Top 10 Best Places to Live as cited by CNNMoney, and their respective average home listing prices :

Louisville, Colorado ($383,569)
Milton, Massachusetts ($577,008)
Solon, Ohio ($291,162)
Leesburg, Virginia ($486,018)
Papillion, Nebraska ($218,520)
Hanover, New Hampshire ($643,500)
Liberty, Missouri ($177,678)
Middleton, Wisconsin ($347,770)
Mukilteo, Washington ($345,487)
Chanhassen, Minnesota ($418,607)

You may also find the lowest-ranked city to be your favorite.

Top 25 Least Expensive U.S. Cities

Mark Taylor — Tue, 28 Jun 2011 12:48:58 +0000

A report issued Monday by the U.S. government showed core inflation rising 2.5 percent in the last 12 months for its biggest one-year gain since January 2010.

Everyday living is becoming expensive, it seems.

But there are some U.S. towns in which the cost of living remains affordable — and downright cheap — as compared to the national average. They’re detailed in a BusinessWeek piece titled “The Cheapest 25 Cities In The U.S“.

In comparing costs across 340 urban areas as compiled by the Council of Community & Economic Research, cities in Texas, Arkansas, Tennessee and Oklahoma ranked consistently high. Cities in Hawaii did not.

Take note, though. Although the BusinessWeek piece highlights inexpensive cities in which to live, a low cost of living does not necessarily correlate to a high standard of living. Cost-leader Harlingen, Texas, for example, boasts a poverty rate nearly triple the national average.

Other “Inexpensive Cities” feature similar poverty rates.

The Top 10 “cheapest cities”, as shown by BusinessWeek are:

Harlingen, Texas
Pueblo, Colorado
Pryor Creek, Oklahoma
McAllen, Texas
Cookeville, Tennessee
Commerce-Hunt County, Texas
Brownsville, Texas
Fort Smith, Arkansas
Muskogee, Oklahoma
Springfield, Illinois

And, at the other end of the spectrum, the top 5 most expensive cities/areas were, in order, Manhattan, New York; Brooklyn, New York; Honolulu, Hawaii; San Francisco, CA; and Queens, New York.

Manhattan’s cost of living is more than twice the national average.

The complete list is available at the BusinessWeek website.

How Does Your Real Estate Tax Bill Compare To Other Parts Of The Country?

Mark Taylor — Thu, 07 Apr 2011 12:46:49 +0000

Mortgage rates may be a function of free markets, but real estate taxes are a function of government. And, depending on where you live, your annual real estate tax bill could be high, low, or practically non-existent.

Compiling data from the 2009 American Community Survey, the Tax Foundation, a non-partisan educational organization in Washington D.C., published property taxes paid by owner-occupied households, county-by-county.

The report shows huge disparity in annual property taxes by region, and by state.

As a percentage of home valuation, Southeast homeowners tend to pay the fewest property taxes overall, while Northeast homeowners tend to pay the most. But statistics like that aren’t especially helpful. What’s more useful is to know how local real estate taxes stack up as compared to local, median household incomes.

Not surprisingly, real estate taxes are least affordable to homeowners in the New York Metro area. The 10 U.S. counties with the highest tax-to-income ratios physically surround New York City’s 5 boroughs. The areas with the lowest tax-to-income, by contrast, are predominantly in southern Louisiana.

A sampling from the Tax Foundation list, here is how select counties rank in terms of taxes as a percentage of median income:

#1 : Passaic County (NJ) : 9.7% of median income
#6 : Nassau County (NY) : 8.6% of median income
#15 : Lake County (IL) : 7.2% of median income
#18 : Cheshire County (NH) : 7.1% of median income
#70 : Travis County (TX) : 5.0% of median income
#90 : Marin County (CA) : 4.6% of median income
#110 : Middlesex County (MA) : 4.4% of median income
#181 : Sarasota County (FL) : 3.9% of median income
#481 : Douglas County (CO) : 2.4% of median income
#716 : Maui County (HI) : 1.3% of median income

The U.S. national average is 3.0 percent.

The complete, sortable list of U.S. counties is available at the Tax Foundation website. For specific tax information in your neighborhood or block, talk with a real estate agent.

How Does Your Work Commute Compare To Other Cities?

Mark Taylor — Fri, 01 Apr 2011 12:46:34 +0000

As part of the Census Bureau’s data collection activities from 2005-2009, a number of interesting charts have been published at http://census.gov.

The data should not be confused with Census 2010 — a separate survey conducted every 10 years. This is the first-ever, 5-year American Community Survey. Based on data from 3 million households, it details social, economic, housing, and demographic data “for every community in the nation“.

Among the surveys:

Median Household Income, Inflation-Adjusted To 2009 Dollars (Chart)
Median Housing Value Of Owner-Occupied Housing Units (Chart)
Percent Of Households That Are Married, With Children Under 18 (Chart)

The ACS survey also charts average commute time by county. The chart is shown at top.

Whether you live in a “long commute” town like Richmond, NY (40 minutes), or a “short commute” town like King, TX (3.4 minutes), rising gas prices have made commute times and distances relevant to everyone.

Since the start of 2011, the average price for gasoline is higher by 54 cents per gallon. Assuming 22 miles per gallon on a passenger car, that’s an increase of 2.5 cents of gasoline per mile driven in the last 90 days. It’s a cost that adds up quickly, and can affect a household budget. Plan for higher pump prices moving forward, too. Historically, gas prices surge between April and June.

The American Community Survey is loaded with charts and data. It can tell you a lot about your current neighborhood, and any neighborhood to which you may want to relocate. Then, to bridge the ACS data with community details such as school performance and typical home prices, talk to a real estate professional.

Arizona Mortgage » Rankings

The Most Expensive U.S. ZIP Codes (2012 Edition)

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