Introduction to America’s Hidden Gem Housing Markets
The dream of home ownership in the US appears harder than ever, with average mortgage costs now far surpassing the median income. However, there are still several areas across the country that offer both high livability and affordable property prices. GOBankingRates conducted a study into these “hidden gem housing markets,” analyzing data from AreaVibes, the Bureau of Labor Statistics, the Federal Reserve, and various other sources, to create a list of 30 hotspots that offer “the nation’s best blends of affordability and livability.”
Top Hidden Gem Housing Markets
Lynchburg, Virginia was named the top “hidden gem housing market” in America. SeanPavonePhoto – stock.adobe.com
Lynchburg, Virginia, was named the top hidden housing gem market in America, thanks to its extremely high livability score of 91. The medium-sized city, located in the foothills of the Blue Ridge Mountains, boasts A ratings when it comes to schools, amenities, and health and safety. The average home value in Lynchburg is $264,559 — far lower than the statewide average of $417,032.
New York’s Hidden Gem
A picturesque park in North Tonawanda is seen above. Facebook/NT Parks and Recreation
North Tonawanda, in Niagara County in western New York, was deemed the second-best hidden gem housing market by GOBankingRates. The area, which is a part of the Buffalo-Niagra Falls metro area, has a population of around 31,000 people and a crime rate that is 46% lower than the New York state average. Home prices are also significantly cheaper: the average home value is $275,977, compared to the Empire State average of $489,352.
Other Notable Markets
Wasau, Wisconsin, Blythe, California, Aberdeen, Washington rounded out the top five markets on the list. North Tonawanda is a part of the Buffalo-Niagra Falls metro area, has a population of around 31,000 people and a crime rate that is 46% lower than the New York state average. Facebook/NT Parks and Recreation
Several other upstate New York towns made the list, including Glen Falls (#13), Gloversville (#16), and Utica (#24).
Conclusion
The study by GOBankingRates highlights that there are still many affordable and livable areas in the US where the dream of home ownership can be achieved. From Lynchburg, Virginia, to North Tonawanda, New York, these hidden gem housing markets offer a unique blend of affordability, low crime rates, and high livability scores. Whether you’re a first-time homebuyer or looking to relocate, these areas are definitely worth considering.
FAQs
Q: What is the average home value in Lynchburg, Virginia?
A: The average home value in Lynchburg, Virginia is $264,559.
Q: Which New York town was deemed the second-best hidden gem housing market?
A: North Tonawanda, in Niagara County, was deemed the second-best hidden gem housing market.
Q: What is the crime rate in North Tonawanda compared to the New York state average?
A: The crime rate in North Tonawanda is 46% lower than the New York state average.
Q: Are there other upstate New York towns on the list of hidden gem housing markets?
A: Yes, several other upstate New York towns made the list, including Glen Falls, Gloversville, and Utica.
Q: What factors were considered in the study to determine the hidden gem housing markets?
A: The study analyzed data from AreaVibes, the Bureau of Labor Statistics, the Federal Reserve, and various other sources to determine the hidden gem housing markets.
