Toronto and Ottawa mortgages are typically our focus on this blog. But with real estate prices rising in both cities, and with rock-bottom prices still being seen in the States those who want to take out a second mortgage to buy a vacation property, and investors, can’t help but turn their eyes south. It can be a great strategy, but only if you know where the hottest markets are. Here are the top five.
Pittsburgh
The average price of a home here is just under $200,000. That’s after the housing boom increased prices 16 per cent, and they’ve only come down by about 1 per cent since. This was a city that didn’t feel the recession as much as other U.S. cities. Income levels are higher than the national average and the employment rate has dropped by just 2 per cent.
Worcester, Massachusetts
Just an hour outside of Boston you’ll find much better home prices here than you will in the big city. After home prices dropped here by 3 per cent in 2011, the average price is just over $200,000. Now is the time to buy if Worcester is your place, because those prices are also set to climb by about 2 per cent in 2013.
Houston, Sugarland, or Baytown, Texas
As long as there’s oil and people in these cities, the real estate market will thrive! The recession was barely felt in Texas with home prices seeing only a 4 per cent drop. But the average home is still a bargain, with the average price sitting at around $176,489. Next year, those prices are expected to increase by about 2 per cent next year.
Akron, Ohio
There’s never been a better time to live in Akron. This city didn’t really see too much of a housing boom just prior to the recession, but prices did drop 13 per cent when it hit. While that may sound like a lot, it’s only a fraction of what the rest of the U.S. experienced. The average home here currently sits at about $148,508 and, just like much of the country, are expected to rise by about 2 per cent in the next year.r Incomes here are also higher than the national average.
New Orleans
New Orleans is back and it’s a great time to take the opportunity to own a home in the Big Easy! Home prices here are coming back, with home prices averaging about $249,673. These prices will only climb by 1 per cent over the coming year, but this city also has stronger job growth than the national average.
