A recent study released by TheZebra.com cites the top U.S. cities for home ownership, and Las Vegas ranks right near the top!
According to an article posted by Susan Meyer on the TheZebra.com website, the study was conducted for the nation’s fifty most populous cities. Researchers based their rankings on three different metrics:
- Average home insurance premiums in the state, since this affects a home buyer’s mortgage payment when paying into an escrow account to cover those premiums.
- Contractor availability for those home improvements and home maintenance projects that must get done. This always affects the value of a home.
- Market values of the homes within a city. They compared home price increases from the second quarter of 2021 through the second quarter of 2022.
The Las Vegas housing market has cooled off since the second quarter of 2022, but our fair city did make it into the top 5 on this list. In fact, four of the top 5 housing markets on these rankings are located west of the Mississippi. Per Meyer’s article, the Las Vegas market saw housing prices jump up a whopping 24.5% in that 12-month period of this survey.
Here are the Top 5 cities on TheZebra.com on their list of the best cities in the United States for homeowners in 2022.
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Larry Martino is the long-time Afternoon Drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.
5 - Seattle, Washington
Seattle home prices did not rise as much as they did in Las Vegas, settling in at a 14.4% annual home price increase. There is a good number of available contractors in the area, and the home insurance costs averaged around $878 per year, placing them fifth in this survey.
4 - Pittsburgh, Pennsylvania
In fourth place in the rankings, Pittsburgh has a very high concentration of contractors available for home improvement projects. Home values rose by 13.5% between second quarter 2021 and second quarter 2022. Homeowners insurance costs averaged just over $1,000 per year, adding about $83 per month to your mortgage payment.
3 - Phoenix, Arizona
Our desert neighbors in Phoenix placed third on TheZebra.com list. Although homeowners insurance is a bit higher in that region, averaging $1,410 per year, home values increased 21.7% during that 12-month period. The city also boasts a healthy concentration of contractors for home improvement projects.
2 - Las Vegas, Nevada
Here in Las Vegas, home values increased 24.5% between second quarter 2021 and second quarter 2022, with homeowners insurance remaining relatively low, at an average clip of $841 dollars per year. That adds about $67 dollars a month to our mortgage payments. Plus, contractor availability is fairly strong here in Southern Nevada. We took the runner-up spot.
1 - Salt Lake City, Utah
About six hours away on I-15 North, we make a pit-stop in Salt Lake City, Utah, the winner of this particular survey. Plus, this city boasts the highest concentration of contractors in the survey, which makes getting competitive bids much easier for home makeover projects. SLC also has one of the lowest homeowners insurance rates in the nation, averaging about $740 a year.
