WalletHub's Richie Bernardo presents the best real estate markets for 2016. The team looked at U.S. Census Bureau data across 300 U.S. cities to find which markets were the best bet for home buyers this year.
Frisco, Texas came in at number one for it's high home price appreciation and low maintenance costs. It was followed by McKinney, Texas, Richardson, Texas, Murfreesboro, Tenn., and Austin. On the other hand Newark, New Jersey, was the worst market due to low home price appreciation and high share of mortgage holders in delinquency. It was followed by Paterson, N.J., Detroit, Elizabeth, N.J., and Cleveland.
WalletHub gave BUILDER some more insight into the findings:
San Mateo, Calif., has the lowest percentage of homes with negative equity, 1.9 percent, which is 27 times lower than in Hartford, Conn., the city with the highest, 51.2 percent.
Berkeley, Calif., has the lowest average number of days until a house is sold, 38, which is 4.9 times lower than in Paterson, N.J., the city with the highest, 186.
Simi Valley, Calif., has the lowest vacancy rate, 2.40 percent, which is 15.1 times lower than in Miami Beach, Fla., the city with the highest, 36.17 percent.
Detroit has the lowest home price as a percentage of income, 131 percent, which is 11.5 times lower than in Santa Monica, Calif., the city with the highest, 1,508 percent.
Austin, Texas, Lincoln, Nebr., and Livonia, Mich., have the lowest unemployment rate, 2.5 percent, which is 4.6 times lower than in Yuma, Ariz., the city with the highest, 11.4 percent.