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Real Estate Big Data

Top 10 places to raise a family, according to science

We present to you the top 10 suburbs in America to raise a family, based on statistics and science. Does yours make the list?

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The quality of school systems is one of the most common reasons that people choose to move, followed closely by job opportunities and changes in family status. For many buyers, the search for an affordable house that is both in a good school district and close enough to work means living in the suburbs. Luckily, the U.S. is chalk full of charming small towns that make for great family communities.

The Business Insider recently created a list of the top 50 best suburbs in America based on average commute times, median household income, poverty and crime rates, public school rating (based on ratings from GreatSchools.org), and housing affordability. They reviewed data from 2,754 municipalities in the U.S., focusing on suburbs located within 40 kilometers of a metropolitan area, and with populations between 5,000 and 100,000.

Here are the top ten best suburbs in America today.

10. Bellaire, Texas

With its close proximity to Houston’s Galleria mall, mature oak trees, and multitude of parks, Bellaire is a very desirable place to put down roots. The school system rated 6 out of 10, the median commute time is less than 20 minutes, and the unemployment rate is low at 3.7%. The population is 17,223.

9. Fox Chapel, Pennsylvania

Fox Chapel is only 10 miles from Pittsburgh, and has fabulous schools that rate 10 out of 10 on the GreatSchools.org website. The community is almost 100% residential, but it also has churches, private clubs, and private schools. The average household income is $174,924, and the population is 5,390.

8. Indian Hill, Ohio

Indian Hill is another suburb with a top notch, 10 out of 10, school system. It is located just northeast of Cincinnati, with 5,797 residents. This rural town has a legendary red schoolhouse and charming appeal. The median household income in Indian Hill is $207,067.

7. Highland Park, Texas

Home to the famous Big Pecan Tree, Highland Park hosts Dallas County’s annual tree lighting to celebrate the Christmas holiday. This town of 8,706 people is only 3 miles north of Dallas, and scores 8 out of 10 for great schools. It has many parks, and an average household income of $191,422.

6. Piedmont, California

Piedmont is full of great attributes that make it desirable: five landscaped city parks, tennis courts, playgrounds, picnic areas, and a great location near the San Francisco Bay. With more than 82% of its citizen’s having received a bachelor’s degree or higher, Piedmont’s 10,852 residents are highly educated and well-off (median household income of $207,222). The school system is also top tier, scoring 10 out of 10.

5. Atherton, California

This suburb is located between San Francisco and San Jose, and features native live oak, white oak, bay, redwood, and cedar trees. Atherton’s 6,993 residents are the wealthiest on Business Insider’s 50 suburbs list—the average household income is $239,886. The school system rates an 8 out of 10.

4. University Park, Texas

A large suburb with a population of 23,460, University Park is located five miles north of downtown Dallas, and has a very highly educated populace. 83.7% of residents have earned a bachelor’s degree or higher, and the median household income is $173,520. University Park has a low crime rate and great schools (9 out of 10).

3. Ladue, Missouri

This small town features charming boutiques, gourmet dining, and antique shopping. Ladue has a remarkably low poverty rate of 1.6%, and great schools rated 7 out of 10. The median household income is $176,369, and the population is 8,519.

2. Mountain Brook, Alabama

Mountain Brook is beloved for its five shopping villages, great school system (10/10), and beautiful residential areas designed by the landscape planner that worked on New York City’s Central Park. It is only 17 minutes outside the Birmingham-Hoover metropolitan areas, and its 20,416 residents have a median household income of $131,281.

1. New Albany, Ohio

This top-ranking suburb has 8,135 residents, and is only a 21 minutes drive from Columbus. Characterized by white picket fences, colonial style architecture, public parks, and a low poverty rate of 1.2%, New Albany is a safe and beautiful place to live. The school systems rate a perfect 10 out of 10, and the median household income is $185,076.

After seeing what characteristics make up the top ten best suburbs in America, it’s worthwhile to reflect on your own town. Are you getting your money’s worth? Are your clients? Did your town make the list?

#TopPlaces

Hannah is currently a writer and student in Colorado Springs, pursuing her master's degree in Creative Writing at the University of Denver. Before becoming a Staff Writer for the American Genius, Hannah wrote website content and grant applications for a law office in central Minnesota.

Real Estate Big Data

Home values are on the rise – What will homes be worth in 2023?

(BIG DATA) The housing market is on fire. Will we continue to see home values increasing over the next 2 years? This prediction poll has the answers.

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Houses representing increasing home values.

Ask 12 experts in real estate about the future of home values and you’ll probably get 20 or more different opinions. With mortgage rates rising, the housing market is expected to slow down, but that doesn’t mean that home values are going to decline. Here’s one prediction from GOBankingRates about home values in 2023.

Predictions for Home Values

GOBankingRates used the median home value rate to predict what home valuations will do over the next year. The median home value is the property’s actual valuation, not the list price or home price. It’s interesting to note that there were no predictions in which home values would decline. In most states, home values should increase by 10% or more. Only three states, Louisiana, North Dakota, and Alaska, had predictions of less than 10%. Some states, Utah, Florida, and Arizona had a prediction of over 20% gain.
Here are some of the predictions:

  • Texas – the median home value in 2022 is $290,527. The projected home growth is 15.29%.
  • West Virginia, the state with the lowest median home value of $129,518 has a projected one-year growth rate of 10.39%.
  • Tennessee – with a median home value of $276,250 in 2022, the projected growth rate is 18.19%.
  • Florida – the 2022 median home value is $373,735. By 2023, the projected home value change is 22.04%.
  • Hawaii – the state with the highest median home value of $972,147 has a projected growth rate of 16.65%.

This information is valuable for both homeowners and home buyers. Read the report and find your state here.

The real estate market is promising

Although there were concerns that the pandemic would cause a housing crash, what we’re seeing is much different. It’s not even the housing bubble of 2008. Housing prices are rising because of a lack of supply and increased demand. There’s less likelihood of foreclosure today than 15 years ago, due to more stringent requirements. The housing market looks good, not just into next year, but hopefully over the next decade and more.

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Real Estate Big Data

Median home prices hit $407K, home sales fall 3.4%

(REAL ESTATE NEWS) Home sales dip for a fourth consecutive month in May – what does this mean for the housing market going forward?

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For the fourth consecutive month, existing home sales (real estate contracts signed) fell 3.4% in May from April, and slumped 8.6% from a year ago, according to the National Association of Realtors (NAR). The average days on market fell from 17 days in April (and May 2021) to 16 days in May, and 81% of all homes listed sold in under a month.

The median home price rose 14.8% over the last year to $407,6000, the first time it has ever exceeded $400K. May marks the 123rd consecutive month of annual increases, the longest-running streak in history.

Inventory remains tight, but did rise 12.6% from April to 1.16 million by the end of May, marking a 2.6 month sales pace. Inventory is down 4.1% from May of 2021.

“Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,” said NAR Chief Economist, Dr. Lawrence Yun.

“Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions,” Dr. Yun added.

He notes that it is expected that home sales in coming months will continue to decline in light of rising mortgage rates, yet appropriately priced homes will continue to sell quickly.

First time buyers made up 27% of sales in May, down from 28% in April. This diminishing number remains troubling, as the average hovered around 33% for years, and was at 31% in May 2021.

All-cash sales rising to 25% (up from 23% in May 2021), and individual investors or second-home buyers accounted for 16% of sales in May.

“Declining home purchases means more people are renting, and the resulting rent price escalation may spur more institutional investors to buy single-family homes and turn them into rental properties – placing additional financial strain on prospective first-time homebuyers,” said NAR President Leslie Rouda Smith.

“To counter this trend,” Rouda notes, “policymakers should consider incentivizing an inventory release to the market by temporarily lowering capital gains taxes for mom-and-pop investors to sell to first-time buyers.”

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Real Estate Big Data

NAR Chief Economist predicts housing market uncertainty

(BIG DATA) Warning bells on the housing market have been ringing for over a year. While this prediction isn’t a surprise, it’s disappointing news.

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Multitude of colorful homes representing housing market.

The housing market is booming. Many experts are concerned about another bust like we experienced in 2008, but the conditions are much different today. Homeowners aren’t extended like they were when the market crashed in 2008. National Association of Realtors® Chief Economist Lawrence Yun suggests that the housing market is still uncertain, even though he says, “housing kept the economy afloat” during the pandemic.

What is impacting the housing market? 

Yun cites record-low inventory and inflation as “curveballs” to the housing market. Many economists, including Yun, have been concerned about low inventory for many years, especially in certain markets. Even though builders are working hard to construct new residences, supply chain and labor issues are not accelerating the process.

Yun is more concerned about inflation impacting the housing market. He says,

“wages have risen by 6% from one year ago…but inflation is 8.5%.”

Rising mortgage rates have made mortgages cost $300 to $400 a month more, according to Yun. Many working families can’t afford that. Yun predicts inflation is going to be high for several months. The market will slow as the Federal Reserve raises rates.

Yun also cites the Russia-Ukraine war as another contribution to the uncertainty of the market. The war is also driving inflation, not just overseas, but in the United States. With gas prices climbing higher each week, this is impacting the housing market.

Is real estate a good investment in this market?

Last year, when Yun opened the Residential Economic Issues & Trends Forum at NAR’s annual REALTOR® Conference & Expo in San Diego, he expected the “housing sector’s success to continue,” but he did suggest that 2022’s performance wouldn’t exceed 2021s.

“Rising rents will continue to place upward pressures on inflation,” he said. “Nevertheless, real estate is a great hedge against inflation.”

There’s a lot we don’t know about the future. It’s disappointing to think that the housing market may be uncertain, but real estate is still a good investment.

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