Cheapest Real Estate Markets in USA
So what is that could make one Property cheap and the other expensive? There are three factors which directly affectthe Value of Real Estate in United States of America. The ever increasing unemployment rate and recession in the country contribute significantly to the Lowering doneonthe value of Real Estate, however this may differ from state to state. The three factors which Govern hoe Cheap or Expensive the Property will be in the real estate market are 1. Annual costto own 2. Annual Cost to rent 3. One/Rent Ratio Let’s have a look at some of the cheapest Real Markets in United States of America. Below listed are the name of the Stateswhere the Real Estate Markets In an order of the Most Cheapest and Affordable ofthe Least cheapest and Less Affordable 1) Detroit 2) Pittsburg 3) Rochester 4) Memphis 5) Tampa.Fla 6) Cleveland, Tenn. 7) Dayton, Ohio 8) Columbia 9) Orlando, Fla. 10) Dallas-fort Worth, Texas So first and the foremost Detroit:
As Facts suggestin 2007, it was the 11th largest metropolitan city, having a population of about 4.6 million!In the year 2011 this State had the worst unemployment rate that any Metropolitan area could possibly have. It left nearly 20 percent of the Population Affected pretty badly and subsequently affecting the real estate Vale as well. So much so that the Owner to rent ratio is now 94%, the Annual cost to own value, $ 8520 and Annual Cost to rent Value, $ 9074. Wow these are quite Alarming figures. Second on the List is Pittsburgh. It has an unemployment rate of nearly 8 percent in June 2011 Which left the owner to rent ratio to be nearly 97%, the Annual Cost to own is about $ 8950 and annual costto Rent is $ 9250. Third on the list is Rochester. Also a Metropolitan area previously, this had a population of nearly 1 million. The Recession left the facts as below:
The Real Estate Own to rent ratio 113%,the annual Cost to own value $ 9530 and annual costto rent value, $ 8500. Following Rochester N.Y is Memphis on the Declining real Estate Prices List. The facts of this certain state are as Follows: The Real Estate Own to rent ratio about 114%. The Real estate Annual cost to own Value is $ 8590 and the Annual cost to Rent Value is $ 7524. Next in the line is Tampa. Here the Real Estate Owner to Rent Ratio is about 115%, The Real estate annual cost to own Value as high as $ 10,823 and Annual Cost to rent Value round about $ 9,450. This poor state until the year 2011 relied mostly in Tourism to give their real Estate some firm ground. But this too like many other states have been seepedby the Recession Tornado Very badly since the year 2007. In nearly all of these Areas, the Cost to buy a Property is much lesser or nearly equal to the cost that would incur if you were to butthat property.