The Cheapest Real Estate Markets in USA
Let’s critically analyze the areas in USA where the cheapest real Estate Property is available to the Investors and Prospective Home buyers. Find below a list of the 10 Cheapest Real Estate Markets in U.S.A according to Msn Real Estate USA Review. 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. One of the important Aspects that effects Directly the Real Estate Prices in USA is the unemployment rate and Recession. We will look at 3 Paradigms which would Define How Cheap are those areas really and why so. 1) Annual cost to own. 2) Annual Cost to rent: 3) One/Rent Ratio. First of all Comes Detroit, As early as 2007, this area was the 11th largest metropolitan city and had a population of about 4.6 million! Detroit has had the worst Unemployment Rate of any metropolitan area in June 2011, about as low as 17% affecting a population of over 1 million. This has affected the Real Estate Cost Greatly. The Own to Rent Ratio is about 94% and other Specifications of the Real Estate as are, Annual cost to own value, $ 8520 and Annual Cost to rent Value, $ 9074
After Detroit, comes the Pitts burg area. Having population of about 2.3 million, this area had a 7.7% percent of unemployment rate as per June 2011. The Own to Rent Ratio is about 97%. Being an ex-Steel Town, this area has overcome a Great Stroke of Recession. The Annual Cost to own is about $ 8950 and annual cost to Rent is $ 9250. Right after Pitts burg down the list is Rochester. Rochester is also a Metropolitan area with a population of over 1 million. The Real Estate Own to rent ratio is about 113%, very high indeed and annual Cost to own value is $ 9530 and annual cost to rent value is $ 8500. It is Claimed by the real estate agents of that area that 1 in every 275 Houses are Foreclosed.
Following Rochester N.Y is Memphis on the Declining real Estate Prices List. Located on the Mississippi river, The Real Estate Own to rent ratio is as high as about 114%/ Memphis area is ranked 43rd in USA’s Real estate Foreclosure notice in Early 2009. The Real estate Annual cost to own Value is $ 8590 and Annual cost to Rent Value Being $ 7524. The Real Estate Prices in Tampa, U.S.A have tumbled down considerably. 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. The Tampa Bay Relies on Tourism as the Industry to give their Real Estate Values a Boost. But South Florida has been sweeped under the Recession Tornado since 2007 really bad. To all the Prospective Buyers and Investors In these Markets, the Cost to buy a property is not much more then to rent it. So what are you waiting for?