​Best Cities To Buy A Home In 2012 List

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June 8, 2012

You’ll be surprised on what’s being called the best cities to buy a new or used home in America, and with mortgage interest rates at their lowest, it’s the best time to start looking at some of these metropolitan areas.

Best cities to buy a new or used home in America

Houston is a great city with median prices averaging $152,500. It boasts a low vacancy rate and an oil-rich economy. Throw in a bubbling entrepreneurial tech scene, and you’ve got four factors that put this city on top of the list of best places to buy a home.

San Francisco, Charlotte, N.C., Jacksonville, Fla., and St. Louis, Mo., are other areas buyers can feel safe investing in. The average vacancy rate across the major metro areas was 2.88%, and the average percent appreciation was just .07% over the last two years. With lending tight, there are also factors weighed in on the spread between a monthly rent check and a mortgage payment.

Cities where a mortgage payment was close to, or less than, the average rent were given a higher score. For instance, in Cleveland the average rent is $702, and the average mortgage is $565.78. With a lower monthly payment, tax incentives and the opportunity to build equity, it makes sense to be in Cleveland.

San Jose, Calif., has an average monthly mortgage payment of $4,322.33, versus an average rent of $1,612. On the other hand, Texas dominates mortgage-worthy areas. The state offers a business-friendly tax environment, many large corporations call the Lone Star State home, which creates jobs and tax revenue.