Families often seek a lot of space in a home to spread out. Which markets offer the best chances to live large and affordably? Homes in Arizona may be the best deal for a family’s budget, according to a new analysis.
Arizona homes are appreciating at a quick rate, particularly in markets around the Phoenix area. The homes also tend to be larger than many other markets, and have more homes with multiple bedrooms to accommodate growing families.
SmartAsset, a personal financial website, determined the best cities to buy large family homes by analyzing six main metrics: median home values, five-year change in median rent costs, average effective property tax rates, the percent of homes with at least two bedrooms, median housing costs as a percent of income, and the percent of homeowners who are housing cost-burdened.
The top 10 cities to buy a family home, according to SmartAsset, are:
- Chandler, Ariz.
- Boise, Idaho
- Gilbert, Ariz.
- Fremont, Calif.
- Aurora, Colo.
- Colorado Springs, Colo.
- Fort Wayne, Ind.
- Scottsdale, Ariz.
- Plano, Texas
- Raleigh, N.C.
Source: “The Best Cities to Buy a Home Big Enough to Raise a Family,” SmartAsset (Oct. 12, 2017)