Illinois Is The 2nd Worst State To Buy A Home
If you are looking to buy a home for the first time, or once again, you should probably know where to buy. Fortunately, a new survey came out to tell us which states were the best and worst to purchase a home in. Unfortunately, neither Iowa and especially Illinois didn't rank to well.
To find out which states were the best and worst to buy a home in, SmartAsset conducted their sixth annual survey to give us the answers. SmartAssest compared all 50 states across the following 10 metrics:
- Median price per square foot
- Home value appreciation
- Ratio of home value to income
- Foreclosures per 10,000 homes
- Average annual homeowners insurance
- Burglary rate
- Median annual property taxes
- Effective property tax rate
- Average closing costs
- Average closing costs as a percentage of median home value.
After sorting through all of that information, these were the states that ranked in the top 10.Wyoming took the cake for the best state to by a home. Personally, I don't know a soul that lives in Wyoming but SmartAsset found their statistics to be the best.
- One-Year Home Value Appreciation = 5.61%
- Ratio of Home Value to Income = 3.74
- Effect Property Tax Rate = 0.60%
- Foreclosures per 10,000 Homes = .26
- Average Annual Homeowners Insurance = $1,263
How did Iowa and Illinois do? As you've seen from the title, Illinois did terrible. SmartAsset found Illinois to be the second worst state to live in. These are the statistics that SmartAsset found:
- One-Year Home Value Appreciation = 1.28%
- Ratio of Home Value to Income = 3.13
- Effect Property Tax Rate = 2.20%
- Foreclosures per 10,000 Homes = 1.07
- Average Annual Homeowners Insurance = $1,405
Iowa fell in the 31st spot. Last year, Iowa was ranked 23rd. These are the statistics for Iowa:
- One-Year Home Value Appreciation = 2.89%
- Ratio of Home Value to Income = 2.54
- Effect Property Tax Rate = 1.55%
- Foreclosures per 10,000 Homes = 0.78
- Average Annual Homeowners Insurance = $1,421
See where the other states fell from the picture below.