Deciding where to buy your residential property can take time and effort. After all, there are many factors to consider, with broad implications. However, the process becomes much easier once you carefully research and weigh your options.
Take home builders and real estate agents. They are adept at persuasion because they already understand the pros and cons of any given area. However, it’s essential to look at all the available options with a critical eye.
To achieve this, you must evaluate every market in relation to your family preferences. So, without further ado, here are a few things to keep in mind when choosing the best state for buying a home.
Cost of living
The cost of living varies significantly throughout the US. But while it is true that price discrepancies can reach as high as 20% between neighboring cities, there is a certain continuity in average expenses on the level of states.
Take, for example, Alabama, where cities like Montgomery and Birmingham offer affordable housing and a relatively low cost of living.
For those looking to buy a new home in The Magic City, the data is more than welcoming. Overall, ongoing expenses would be 40% lower than in places like Austin, Texas.
Price-to-value ratio
The cost of residential properties exists on a spectrum. However, it is easy to spot outliers when comparing data for the median value.
Namely, if we compare the above again, Birmingham would provide homebuyers with twice as affordable housing options. According to data from Realtor, a single square foot costs $117 in Birmingham, whereas it costs much higher – $353 – in Austin.
Crime
High crime rates strongly deter housing interest, especially among families. Similarly, it is essential to observe the yearly trends because you may want to rent or sell your property.
Therefore, avoid surprises by looking into the area’s crime data, which will help you evaluate its safety profile.
Employment opportunities
Whether you’re a single professional or a family of four, employment opportunities must remain plentiful and diverse. Fortunately, most states have access to a wide range of job markets. However, remember to do your homework and see where your profile might fit.
For example, some areas are in serious need of medical professionals. In contrast, others would benefit significantly from skilled technicians or those with expertise in finance. Data shows that the average American holds 12 jobs over their productive lifespan, so think strategically and think upfront.
Education and medical care
If you have children, the quality of schools in the area is essential. Though, it is hard to compare curriculums and facilities at the level of states since every district operates under a different set of rules.
However, you can use average state expenditure on education to narrow your search and eliminate those places that continually rank at the bottom.
Similarly, if a family member needs medical care for a chronic condition, make sure to spend enough time comparing medical care and ensuing expenses between states.
Taxes
State and local taxes can take a significant bite out of your budget. After all, the annual cost for property owners, based on average house prices, can reach up to $8,300. Therefore, consider property and income taxes when shopping for a new home.
Some places, like Florida, don’t have a personal income tax, which bodes well for young professionals. Others have low property taxes that appease seniors looking to enjoy their retirement.
Access to nature
Nature is an integral part of our lives, and proximity to preserves and the wilderness benefits mental health. In that regard, consider states where it is relatively easy to access national parks, forests, riverbeds, lakes, or the ocean shore. Children enjoy spending time in nature, so look for places along the coast where outdoor fun is a given.
Proximity to family
If your family is scattered across the country, consider places where it is easiest to converge. Think about airports, train stations, highways, and expressways that will make it convenient for them to come and visit. After all, there is no substitute for spending time with family.
Climate
Finally, remember to consider the climate of your prospective new home. For example, if you live in a cold area and want a change, look for locations with mild winters and temperate summers.
On the other hand, if you love snowboarding and skiing, consider a state with rich mountain terrain where you can enjoy a wide range of ski resorts. Whatever your preference, make sure to consider the climate and plan accordingly.