Buying a home is the most important and expensive financial decision most Americans will ever make, and one that is easy to regret if you don’t find the right house, location and price. On the other hand, checking all the right boxes on a home purchase is one of the best ways to ensure financial security and high quality of life for what could last decades.
When it comes to buying the right home, some cities make it easier than others. The cities where you stand the best chance of getting the most bang for your buck tend to have comparatively low home prices and a variety of good neighborhoods to choose from. Cities with high home prices and limited inventory usually provide the least bang for your buck.
All Star Home, a Raleigh, N.C.-based provider of home improvement services, recently analyzed Americans’ opinions of their homes and neighborhoods in 25 U.S. cities to determine where people got the most housing bang for their buck. The findings were based on a combination of return on investment, how prices compare to median home values, and how happy homeowners are with their homes and neighborhoods.
In a survey of homeowners across the U.S., All Star Home found that nearly one in five Americans attribute half of their home’s value to their neighborhood. A desirable location is one of the “main contributing factors” to property values as buyers look to the neighborhood for a good location and certain amenities.
Many Americans took on home improvement renovations during the COVID-19 pandemic to make the desired home changes. Those upgrades had mixed results, with one-quarter of respondents saying they like their home more now than when they first bought it, while three-quarters say they like it less.
One in six respondents said their neighbors’ political views have caused them to dislike their neighborhood. A similar percentage said they moved to a new state to buy their current home. Here are the top five reasons Americans dislike their neighborhood:
- Weird people
- Noise level
- Homes are too close together
- Rude people
- Nosy people
In terms of cities where homeowners get the most bang for their buck, these ranked in the Top 10 according to the All Star Home survey:
- Detroit, Michigan
- Rochester, New York
- Birmingham, Alabama
- San Antonio, Texas
- Oklahoma City, Oklahoma
- Baltimore, Maryland
- Philadelphia, Pennsylvania
- Houston, Texas
- Dallas, Texas
- Richmond, Virginia
On the other end of the spectrum, these are the 10 cities where homeowners get the least bang for their buck:
- San Francisco, California
- San Jose, California
- Seattle, Washington
- Los Angeles, California
- New York, New York
- Washington, D.C.
- Boston, Massachusetts
- Miami, Florida
- Riverside, California
- Atlanta, Georgia
For Americans who plan to buy another home in the future, here are the top reasons given:
- High cost of living
- Dislike home
- Dislike neighborhood
- Dislike neighbors
- High local crime rate
- Expensive mortgage