Henderson ranked for Healthiest Housing Market

0
397

A healthy housing market is both stable and affordable. Homeowners in a healthy market should easily be able to sell their homes, with a low risk of losing money over the long run. In order to find the healthiest housing markets in the country,
SmartAsset has released its sixth annual study on the healthiest housing markets in Tennessee. The study determines market health by measuring the average number of years residents spend in homes, home values, the ease of selling a home and the costs associated with homeownership in each location.
They measured stability with two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity. To measure risk, they used the percentage of homes that decreased in value. To determine housing market fluidity, they looked at data on the average time a ‘for-sale’ home in each area spent on the market – the longer homes take to sell, the less fluid the market. Lastly, they calculated affordability by determining the monthly cost of owning a home as a percentage of household income in each city.
Affordability accounted for 40 percent of the Healthiest Markets Index, while each of the other three factors accounted for 20 percent. When data on the above four factors was unavailable for certain cities, SmartAsset excluded said cities from its final rankings of healthiest markets.