The coronavirus pandemic sent Americans on the move among high unemployment and negative job growth by 2020, which led some states in the West and Midwest to have the country’s hottest housing markets.
Utah had the strongest housing market in the last quarter of 2020, according to a new House heating index report from Bankrate.com. Hawaii had the weakest.
The financial information website analyzed data such as home prices, delayed mortgages, unemployment and cost of living to rank housing economies in all 50 states and Washington, DC
“With housing prices skyrocketing and teleworking the new norm, Americans have been looking closely at where they live – and many have decided to move out of expensive coastal markets,” said Jeff Ostrowski, an analyst at Bankrate.com, in a written statement.
Utah benefited from the third-best housing price estimate, few overdue mortgages, relatively low unemployment and second-best job growth, according to Bankrate.
Montana had the second hottest housing market due to the lowest percentage of overdue mortgages in the country, plus high rankings of housing price estimates and low tax burden.
Nebraska, Idaho and Indiana rounded out the top five, with Nebraska as the best for the best unemployment and Idaho boasting the highest job growth and housing price estimates.
“States like Utah, Montana and Idaho have proven particularly attractive to Californians leaving the country’s most expensive housing market,” says Ostrowski.
At the opposite end of the list came Hawaii last, with the housing market partly declining due to the lowest job growth and the worst unemployment.
The District of Columbia had the worst estimate of housing prices and the worst cost of living, driving it to 50th place on the list.
New York was next, followed by a draw between Illinois and Louisiana, which had the most overdue mortgages.