DETROIT — Detroit has been ranked as the worst real estate market in the nation in a new WalletHub study.
With home values rising by an average of more than $16,000 in the first quarter of 2018 but affordability dropping as mortgage rates get higher, the personal-finance website WalletHub released its report on 2018’s Best Real-Estate Markets.READ MORE: Son Fatally Shoots Mother While Driving On Woodward Near Royal Oak
To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 22 key metrics. The data set ranges from median home-price appreciation to home sales turnover rate to job growth.
Detroit ranked 300th overall and 63rd among large cities. Here’s a look at how the city fared:READ MORE: Wixom Man Charged In Shooting Death Of Father's Ex-Girlfriend
Health of Detroit’s Real-Estate Market (1=Best; 150=Avg.):
- 270th – % of Homes with Negative Equity
- 161st – Job Growth Rate
- 93rd – Foreclosure Rate
- 288th – Number of Unsold Homes Owned by Banks (REOs)
- 300th – Population Growth Rate
The study also mentioned Dearborn, which was second in the nation for highest median home-price appreciation, only after Richmond, Calif.
The title of the nation’s best real estate market belongs to Frisco, Texas, which has a much smaller population of about 177,000, according to U.S. Census data.MORE NEWS: Michigan Community Choosing To Help Each Other In Time Of Need After Flint Home Explosion
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