The coronavirus pandemic sent Americans moving amid high unemployment and negative job growth in 2020, propelling some states in the West and Midwest to have the country’s hottest housing markets.
Utah had the strongest housing market in the final quarter of 2020, according to a new Housing Heat Index report from Bankrate.com. Hawaii had the weakest.
The financial information website analyzed data like home prices, overdue mortgages, unemployment and cost of living to rank the housing economies in all 50 states and Washington, D.C.
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“With home prices soaring and remote working the new norm, Americans have been taking a hard look at where they live – and many have decided to move out of pricey coastal markets,” Jeff Ostrowski, an analyst at Bankrate.com, said in a written statement.
Utah benefited from the third-best home price appreciation, few past-due mortgage payments, relatively low unemployment and second-best job growth, according to Bankrate.
Montana had the second-hottest housing market, thanks to the lowest rate in the country of past-due mortgages, plus high rankings in home price appreciation and low tax burden.
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Nebraska, Idaho and Indiana rounded out the top five, with Nebraska tying for the best unemployment ranking and Idaho boasting the top job growth and home price appreciation.
“States such as Utah, Montana and Idaho have proven especially attractive to Californians leaving the nation’s most expensive housing market,” Ostrowski said.
At the opposite end of the list, Hawaii came last, with the housing market sunk in part by the lowest job growth and worst unemployment.
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The District of Columbia had the worst home price appreciation and the worst cost of living ranking, propelling it to the 50th spot on the list.
New York was next, followed by a tie between Illinois and Louisiana, which had the most past-due mortgage payments.