Most Affordable Homes Report Compiled by BestBrokers.com

 Paul Hoffman

SEATTLE, WA -- BestBrokers.com has issued its comprehensive report on the U.S. housing market, identifying the US states where homes are most affordable, when compared to the average income there.

According to Paul Hoffman of BestBrokers.com, "despite a slight decrease in mortgage rates before the end of 2023, prices remain painfully elevated and a limited housing inventory is still failing to keep up with the high demand.

"Eager to discover how prices vary by state and where prospective buyers can find affordable housing options, our team at BestBrokers meticulously analyzed U.S. housing market data as of 2023, provided by Redfin of Seattle, WA.

"We correlated the median home prices in every state with the most recent official per capita income figures. Then, we ranked the states based on how many years' worth of annual income it would take the average American to buy a home.

"According to our findings, the median U.S. home price reached $408,428 last year, while the income per capita stood at $68,786 as of the third quarter.

"This equates to the median house costing about six times more than the average salary nationwide. Hawaii leads the way as the worst state for home affordability, with homes costing 11 times the median annual income, whereas North Dakota emerges as the most affordable state for homebuyers as homes there are barely 3 times the personal income per year.

Hawaii shoreline

Key takeaways from our report:

·                                 Residents of North Dakota, the most affordable U.S. state, cover 27.85% of what they would need to pay for a home each year. As a result, they must save about 3 years and 7 months' worth of their salaries ($73,090/year) to cover the median price of a home ($262,465);

·                                 Hawaii, the least affordable state for homebuyers, features a per capita income of $65,725, which constitutes solely 9.23% of the median home’s price ($712,100). Put simply, people need to set aside almost 11years’ worth of earnings to afford a home;

North Dakota apartments

·                                 Florida recorded the highest number of homes sold last year (379,355) and holds the top position when we consider the home sales per 1000 people ratio (16.78);

·                                 West Virginia bottoms the ranking when we examine the same ratio (2.44), while North Dakota, despite being the most affordable state, recorded the lowest number of home sales in 2023 (3,125);

·                                 "Living on the coast tends to be more expensive than inland areas due to higher prices of goods and services as well as elevated taxes and insurance costs.

CONTACT:

Paul Hoffman

 BestBrokers.com

research@bestbrokers.com

Peak Development Partners and Hungry Investments acquire 5.5-acre development site in Chandler, AZ

 

Kristian Cotta 

PHOENIX, AZ —Peak Development Partners, a high profile commercial real estate development firm, along with Kristian Cotta of Hungry have acquired a 5.5-acre parcel of land located at the corner of Chandler Boulevard and Cooper Road in Chandler, Arizona from NGAI Family Trust.

     The price was not disclosed.

 

              Peak Development Partners and Hungry Investments will break ground in the fourth quarter of 2024 on multiple retail pads on the property.  These pads are scheduled to be open by Q1 2025.  Brian Gast of Velocity Retail Group is handling leasing of the pads.

 

.  Brian Gast 

              “This property has a strong demographics with nearby complementary retail as well as housing, schools and parks,” said Garrett Johnson, Managing Partner, Peak Development Partners. “We are actively looking to acquire land to develop much needed retail and restaurant space in supply constrained markets throughout the United States.”

 

              This corner parcel is ideally located in a dense and affluent area with an average household income exceeding $135,000.    It is also across the street from a Walmart Neighborhood Market Center and just minutes from the Loop 202 full diamond interchange, providing convenient access to neighboring communities.

Garrett Johnson

 Peak Development Partners was represented by Phil Bramsen of SanTan Commercial Advisors.  The seller, NGAI Family Trust, was represented by Mike Sutton of Lee & Associates.

 

Peak Development Partners

Peak Development Partners is a Dallas, Texas-based commercial real estate development firm that specializes single tenant and multi-acre retail properties throughout the United States.

 

Phil Bramsen

 It’s founders Garrett Johnson, Ben Paige and Clint Anderson, have a combined 37 years of experience developing retail properties valued at over $250 million.  

Contact:

 

 David Ebeling

 Ebeling Communications

 (949) 278-7851

david@ebelingcomm.com

 

www.peak-dp.com