The U.S. housing market is still healthy — especially in Michigan.
The Niles-Benton Harbor and Lansing-East Lansing areas were among the top 10 metropolitan areas in the country in terms of future housing health in the Health of Housing Markets Report, according to a report released recently by insurance carrier Nationwide. Saginaw also was in the index’s top 10.
The Health of Housing Markets Report is a forward-looking report analyzing the top 400 metropolitan statistical areas to determine housing health. Overall, the report found the nation should generally see “sustainable expansion over the next year,” despite concerns in many markets with connections to the energy sector.
“The cumulative boost from stronger job growth over the past two years, particularly for millennials, combined with pent-up demand to form households resulted in a sizeable jump in household formations starting late in 2014 and running through most of last year,” said David Berson, Nationwide senior vice president and chief economist, in a statement. “The recent economic, jobs and wage data do not support the surprising decline in household formations we saw at the end of 2015, and because of continued economic expansion, we do not expect a housing downturn in the next year.”
Grand Rapids did not place in the top 40, but did show positive overall growth.
1. Dayton, Ohio
2. Yakima, Washington
3. Cleveland-Elyria, Ohio
4. Saginaw, Michigan
5. Syracuse, New York
6. Trenton, New Jersey
7. Niles-Benton Harbor, Michigan
8. Memphis, Tennessee-Mississippi-Arkansas
9. Lansing-East Lansing, Michigan
10. Columbus, Ohio
Lansing-East Lansing was the second most improved MSA in the past year, according to the report.
Overall, the most sustainable markets in the U.S. are Milwaukee, Louisville, Cincinnati, Pittsburgh, New York and Philadelphia.
1. Houma-Thibodaux, Louisiana
2. Laredo, Texas
3. Lafayette, Louisiana
4. Victoria, Texas
5. Austin-Round Rock, Texas
6. Asheville, North Carolina
7. Hammond, Louisiana
8. San Angelo, Texas
9. Odessa, Texas
10. Watertown-Fort Drum, New York
The report expects weakened housing markets in Buffalo-Niagara Falls, New York; Boulder, Colorado; and Santa Fe, New Mexico.