With mortgage rates falling and a renewed emphasis put on living space during COVID-19, U.S. home sales have boomed.
In July, sales of previously owned homes rose 24.7%, according to the National Association of Realtors. Meanwhile, sales of new homes increased by 13.8% based on the Census’ Survey of Construction.
With homeownership top-of-mind for many people across the U.S., SmartAsset crunched the numbers to find the best states for homeowners for the sixth year running. Tennessee cracks the top half at number 20 on the list to tie with Michigan as being named one of the best states for homeowners.
Some of the reasons that Tennessee stands out… In just one year, a new homeowner in the Volunteer State should see the value of their home appreciate by 6.33%. Furthermore, the annual cost of homeowners insurance is deemed realtively low with an average cost of just over $1200 each year.
The full report, including the methodology and key findings, can be found here: