CHARLOTTE, N.C. — A new analysis that seeks to find which U.S. cities are most at risk of diminished affordability for homebuyers within the next decade puts Charlotte — and one of its suburbs — on that list.
The Queen City and Concord appear on GoBankingRates’ unranked list of 16 cities where homes could become too expensive in the next 10 years, based on projected home value growth.
To compile the study, the personal-finance website used Zillow’s one-year forecast to project the growth in home values in the nation’s 300 largest cities over the next decade. It then identified the cities where the change would move the average home value from below the national median to above it at some point in the next 10 years. Currently, the national median is $231,00 and is increasing at an annual pace of 2.8%, GoBankingRates says.
Read more here for a projection on when Charlotte and Concord, as well as other cities, will become unaffordable.
© 2020 Cox Media Group