While 2023 marked a notably more subdued year for real estate compared to the preceding years, recent signs suggest market conditions could be heating up again—though some geographies are seeing more activity than others. These are the locations with the hottest real estate markets in 2024.
The construction industry has experienced a period of heightened activity over the past several years, and researchers set out to find the best-paying construction occupations. They analyzed the most common jobs using data from the U.S. Bureau of Labor Statistics. Those occupations were ranked according to their median hourly wage.
Construction has long been a male-dominated field. And while there is still a long way to go to achieve proportional representation, the share of female employment in construction has been increasing in recent years. These are the states with the most female construction workers.
More than half of all U.S. states have seen rent grow by double-digit percentages. At the metro level, the pace of rent changes can be even more stark. These are the locations with the biggest increases in median rent from 2023 to 2024.
Mortgage payoff rates vary substantially across the country. The nearly 28% of working-age U.S. homeowners without mortgages are less vulnerable during recessions than those with large mortgage obligations. These are the cities where the most people under 65 own their homes free and clear.
While baby boomers comprise just over 20% of the U.S. population, they account for nearly 38% of homeowners nationwide. However, baby boomer homeownership rates vary across local and state markets. Researchers calculated the percentage of owner-occupied households that are headed by baby boomers, then ranked locations accordingly.
The U.S. is short between 2.3 and 6.5 million housing units relative to the needs of the current population. And with fewer new homes coming onto the market, many buyers are increasingly competing for older homes. Researchers calculated the median age of residential housing units based on the year each unit was built, and ranked U.S. cities and states accordingly.
For many years, the typical monthly costs of buying a home were well below typical rents in the U.S. But as of November 2023, the typical monthly payment for a home in the U.S. was more than 22% higher than the typical monthly rent. Researchers compared the cost of buying a home now with renting one in over 300 U.S. cities and ranked locations accordingly.
Refinancing a mortgage can help reduce monthly payments or provide some much needed liquidity, but the proportion of households that refinance their mortgage varies considerably across the country. Our researchers ranked U.S. states and metros according to the number of mortgage refinances originated in 2022 per 1,000 households with a mortgage.
Over the past decade, which has included recoveries from both the Great Recession and the COVID-19 recession, U.S. home values grew by more than 100%. To find the locations with the largest increases, researchers analyzed Zillow data and compared median home prices in 2023 to 2013.
Nationally, plumbers earn about 30% more than the typical worker—but more localized data shows a highly regional industry. We ranked U.S. states and metros according to the median annual wage for plumbers, adjusted for the cost of living.
The year-over-year change in rental prices leaped from a recent low of 1.8% in Q2 2021 to 8.6% in Q2 2023. Now, nine states have median market rents topping $2,000 per month. Here are the states and metros with the highest rent prices in the nation.
While mortgage delinquency rates remain low nationally, the concentration of delinquent mortgages varies significantly by location. We ranked U.S. states and metros based on the percentage of mortgages at least 30 days delinquent.
Investing in home improvements varies by location due to factors such as cost of living, local economic conditions, and the housing market. Our researchers ranked U.S. states and metros according to the number of home improvement loans taken out per 1,000 owner-occupied households.
We calculated the proportion of jobs requiring no communication, seldom communication, or occasional communication within each occupation and ranked those occupations accordingly.