07 May May Mortgage News Synopsis
The Charlotte region recently received several accolades, which helps continue to make the Queen City an attractive place to reside. Meanwhile, New Hanover County residents received some potentially good news about their property taxes. Here is more on the mortgage news stories that we are watching:
The Queen City Is A Good Fit For First-Time Homebuyers
Even though home prices continue to rise and a lack of inventory continues to plague the market, homes are available — you just need to know where to find them. This is especially a consideration for millennials, as many are starting their journey to becoming homeowners. Relocating to the Midwest or the South is presently a good move for anyone looking to buy. Charlotte ranks #13 on the SmartAsset annual list of “Best Cities for First-Time Homebuyers in 2018,” with 159 lenders, a loan funding rate of 76% and a $108.83 average value per square foot. SmartAsset used information and data for seven factors to rate the best cities to live for someone purchasing a home for the first time.
The Charlotte-Concord-Gastonia Metro Area Economy Earned A Top 10 Ranking
Financial and business news website Business Insider has ranked the economics of the largest U.S. cities. The ratings for the top 40 metro areas are based on unemployment rate, average weekly wage, job growth rate, GDP per capita and GDP growth rate. These measures of overall economic health allowed Business Insider to compare the information on a collective scale. The Charlotte-Concord-Gastonia region landed at the No. 10 spot on this list. Charlotte had a GDP growth rate of 3.4% in 2016, which was the ninth highest when all 40 metros were evaluated.
Property Taxes In New Hanover County May Be Decreasing
In the anticipated New Hanover County budget, property taxes are slated to drop slightly. County manager Chris Coudriet is proposing a reduction from 57 cents to 55.5 cents per $100 of assessed property value. This is a drop of 2.7%. For example, for someone who owns a $300,000 home, property taxes would drop from $1,710 to $1,665. The fiscal year runs from July 1 of this year through June 30, 2019.
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Buckland, Tim. “New Hanover County property taxes could drop.” Web blog post. StarNews Online. 3 May 2018. Web 3 May 2018.
Loudenback, Tanza. “Many millennials are itching to become homeowners — here are the 17 best cities to put down roots.” Web blog post. Business Insider. 4 May 2018. Web 4 May 2018.
Kiersz, Andy. “The economies of the 40 biggest US cities, ranked from worst to best.” Web blog post. Business Insider. 25 April 2018. Web 25 April 2018.
Miller, CEPF®, Derek. “The Best Cities for First-Time Homebuyers in 2018.” Web blog post. SmartAsset. 1 May 2018. Web 1 May 2018.