Three housing markets in West Michigan are considered to be among the top-10 healthiest in the country.
Columbus, Ohio-based Nationwide, an insurance and financial services company, released last month its latest “Health of Housing Markets” quarterly market barometer report.
Four Michigan metropolitan statistical areas, or MSAs, rank in the top 10, more than any other state.
“On a national level, housing affordability is fairly valued, with little sign of a housing price bubble,” said David Berson, SVP and chief economist, Nationwide. “However, certain areas are seeing price appreciation that is too rapid compared with income growth, potentially driving homebuyers out of the market. These markets are mainly concentrated in the Pacific Coast, Colorado, Texas and parts of the Eastern Seaboard.
“Alternatively, markets with strong ties to the energy sector, such as Wyoming and Louisiana, are seeing weakening housing markets. This is, in part, due to job losses caused by lower oil prices.”
Top-10 healthiest housing markets
1. Kankakee, Ill.
2. Harrisburg-Carlisle, Pa.
3. Dayton, Ohio
4. Yakima, Wash.
5. Lansing-East Lansing
6. Buffalo-Niagara Falls, N.Y.
7. Lancaster, Pa.
8. Niles-Benton Harbor
9. Battle Creek
Michigan also ranks highly in the index for the top-10 metros that showed the most improvement in the past year.
Niles-Benton Harbor tops the chart, showing the most improvement in the past year.
Muskegon, Warren-Troy-Farmington Hills and Flint also rank for showing the most improvement.
No Michigan market ranks among the bottom 10 or markets that weakened the most in the last year.
Source: Grand Rapids Business Journal