(Axios) The Rust Belt has a new shine.
Driving the news: Buffalo, Cincinnati and Cleveland are expected to be among 2024’s hottest housing markets, according to a new Zillow forecast.
- The South, Midwest and Great Lakes regions are expected to thrive compared to the rest of the U.S., because of their relative affordability.
Why it matters: It’s fresh evidence of America’s new influence frontiers. Thanks to our wired world and COVID-era trends, the country’s centers of power and jobs have spread out from the coastal bubbles.
State of play: Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Orlando, Florida; and Tampa, Florida, also top this year’s ranking of Zillow’s hottest housing markets of 2024.
- Meanwhile, New Orleans, San Antonio, Denver, Houston and Minneapolis sit at the bottom.
Driving the news: Buffalo and the other hottest markets of the year are projected to have strong demand, steady home values, rising homeownership rates and job growth, per the report.
- On the flip side, home values — and in some cases homeownership rates — are expected to drop in not-hot markets.
What they’re saying: “Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity,” Zillow data scientist Anushna Prakash says.
- The projected typical home value in Buffalo is $248,445, compared to the U.S. average of $347,415, per Zillow data.
Of note: Experts expect it to be another slow year in housing for everyone, with still-high mortgage rates pricing many out of buying — or selling.
The intrigue: Texas markets hat have long been hot are expected to cool in 2024. Dallas, Austin, Houston and San Antonio have slipped significantly since 2023.
