House hunters seeking the perfect combination of affordability and livability should look no further than Lynchburg, Virginia, which was named the best hidden gem housing market in the United States.
The ranking, compiled by personal finance site GOBankingRates, was thanks to the city’s high livability score of 91 (the highest among any other city on the list) and reasonable average home value of $264,559, compared to the statewide average of more than $417,000. The city, which is located in the central part of the state in the foothills of the Blue Ridge Mountains, is known for its gorgeous neighborhoods and riverfront along the James River.
In Lynchburg, the median household income is $59,808, according to the study.
The second-best hidden gem housing market was North Tonawanda, New York, which sits just north of Buffalo. The upstate New York city similarly boasted a high livability score of 86 and average home values of just over $275,000, more than $200,000 below the state average.
The third place spot went to Wausau, Wisconsin. The central Wisconsin city along the Wisconsin River was lauded for its high livability score of 90 and its low average home value of just $238,916.
Coming in last on the list at No. 30 was Merced, California. The city, which sits just south of Modesto, was still considered a hidden gem despite its lower livability score of just 75. And while Merced’s average home value was high at $400,681, it nonetheless remains much more affordable than the state average of $798,043.
Pensacola, Florida, took the No. 29 spot, followed by Glassboro, New Jersey, and Springfield, Massachusetts.
The full list looked at 30 of the best hidden gem housing markets in the U.S. this year where the market offered “significantly lower home prices than their state averages, manageable mortgage costs and solid median incomes — along with strong livability ratings.”
In order to determine the rankings, GOBankingRates looked at data from a number of sources, including the Bureau of Labor Statistics and the Federal Reserve. Each city was then weighted based on multiple categories to produce an overall score that “blends” both affordability and livability.
If affordability is not the top concern, house hunters should consider a move to the Prospect Heights and Clinton Hill neighborhoods in Brooklyn, New York, which were ranked as the hottest housing markets in the country. That was closely followed by Jenison, Michigan, which sits just outside of the city of Grand Rapids.
