Report: NJ Among Top 10 Worst States To Be A Homeowner
PHILADELPHIA (CBS) -- New Jersey residents, this may be tough to hear but, the Garden State is ranked among the worst states to be a homeowner, according to a report.
ValuePenguin researched several key metrics to rank states on how successfully they offer optimal factors for home ownership.
They analyzed aspects such as taxes, insurance to damage from storms, property crime rates and quality of schools.
The worst states to be a homeowner have some combination of a weak housing market, a heavy burden of costs to maintain a home, and a propensity for calamity and crime, according to ValuePenguin.
The top 10 worst states to be a homeowner are:
Louisiana
Mississippi
Tennessee
New Mexico
Alabama
Missouri
Texas
New Jersey
California
Georgia
ValuePenguin says, "The three worst states are in the south, and specifically from the Gulf region, where yearly storms batter homes and can cause millions of dollars in property damage."
The 10 best states to be a homeowner are:
Iowa
South Dakota
Wyoming
Nebraska
Maine
Minnesota
West Virginia
Michigan
New Hampshire
Wisconsin
The best states to own a home generally are less urban overall, with a higher proportion of homes in rural areas, where costs and crime can be lower, according to the report.