The southern borders of the United States, namely New Mexico and Arizona, real estate markets have been declining in what seems like a slow free fall. Colorado, hasn’t been the picture of real estate health, either. Colorado has suffered since the bursting of the housing bubble, below you will get a contrast of each state, and which state a real estate investor should throw themselves into.
New Mexico’s Residential Real Estate
The percentage of New Mexico residents who are currently home owners is an high 60.78 percent. Renters in New Mexico, reached 26.08 percent, leaving just over 10 percent of the New Mexico homes vacant. The most common type of real estate in New Mexico, is the single family detached homes, with 60.96 percent of the real estate falling into that category. Apartment complexes, otherwise known as high rise apartments, are the next best bet for the real estate investor in New Mexico, consuming 9.87 percent of the total real estate owned in the state.
New Mexico’s apartment real estate markets are at a loss, the high rise apartment properties are a tiny chunk of New Mexico’s real estate industry. That becomes more apparent, with the next revelation of the state’s real estate numbers. The amount of real estate being consumed by small apartment buildings in New Mexico is only half of the high rise apartments. Mobile homes sales in the state, also, makes an impact on the real estate markets and economy of New Mexico. The amount of real estate being owned by mobile home owners and sellers rests at a rather large 18.59 percent.
The median home value in the state averages out to be just over, $184,000. The price paid by most homeowners, 33.42 percent, paid between $195,000 and $389,000. The majority of the rest of the real estate sold in the state of New Mexico, 31.13 percent, are homes selling in the $98,000 to $195,000 range. The average rental rate for a New Mexico apartment, crunches out to be $731.00, per month. After reflecting on these numbers, any agent can see that the largest real estate market in New Mexico is, easily, the single family residential markets.
Arizona Real Estate
Since 1990, the appreciation rate of Arizona real estate has risen 8.45 percent, and in the last 12 months, it has fallen 13.63 percent. Residential real estate prices in Arizona shoot from the bottom rung, all the way up to the top shelf.
Arizona’s median income is $40,558, which is needed by the citizens of Arizona just to maintain the mortgage on median income home of over $223,000. One could expect Arizona’s foreclosure starts to sky-rocket in the coming quarters.
Colorado Real Estate
Colorado has been doing a bit better in this respect, than Arizona, but not nearly as strong as. Colorado’s appreciation rates have climbed over the past 10 years , 10.05 percent, and across the last 12 months, the residential real estate in Colorado has been driven up 10.05 percent, including a gain of 0.37, during the last quarter. In 2010, the all important median value of a residential piece of real estate, namely a single family home, lists at just above $263,000. The median income of Colorado home owners was $47,203, but per capita, the state averages a poultry 24,049, making that mortgage or rent payment a little harder to manage.
After researching and reading all the real estate facts for New Mexico, Arizona and Colorado, the only conclusion that can be reached is, the most commonly bought and sold pieces of real estate in the entire south eastern U.S. is residential homes and apartments, specifically single family homes from the $150,000 to 265,000 range. For in more information on these states and others go to… http://www.neighborhoodscout.com.