Out of 89 communities in Pennsylvania, Levittown and Croydon have been voted among of the best places for home ownership, according to a study from consumer advocacy site NerdWallet.
Levittown – made up of parts of Bristol Township, Falls, Middletown and Tullytown – was ranked 14 in the list. Croydon, which sits in Bristol Township, was ranked 15 on the list. The areas were the only two in Bucks County to make the top 20.
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Take a look at the top 20 places and the data associated:
“Affordability is a key factor,” Maggie Clark, an analyst with NerdWallet, said about the ranking. “In nine of the top ten places median home values were under $250,000, and in eight of the top 10 places, homeowners spent less than 30% of their median monthly household income on their homes, which meets the standard of affordability set by the U.S. government.”
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NerdWallet researchers asked three questions when combing over data. Here’s what the company said:
1. Are homes available? We looked at the area’s homeownership rate to determine the availability of homes. A low homeownership rate is likely a signal of competitive inventory, more options for renters rather than buyers and expensive housing. Areas with a high homeownership rate led to a higher overall score.
2. Can you afford to live there? We looked at median household income, monthly homeowner costs and median home value to assess affordability and determine whether residents could live comfortably in the area. We used monthly homeowner costs to measure cost of living. Areas with high median incomes and low cost of living scored higher. Are you thinking about buying a home? Learn more about current mortgage rates and mortgage refinancing options in our mortgage guide, as well as whether it’s best to rent or buy.
3. Is the area growing? We measured population growth to ensure that the area is attracting new residents and showing signs of solid growth. This is likely a signal of a robust local economy, which is another attractive characteristic for homebuyers.
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