Home affordability grew in second-quarter 2020, despite the COVID-19 pandemic creating economic turmoil. One analysis concluded that 49% of single-family homes and condos in counties with enough data to analyze were more affordable than the historical average. This shift in the market has opened opportunities for new homebuyers to achieve the American Dream. Buyers looking to purchase a home today may want to consider purchasing in one of the ten states listed as the best for homeowners in 2020, according to a recent study from SmartAsset. To find the ten best states for homeowners this year, SmartAsset examined data including median price per square foot, home value appreciation, the ratio of home value to income, foreclosures per 10,000 homes, average annual homeowners insurance, burglary rate, median annual property taxes, effective property tax rate, average closing costs and average closing costs as a percentage of median home value. The slideshow above spotlights SmartAsset's top ten states for homeowners in 2020. SmartAsset found that the West and Northeast are prime regions for homeownership. Home values appreciated by more than 5% over the past year in all five Western states listed amongst the top ten. Also, all the Northeastern states on the list rank amongst the highest nationally for low estimated costs of homeowners insurance and low burglary rates. When purchasing a new home, SmartAsset recommends that buyers calculate the full cost of owning the home, including annual homeowners insurance premiums. Online purchasing guides that help estimate the cost of living, closing costs, property taxes, and more in a location can help buyers make informed housing decisions. Related: |

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