5 Best States for Home Ownership

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Depending on where you live, you may qualify for a property tax exemption offered by your state, county, or local jurisdiction. Some states offer a homestead exemption, for example, where you don’t pay taxes on a certain portion of your home’s value—say, the first $150,000—if you meet certain age or income requirements following the death of a homeowner spouse or the declaration of bankruptcy.

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Percent of renter-occupied units spending 30 percent or more on rent and utilities such as electric, gas, water and sewer, and fuel (oil, coal, etc.) if paid by the renter. States with the same percentages receive the same rank.

Average Cost of Homeowners Insurance (2020) - ValuePenguin

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Maryland aims for 20% of all the energy generated by 2022 to come from renewable sources. Because of this standard, utilities and the state government are offering great incentives. For almost all smaller residential installations, homeowners qualify for a $1,000 grant. Additionally, they receive cash back from the local utility for every kilowatt they produce with their panels on top of state property and sales tax exemptions. Great state regulation means, despite Maryland’s mid-range electricity costs and below-average insolation, homeowners here can typically pay off the cost of installation in 8 years, the same time frame projected for Arizona residents. Solar leasing is available in Maryland.

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In her spare time, you can catch her writing, watching historical documentaries, or learning something new. Her upcoming book will be published by North Atlantic Books in Spring 2021.

The third state on our list for best states for homeowners is South Dakota, which has a median-home-value-to-median-income ratio of just 2.97, a top-15 rate. The burglary rate in South Dakota is approximately 311 per 100,000 residents. That’s the third-lowest rate in the top 10 and the 12th-lowest rate for that metric in the study overall. The property tax rate is fairly high at 1.26%, leading to median annual property tax payments of $2,119.

Despite this, however, homeowners can enjoy the fact that the state ranks extremely well for its low number for foreclosures and low burglary rate. July 2020 data from realtytrac.com shows that there has been only one foreclosure per every 125,524 homes in the state, or a rate of 0.08 per 10,000 homes, the second-lowest rate for this metric in the study. Additionally, according to 2018 FBI crime data, New Hampshire has the lowest burglary rate – about 136 per 100,000 residents – of all 50 states.

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Farmers owns about 5% of America’s homeowners insurance policies, and offers policies available nationwide. With strong credit ratings from A.M. Best and fairly high customer satisfaction ratings, Farmers homeowners insurance policy rounds out the top five.

Like any other type of insurance policy, homeowners insurance has a lot of moving parts. When you’re choosing your policy, there’s a lot more to consider than just the monthly premium you’ll pay for coverage.

Percent of mortgaged owners units spending 30 percent or more on rent and utilities such as electric, gas, water and sewer, and fuel (oil, coal, etc.) if paid by the renter. States with the same percentages receive the same rank.

On half of the metrics in our study, Arizona ranks in the top 20. It has the eighth-highest median value per square foot ($413), the second-highest home value appreciation (7.55%) and 13th-lowest average closing costs as a percentage of median home value (1.35%).

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