Iowa’s Third Largest City Has One Of The Worst Real-Estate Markets
It's tough to buy a home right now. Interest rates are at a 22-year high which makes buying a home terrifying.
If you were to buy a home in Davenport, IA right now, your interest rate on a 30-year fixed mortgage would be somewhere between 7% and 8%. That's a lot of money the banks are making.
Speaking of Davenport, it's been named one of the worst small real-estate markets in the U.S. It's also the worst real-estate market in Iowa, according to the latest study from WalletHub.
Iowa Has The 8th-Worst Small Real-Estate Market
How could a city like Davenport rank so low on this list? Really, no market is that great right now. When compared to 132 other small cities in the U.S., Davenport is towards the bottom. 8th worst or 126th best small real estate market, to be exact.
Davenport ranks pretty low in some of the categories that WalletHub looked at. Here is where Davenport ranked in some of those when compared to every real estate market in the U.S.:
- 276th – Share of Seriously Underwater Mortgages
- 273rd – Median Home-Price Appreciation
- 242nd – Job Growth Rate
- 201st – Foreclosure Rate
- 292nd – % of Delinquent Mortgage Holders
Yeah, that's not good.
How Does Davenport Compare To Other Iowa Cities?
I hate to say it but Davenport is the worst real-estate market in Iowa compared to the ones that made this list. The other Iowa markets didn't do too well either so they shouldn't be jumping for joy.
Overall, Davenport ranked as the 279th best real-estate market out of 300 cities. You could say Davenport is the 21st worst real estate market in the U.S.
Cedar Rapids and Des Moines made this list, too, but they didn't favor well either. Iowa's capital, Des Moines, came in as the 261st best real-estate market and Cedar Rapids landed at 253rd, according to WalletHub.
Did Illinois Real-Estate Markets Do Well?
LOL. I'll cut to the chase and save you some time. The only Illinois real-estate market that ranked better than 200 was Naperville at 188th.
This is how the other eight Illinois real-estate markets that made it in this study did:
- 263rd - Rockford
- 267th - Elgin
- 268th - Aurora
- 276th - Springfield
- 284th - Joliet
- 289th - Waukegan
- 290th - Chicago
- 295th - Peoria
Yes, three Illinois real-estate markets made in the top 20 worst real-estate markets. Peoria was named the 2nd-worst small real-estate market.