Glendale has the ninth healthiest housing market among American cities with a population of more than 200,000, according to a new study.
SmartAsset, a technology company that provides personal finance advice online, ranked Glendale behind other Valley cities — Chandler and Mesa — but ahead of Gilbert in its top-10 rankings.
“Homeowners in a healthy market should be able to easily sell their homes, with a relatively low risk of losing money,” SmartAsset said.
To determine market health, the site analyzed stability, affordability, fluidity and risk of loss.
It said it based its stability rate on the average number of years people own their homes and the percentage of homeowners with negative equity.
“To measure risk, we used the percentage of homes that decreased in value. To determine housing market fluidity, we looked at data on the average time a for-sale home in each area spent on the market — the longer homes take to sell, the less fluid the market,” the study said.
It based its affordability calculations on the monthly cost of owning a home as a percentage of household income.
Affordability accounted for 40% of the healthiest markets index, while each of the other three factors accounted for 20%, SmartAsset said.
The site said Buffalo, New York, had the healthiest housing market, followed by Lincoln, Nebraska; Fremont, California; and Durham, California. The other cities in its top 10 were Colorado Springs, Colorado (6); Raleigh, North Carolina (8); and Glendale.
For Glendale, the site said owners live an average 10 years and two months in their homes versus a national average of 12 years and two months.
Only 3% of homes have decreased in value, the study said, as opposed to 18.8% nationwide.
Homes stay on the market an average of 44 days in Glendale, SmartAsset said, as opposed to national average almost twice as long.
And Glendale homeowners devote an average of a fifth their annual household income toward their home — from mortgage and insurance to maintenance costs. That compared to an average 21.1% of annual income that homeowners nationwide pay toward owning their house.