Think that no real estate market is safe? Believe it or not, there are cities where home values have held their own. Their economies are well diversified, and their population growth has been slow, keeping unemployment low and speculative building to a minimum.
Check out these ten cities that have seen an increase in median home value. Change in median home price is from the fourth quarter 2007 to the fourth quarter of 2008, which is the most recent data from Fiserv Lending Solutions, a home-price research company. The slide show navigation begins to the right.
By Louis Jones
1. MIDLAND, TEXAS
Metro area population: 126,408
Median home price: $172,600
12-month change in home value: +10.4%
Home value vs. national median ($180,200): -4%
Top employer: Midland Independent School District
April 2009 unemployment rate: 4.5%
Midland's rock bottom unemployment rate, fueled by the local education, oil, manufacturing and health care industries, limits foreclosures in the area. As in most Texas communities, the city’s conservative lending market helped it to largely avoid the subprime-mortgage bubble's burst. The city, located about 50 miles east of the New Mexico border, is home to Midland College and was a childhood home to President George W. Bush.
Sponsored Content
2. DECATUR, ALABAMA
Metro area population: 149,279
Median home price: $105,000
12-month change in home value: +6.6%
Home value vs. national median ($180,200): -42%
Top employer: General Electric
April 2009 unemployment rate: 8.9%
General Electric and the 3M Company are among the 18 Fortune 500 companies that have plants in the Decatur area, keeping the economy stable and diversified. Like many other real estate safe havens, Decatur has maintained a modest population and has seen little speculative building.
Sponsored Content
3. MONROE, LOUISIANA
Metro area population: 169,586
Median home price: $125,450
12-month change in home value: +6.3%
Home value vs. national median ($180,200): -30%
Top employer: St. Francis Medical Center
April 2009 unemployment rate: 6.2%
Midsize manufacturing companies such as Angus Chemical Company and Bancroft Bag make up a big chunk of the infrastructure in Monroe, located about 30 miles south of the Arkansas border. Local schools such as the University of Louisiana at Monroe and Louisiana Delta Community College also give the city a boost. And despite minimal population growth, the area continues to attract new jobs, including 300 service-sector jobs in March.
Sponsored Content
4. KINGSPORT-BRISTOL, TENNESSEE/VIRGINIA
Metro area population: 302,096
Median home price: $139,624 (*This is the average)
12-month change in home value: 6.3%
Home value vs. national median ($180,200): not available
Top employer: Eastman Chemical Company
April 2009 unemployment rate: 8.8%
Locals compare this metro area's economy to a slow-growth bond rather than a stock, says city development manager Jeff Fleming. Manufacturing companies such as Eastman Chemical, AFG (a glass manufacturer) and Domtar (a paper company) make up the economy’s backbone. The housing market is kept robust by "halfbacks" who used to spend summers in the North and winters in the South but are now making Tennessee their home year round.
Sponsored Content
5. VICTORIA, TEXAS
Metro area population: 115,885
Median home price: $116,000
12-month change in home value: 6.2%
Home value vs. national median ($180,200): -36%
Top employer: Formosa Plastics
April 2009 unemployment rate: 6.1%
Construction of five new schools is in the works, giving a jolt to the local construction industry. Victoria is home to two major hospitals, including Citizens Medical Center, which was lauded as one of the top 100 hospitals in the country in 2008 by Thompson Reuters. The city's location doesn't hurt, either. It's a less than a two-hour drive from San Antonio, Austin and Houston.
Sponsored Content
6. BRYAN-COLLEGE STATION, TEXAS
Metro area population: 207,734
Median home price: $148,000
12-month change in home value: 5.5%
Home value vs. national median ($180,200): -18%
Top employer: Texas A&M
April 2009 unemployment rate: 4.5%
The lifeblood of this southeast Texas metro area's economy? Texas A&M University, which boasts a slew of ongoing health and science research projects, luring many postgraduate students and educators to the area. Aggie alums are known for their school pride, and many buy homes in Bryan-College Station after graduation or return to the area for retirement. The city is also home to the George Bush Presidential Library and Museum.
Sponsored Content
7. TUSCALOOSA, ALABAMA
Metro area population: 203,865
Median home price: $145,000
12-month change in home value: +4.8%
Home value vs. national median ($180,200): -20%
Top employer: University of Alabama
April 2009 unemployment rate: 7.3%
With about 6,500 employees, The University of Alabama is a large contributor to this city's success, but industrial stalwarts such as BFGoodrich, Hunt Refining and Mercedes-Benz also provide a bulk of the jobs.
Sponsored Content
8. STATE COLLEGE, PENNSYLVANIA
Metro area population: 144,658
Median home price: $199,754 (average)
12-month change in home value: +4.7%
Home value vs. national median ($180,200): not available
Top employer: Penn State University
April 2009 unemployment rate: 5.2%
By far, the top employer in State College is Penn State University, with the local government coming in second. The university's business incubator program provides cheap office space and other services to start-up companies, encouraging entrepreneurship in the area.
Sponsored Content
9. LAREDO, TEXAS
Metro area population: 233,152
Median home price: $124,200
12-month change in home value: +4.7%
Home value vs. national median ($180,200): -31%
Top employer: United Independent School District
April 2009 unemployment rate: 7.2%
Laredo's location on the Mexican border makes it the largest inland port in the U.S. and a major trade route among Canada, the U.S. and Mexico. The United Independent School District, Laredo Independent School District and the city government are the three biggest job sources in the city.
Sponsored Content
10. LUBBOCK, TEXAS
Metro area population: 268,438
Median home price: $113,000
12-month change in home value: +4.6%
Home value vs. national median ($180,200): -37%
Top employer: Texas Tech University
Unemployment: 4.2%
Like many other Texas cities, Lubbock's well diversified economy, spurred by education and research, health care, and manufacturing keeps unemployment and foreclosures low. Sometimes called a "hub city," the western Texas town serves as a distribution center to many cities in Texas and New Mexico. With almost 30,000 students, Texas Tech University is also a vital part of Lubbock's economy.
More Great Slide Shows:
Ten Cities for Shrinking Home Prices
Bargains on the Fairway
Foreclosure Deals Across the States
8 Remodeling Projects That Pay Back
Sponsored Content
-
Amtrak Joins Prime Day With Deals on Fares — But You’ll Have to Act FastPrime members can score 20% off midweek fares — what travelers should know before booking.
-
Mississippi Tax-Free Weekend 2025 Is Here: What to Know Before You ShopTax Holiday Just in time for Prime Day, Mississippi is celebrating a tax holiday in July. Find out how you can save on back-to-school essentials.
-
12 Great Places to Retire in the MidwestPlaces to live Here are our retirement picks in the 12 midwestern states.
-
10 Cheapest Small Towns to Live InThe cheapest small towns might not be for everyone, but their charms can make them the best places to live for plenty of folks.
-
Best Cold Weather Places to RetirePlaces to live Some like it hot; others, not so much. Here are the 12 best places to retire if you can't stand the heat.
-
The 24 Cheapest Places To Retire in the USWhen you're trying to balance a fixed income with an enjoyable retirement, cost of living is a crucial factor to consider.
-
The Six Best Places to Retire in New Englandplaces to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
-
Best Cold Weather Places to Retire
places to live Some like it hot; others not so much. Here are the 12 best places to retire if you can't stand the heat.
-
15 Ways to Prepare Your Home for Winterhome There are many ways to prepare your home for winter, which will help keep you safe and warm and save on housing and utility costs.
-
Hurricane Insurance Claims: 10 Things You Need to KnowBecoming a Homeowner Hurricane damage? Know what your insurance will and won't cover to make the most of your policy if you need to file a claim.
