Sun-Kissed Savings: How Utility Costs Affect Affordability in Warm States
In this analysis, we'll delve into the impact of utility costs on homeownership affordability in warm states. Let's start by examining the median sale prices in various cities, comparing them to other key metrics.
Median Sale Prices
According to the data, the median sale price in Edmond, OK is $388,000, while in Rapid City, SD, it's $338,750. This represents a difference of $49,250. Youngstown, Ohio, has a significantly lower median sale price of $51,750, whereas Pacifica, CA boasts a median sale price of $867,000, nearly 17 times that of Youngstown, OH.
Another interesting comparison is between Flower Mound, TX and Medford, OR. The median sale price in Flower Mound, TX is $661,000, while in Medford, OR, it's $300,000, a difference of $361,000.
Now, let's consider the number of homes sold in each city. Edmond, OK had 164 homes sold, while Rapid City, SD had 68. Youngstown, OH had only 2 homes sold, whereas Pacifica, CA had a mere 1 home sold.
The days on market (DOM) metric offers additional insight into market conditions. Edmond, OK had a DOM of 26 days, whereas Rapid City, SD had a DOM of 57 days. Youngstown, OH had a DOM of 10 days, and Pacifica, CA had a DOM of 64 days.
When comparing the number of homes sold and DOM, we can see that Edmond, OK and Rapid City, SD have relatively low DOM, indicating a competitive market. In contrast, Youngstown, OH has a lower number of homes sold and a shorter DOM, indicating a potentially fast-moving market.
Another factor to consider is the inventory of homes available for sale. Edmond, OK has an inventory of 436 homes, while Rapid City, SD has an inventory of 329 homes. Youngstown, OH has only 15 homes available for sale, and Pacifica, CA has just 6 homes available.
Now, let's examine the market conditions in each city using the provided data. Edmond, OK has a months-of-supply (MOS) of 2.7, indicating a relatively balanced market. Rapid City, SD has an MOS of 4.8, indicating a buyer's market. Youngstown, OH has an MOS of 7.5, indicating a seller's market. Pacifica, CA has an MOS of 6, indicating a balanced market.
Comparison of Warm States
In comparing the warm states, we can see that Edmond, OK and Rapid City, SD have similar median sale prices and DOM, but Edmond, OK has a higher number of homes sold. Youngstown, OH has a significantly lower median sale price and number of homes sold, but a shorter DOM.
It's worth noting that the data shows significant variations in median sale prices and DOM across the cities. This highlights the importance of considering local market conditions when making investment decisions.
For a more in-depth analysis of local market conditions, we recommend checking out our article on how analysis can help you make informed decisions.
Conclusion
In conclusion, the data suggests that utility costs have a significant impact on homeownership affordability in warm states. By examining median sale prices, number of homes sold, DOM, and inventory, we can gain a deeper understanding of local market conditions. This analysis highlights the importance of considering local market conditions when making investment decisions.
For more information on how to overcome challenges in the real estate market, check out our article on top challenges for Airbnb hosts in 2025 and how to overcome them.
Additionally, our article on how Airbnb hosts can leverage local experiences to beat hotel chains provides valuable insights on how to stay competitive in the market.
Lastly, our analysis on ROI under the sun: un veiling the best cities for short-term rental investments highlights the importance of considering sun analysis when making investment decisions.
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