WILMINGTON, NC (WWAY) — Wilmington has been named one of the nation’s best small metro areas for home ownership. Wilmington came in at No. 10 on the list.
The ranking from consumer advocacy site NerdWallet, factors in available homes, cost of living and area growth to help potential homebuyers find the best match.
Buying a house is not easy work, but after a recent study found that one in four households are spending more than 50 percent of their income on rent, it may be worth the effort.
“The affordability also of owning a home now as compared to renting is in favor of owning a home,” Wilmington realtor Ashley Garner said. “With the prices and the interest rates, in many cases you can own a home for less than you can rent a similar property.”
So NerdWallet, a website that says its “on a mission to save you money,” analyzed the top 100 most populous metro areas to find out which are best for prospective buyers.
“Wilmington made the cut because it was one of our most affordable cities with monthly homeowner costs as a percentage of household income coming in at under 36 percent,” NerdWallet strategy associate Jaime Ortiz said.
She says with a population growth of 1.6 percent and homeownership rates nearly one point higher than the national average, the numbers say it all. But Ortiz, who has visited Wilmington, says it’s about more than just the numbers.
“Wilmington is a really great place for residents given it has access to a good quality of life with the beach and the ocean nearby, but then there’s also diversity of business opportunities in the area,” she said.
Wilmington is not the only North Carolina city to make the cut. Raleigh and Charlotte top the list for the best large metro areas for homeownership.