WalletHub recently conducted a study on the healthiest job markets in the United States. Their research found that Boston topped the list. While Shrewsbury is technically a suburb of Worcester, it is still close enough to Boston to benefit from the stability of the Boston housing market.
Methodology of the Report
WalletHub used several factors to conduct their evaluation, but the most significant variables were the percentage of homeowners with low equity and those that were underwater with their mortgages. They also assessed a few other factors, such as the assistance available to new homebuyers and the size of down payments.
There were several sub-variables under each of these categories. The researchers weighted each of them evenly to rank the housing market in large cities across the country. WalletHub reported that Boston was clearly home to the healthiest housing market among the cities it studied.
Shrewsbury and Other Suburban Communities May Actually Have Better Housing Markets
The WalletHub report shows that Boston has the strongest housing market among all metropolises in the country, but that doesn’t necessarily mean that suburban housing markets aren’t performing better. According to data from Zillow.com, the number of homes with underwater mortgages in Boston was comparable to the state average. In other words, while the Boston housing market may be healthier than other large cities, it is mediocre in comparison to other parts of the state.
The Shrewsbury housing market is also healthier than the national average. While there is less data available to draw any conclusions due to the smaller population size, local real estate experts recognize the robustness of the market.
The Shrewsbury housing market is largely growing due to the strength of the Boston economy. The two cities are only about 30 miles apart, so many Shrewsbury residents commute to Boston for work. The Shrewsbury economy will likely continue to grow parallel to Boston’s, which will be a boon for the smaller community’s housing market.
Central Massachusetts Housing Markets Likely to Continue Growth in 2015
The Central Massachusetts housing market has been growing solidly since the end of the recession. Some experts have worried that growth may stagnate if the Federal Reserve chooses to raise rates in the fall. However, economic data seems to indicate that the housing market will remain resilient even if mortgages become more costly within the next few months.