Home prices across the nation are down 33.3 percent since they peaked in the first quarter of 2006, according to latest data from Fiserv Case-Shiller. But home prices are projected to increase 3.9 percent between now and the first quarter of 2017.
Yesterday we put together a list of the 15 best housing markets for the next five years. We're following this up with a feature on the 15 housing markets that are projected to see the most declines or slowest growth in home prices.
Note: The median family income and home price data is for Q1 2012. Unemployment data is for May 2012, and population data is for 2011.
1. Atlantic City-Hammonton, New Jersey
Annualized expected growth from 2012 - 2017: 1.2 percent
The Atlantic City-Hammonton metro area has a median home price of $193,000, above the national median of $159,000. And its home prices are 35.3 percent lower than they were during their peak in the second quarter of 2006.
It has a population of 274,338, an unemployment rate of 12.6 percent, much higher than the national average of 8.2 percent, and a median family income of $64,200 above the national median of $62,900.
2. Columbia, Missouri
Annualized expected growth from 2012 - 2017: 1.2 percent
Columbia has a median home price of $145,000 and its home prices are down 0.5 percent since their Q1 2008 peak.
It has a population of 175,831, an unemployment rate of 5.1 percent, and a median family income of $63,900.
3. Shreveport-Bossier City, Louisiana
Annualized expected growth from 2012 - 2017: 1.1 percent
Shreveport-Bossier City has a median home price of $151,000 and the metro's home prices area down 0.9 percent since they peaked in Q3 2010.
It has a population of 403,595, an unemployment rate of 7.2 percent, and a median family income of $54,900.
4. Gadsden, Alabama
Annualized expected growth from 2012 - 2017: 1.1 percent
Gadsden's home prices have declined 1.9 percent since their Q1 2009 peak.
The metro has a population of 104,303, an unemployment rate of 7.4 percent and a median family income of $41,100.
5. St. George, Utah
Annualized expected growth from 2012 - 2017: 1.1 percent
St. George's metro prices have fallen 37.1 percent since their Q4 2006 peak. It has a population of 141,666, an unemployment rate of 7.7 percent and a median family income of $55,400.
6. San Angelo, Texas
Annualized expected growth from 2012 - 2017: 1.1 percent
San Angelo has a population of 113,443, a relatively low unemployment rate of 5.3 percent and a median family income of $55,000.
7. Elmira, New York
Annualized expected growth from 2012 - 2017: 1.0 percent
Elmira has a population of 88,840, an unemployment rate of 8.8 percent and a median family income of $58,000, below the national median of $62,900.