Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

What $100,000 Buys You in Your City

Written by Ilyce Glink on January 26, 2015 in Real Estate  |   No comments

Homeownership might feel out of reach, but you may be interested to learn that you can still find properties for around $100,000 across the country. Nationally, home prices have risen 4.9 percent year-over-year, according to the latest S&P/Case-Shiller Home Price Index. While home values are…

what-100000-buys-you-in-your-cityHomeownership might feel out of reach, but you may be interested to learn that you can still find properties for around $100,000 across the country.

Nationally, home prices have risen 4.9 percent year-over-year, according to the latest S&P/Case-Shiller Home Price Index. While home values are predicted to continue to rise in the months ahead—albeit more slowly than they did in 2014—there are still deals to be had.

Whether you’re looking for an investment property or a place to call home, here’s an overview of what you can expect if you are looking to spend around $100,000 in six different metro areas.

Anchorage, Alaska

Alaska might not be the first spot on your list of desired locales, but many homebuyers flock here to enjoy its scenic beauty and the outdoor activities that come with it.

“Alaska is very highly sought after for military placement, especially to retire,” says Michael Droege, owner and general manager at Century 21 North Homes Realty in Anchorage.

Overall, Alaska home values have gone up 8 percent over the past year. According to Droege, Anchorage wasn’t as heavily affected by the recession as other areas of the country. Anchorage faced a 16 percent loss in value, whereas in the lower 48 states there was as much as a 50 percent drop.

“Today, we have made all that ground back up,” Droege says.

The average price of a home in Anchorage is around $360,000. The market has done well, Droege says, partly due to the stability of the government-driven economy, and it will be a competitive market for anyone looking to buy at around $100,000.

“At that price range, you’d need to buy a small condominium or head to markets north of Anchorage and be prepared for an hour drive,” Droege says.

The price increases are mostly due to a lack of inventory, Droege explains. The state of Alaska is the largest in the United States, but the Anchorage bowl area is running out of affordable, developable land. While on average in the United States, land is usually 20 percent of the overall home value, in Alaska, the land component comprises about 40 percent of the overall cost of a home.

Droege expects to see a 3 percent to 5 percent sales increase in Anchorage over the next year. He recommends looking at the Palmer or Wasilla markets for more affordable housing.

Atlanta, Georgia

Atlanta was hit hard by the recession but has moved into recovery mode, according to Todd Emerson, president of the Atlanta Board of Realtors. The market has cycled through the majority of the distressed inventory, and there are far fewer foreclosed homes available than there were 18 months ago, Emerson says.

“[Distressed homes] are now less than 5 percent, where it used to be 30 percent, because the investors really gobbled a lot of that up,” Emerson explains. As a result, the Atlanta market is less affordable than it was two years ago. Emerson says he’s even seen pre-recession prices in desirable areas, such as downtown. According to Zillow, the median sale price of homes in Atlanta is $226,500.

If you’re shopping for a home priced at around $100,000, you’ll most likely have to look as much as 45 minutes outside the city, in the suburbs. Emerson says this is a challenge for Millennials who want to work and buy a home downtown but who can’t find homes that they can afford.

“If they are willing to make a commute or sacrifice on the square footage, there are certainly plenty of opportunities,” Emerson says.

Dallas, Texas

Like other parts of the nation, the Dallas market is suffering from an acute lack of inventory. Dallas-area home prices are now more 12 percent higher than they were before the recession.

“The problem is that the buyer demand is outpacing the listings by leaps and bounds,” says Bill Head, director of communications for the MetroTex Association of Realtors.

The demand for homes is extremely high because of the influx of people moving into the area. Dallas’s economy remained relatively stable throughout the recession and has since attracted businesses and families looking for lower costs of living, Head says.

“A lot of municipalities have some flexibility to help companies relocate,” Head says. Over the next two years, for example, Toyota will relocate its headquarters—and around 4,000 employees—from California to Plano, Texas (a city near Dallas).

While job prospects are good, new homebuyers are going to need patience to find a home in Dallas, Head says. The competition is intense, especially for homes with new amenities that are move-in ready.

“When one of those homes goes on the market, it may already have several offers within the first few days, often higher than the listing price,” Head explains. The median sale price of homes in Dallas is $238,244, according to Zillow. Buyers in a lower price range may need to look outside the city.

“For a single family home for $100,000, I think it would have to be suburbs. There could be some condo home opportunities in the city possibly, but not city-center,” Head says.

Fresno, California

California has seen a price explosion over the last five years, and the median home price is just shy of $400,000. However, there are still areas of the state, such as Fresno, where you may be able to buy a home for a little more than $100,000.

“We are very affordable compared to Los Angeles, and we’re home to lots of recent college graduates or first-time buyers,” says Elizabeth Kuchinski, a seasoned Fresno realtor with Century 21 C. Watson.

Affordable for California may be a little different than the rest of the country. You can get a home in Fresno for around $180,000, Kuchinski says. She adds that the economy is improving, and there’s a good surplus of homes available. The short sales and foreclosures have almost disappeared, but the interest rates are still at record lows.

“It’s a great time to buy,” Kuchinski says, but you may have to look outside the town center if you’re on a strict budget. If you’re fixed on California, however, Fresno may be one of the most affordable regions for housing.

Kailua-Kona, Hawaii

Hawaii is not your typical market but it still sees a cyclical pattern, according to Kevin McCabe of Re/Max Brokers in Kailua-Kona.

“It goes up and down, but right now we are in a recovery period, and prices have been increasing over the past few years,” McCabe says. The median sale price has increased about 20 percent since 2012, and home values have gone up 9 percent in the past year. Most buyers are mainland retirees who have saved up for a change of pace.

“We don’t really have an industry here that’s attracting people, so buyers are usually people over 60 who have already made their money,” McCabe says. Inventory is also a unique challenge for the Kona market because there’s almost no new construction.

“People who move here often love it for the first three or four years, and then they want to go back to a normal life or where there’s family,” McCabe explains, “so we’re just reselling the whole thing.” The lack of advanced medical care is often a challenge for retirees, he says.

In this market, $100,000 likely won’t get you much, especially in Kona, which is where most of the resorts and tourist attractions are located. The median price of homes sold in Hawaii is $452,000.

“It would be a very small house and on the other side of the island,” McCabe says.

New York, New York

According to veteran real estate agent Dawn Carpenter, the New York City market has come back vibrantly since the recession. The median price of homes that sold in New York City is $487,850, up from $463,000 in 2012, according to Zillow.

“What was a buyer’s market a year or two ago has changed to a seller’s market,” Carpenter says. Realtors are also seeing a lot of international buyers come in to the area. New York City home values have gone up 10 percent over the past year, and Zillow predicts they will rise 3.4 percent within the next year.

“We’re a destination spot,” Carpenter says, “Who wouldn’t want to live in New York City?”
The good news is that buyers can still find an affordable one-bedroom condo in the $100,000 range in the outer boroughs, such as Queens or Brooklyn.

“It’s going to be a small condo, but you can still jump on a train and be in Manhattan in 15 minutes,” Carpenter says. For a larger place, such as a two-bedroom condo, buyers will need to look farther out, such as to Staten Island.

“Staten Island has really taken off—we’ve got a new brewery going in, a Ferris wheel, and restaurants,” Carpenter says. For buyers looking at shore properties, Superstorm Sandy has made life more difficult. Buyers have experienced issues with insurance fees and flood coverage, Carpenter explains. Be prepared for higher costs on coastal properties.

Depending on where you want to buy, you may be able to find your new home for less than you think. Of course, make sure you know into what kind of house you are stepping into. If you’re considering a property priced well below average, make sure you understand why. Some homes are inexpensive because they’re located in less-than-desirable areas—something you can’t change—or because they’re in need of major and expensive repairs that will become your responsibility.

Ilyce Glink is the author of over a dozen books, including the bestselling 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In! Her nationally syndicated column, “Real Estate Matters,” appears in newspapers from coast-to-coast, and her Expert Real Estate Tips YouTube channel has nearly 4 million views. She is the managing editor of the Equifax Finance Blog, publisher of ThinkGlink.com, and owner of digital communications agency Think Glink Media. In addition to her WSB radio show and WGN radio contributions, she is also a frequent guest on National Public Radio. Ilyce is a frequent contributor to Yahoo and CBS News.

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

No comments yet

Comments are closed.

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Real Estate Archive