ALBUQUERQUE, N.M. — Albuquerque is the worst place to own a home among more than 350 metro areas around the country, according to Fortune.
The list, compiled by real-estate data firm Trulia, is based on home values and vacancy rates, combined with labor market statistics like wage growth, employment growth, and the change in the unemployment rate since 2012.
“The logic is that even if housing prices are rising, that might do a homeowner little long-term financial good if the area the home is in has little wage growth and lousy employment prospects,” the Fortune article said.
Below Albuquerque on the top 10 worst places are: Gary, Ind.; Silver Spring, Md.; Camden, N.J.; Syracuse, N.Y.; Little Rock, Ark.; New Haven, Conn.; Milwaukee, Wis.; Virgnia Beach, Va., and coming it at No. 10 was El Paso.
“All of the cities on this list have performed below average on both labor market metrics and housing market metrics,” Trulia data analyst Felipe Chacon said in the article. “In Albuquerque, for example, home of Sandia National (Laboratories), Kirtland Air Force Base, and the University of New Mexico, the government sector comprises nearly 21 percent of all employment compared with 14 percent nationally. With tight state, local and federal budgets, a more robust employment expansion has been hampered since prior to 2012.”