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Peoria is worst real estate market in the US, website says. Here’s why – Peoria Journal Star

The personal finance website WalletHub ranked Peoria at the very bottom of 300 real estate markets across the country in a recent study.

To compile the list, WalletHub looked at 17 key indicators, including an area’s ratio of vacant housing units to its total housing stock, the median days that properties stay on the market, and each area’s share of “seriously underwater” mortgages.

Peoria ranked fifth from the bottom in the latter category, which was defined as mortgages where the combined estimated balance of loans secured by those properties exceeded their estimated market value by at least 25%.

St. Louis, Shreveport in Louisiana and Bridgeport in Connecticut joined Peoria at the bottom of the list, which was published late last month. Four Texas cities topped the list: Frisco, Allen, McKinney and Austin.

This year, Peoria has also been the recipient of other, more flattering labels.

‘Take off like a rocket’:Why Peoria leaders are sanguine about future amid public negativity

In March, Realtor.com gave the greater Peoria area the top spot on a list of the most affordable places in the country, noting a median home price of just $98,000, compared to a national median price of $392,000. In May, Peoria was named the best place to live in Illinois by US News & World Report.

More:Real estate sales in Peoria and Tazewell counties for Sept. 4, 2022

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