Must-Know Real Estate Facts About the East Coast

The eastern part of the USA, also known as the East Coast, is comprised of 16 states: Maine, Massachusetts, New Hampshire, Connecticut, Vermont, Pennsylvania, Rhode Island, New Jersey, New York, Maryland, Virginia, Delaware, North Carolina, South Carolina, Florida, and Georgia.

This part of the country is very diverse in terms of climate, lifestyle, and even real estate. It offers multiple living options, from seaside locales, bustling urban centers, and towns that give off that Southern charm to places that are popular for their fall colors. In fact, the East Coast’s residential sector continues to exhibit signs of strength, and those that are looking to buy a new house or are planning to relocate could benefit from current market conditions.

If you’re planning to buy a home on the East Coast, here are some real estate facts you need to know.

It is compact and convenient.

Compared to the West Coast, the states on the east are smaller and more compact. This means that if you have family in other states on the same coast, it’s easier to travel to visit them, and there are so many different things to see on your journey. It’s also more convenient if you are moving to a new house on the East Coast because it will cost less. For example, moving to Maryland from New York will take less than a 4-hour drive.

As per a SurveyMonkey survey, the famous Virginia Beach in Virginia has ranked among the best places to live in the US. Median home prices in this area grow to $310,810, and residents take high regard for the ease of commute in the area as part of their desirability score.

It caters to various lifestyles.

Real estate costs vary from state to state, and relocating from the west to east may be a struggle, but with the variety of lifestyles the East Coast offers, that 3,000-mile transition might be worth every penny. Many East Coast cities, especially New York, are known for their fast-paced approach to life, so if you are looking for that hustle and bustle, you can make this city an option. Data shows that around 10% of Americans move from the West Coast to the East Coast, making the so-called California exodus an annual trend. Asked the reason for their move, people often say they are striving for a better quality of life.

You can enjoy four seasons.

People living on the East Coast can experience all four seasons. Data from the National Oceanic and Atmospheric Association shows Boston is topping the list for most desirable weather in the Northeast. At the same time, Baltimore comes in a close second, and Philadelphia is running for the third spot. However, with good weather comes more expensive house prices. According to real estate watchers at the Warren Group, intense housing competition in Massachusetts in April propelled the median sale prices of both single-family homes to a record high of $560,000. This led property information company CoreLogic to say that the Greater Boston real estate market is “overvalued.”

It offers the Ivy League prestige.

As you may know, the East Coast is home to all the Ivy League schools. It’s also home to some of the most prestigious colleges in the country, such as MIT, Georgetown University, John Hopkins, and Duke University, among others. If you have college-bound kids, relocating to this part of the US isn’t a far-fetched idea if quality education is what you are aiming for. The abundance of prestigious schools on the East Coast could also translate into better job opportunities for residents, so settling down in the eastern part of the country could be imperative for some.

Hurricanes may come and go.

Of course, living on the East Coast does not come with perfection. Hurricanes affect the eastern part of the US because hurricanes tend to move across the oceans from east to west as prevailing winds travel in that direction. The months of June to November are considered hurricane season. Florida receives the highest threat of hurricanes during the six-month Atlantic hurricane season. The Northwest Florida Panhandle, in particular, is very prone to hurricanes, surpassing every other state. Texas comes in second as the most hurricane-prone state in the US.

If you plan to purchase a home in Florida and avoid extreme weather conditions, Leesburg is considered one of the safest places in the state regarding the risk of hurricanes. Leesburg has a hurricane and tropical storm score of zero and a low flood score. Data from Realtor.com shows that as of April 2022, the median listing home price in this Floridian city was around $314,000, trending up 31.4% year on year.

High tax rates may apply.

Another downside on this side of the country is that residents on the East Coast have to pay higher property taxes despite property tax varying from state to state and county to county. For example, the median home value in New Jersey is $316,400 and would yield $7,601 in annual taxes. That’s a property tax rate of 2.40%.

The average property tax rate in Florida is 0.98%, slightly lower than the US average of 1.08%. As of August 2021, the statewide median sale price for single-family homes in the state hovered around $354,000, representing an 18% year-over-year rise. Suppose home prices continue to rise at this rate, Florida’s average home price is projected to reach $438,000 by 2030.

As of 2020, 67.9% of Americans are considered homeowners, and around 36% of the US population resides in the East Coast states. 50% of home buyers find their new home online. Whether you plan to buy a new home on the East Coast or any part of the country, you must consider many factors such as budget, weather, and lifestyle before making a life-changing decision.

Conclusion

We hope this article has helped you see a greater view of the pros and cons of living on the East Coast. Meanwhile, if you’re living in this part of the country and are interested in selling your home, please don’t hesitate to Shorefront Investments. We buy properties in any condition at reasonable costs.