Why Bestplaces.Net Doesn’t Always Get It Right

We have always found www.BestPlaces.net to be an excellent source of market information. It is accurate, based on government results, and presented in a comprehensible manner. However, there are some faults with their statistics that are not their fault, but rather the result of systemic problems in some cities. And it is necessary to examine these potential issues, as they frequently present a misleading picture of specific markets.

We have always found www.BestPlaces.net to be an excellent source of market information. It is accurate, based on government results, and presented in a comprehensible manner. However, there are some faults with their statistics that are not their fault, but rather the result of systemic problems in some cities. And it is necessary to examine these potential issues, as they frequently present a misleading picture of specific markets.

The photograph depicts an abandoned house in St. Louis, which is surrounded by hundreds of city blocks of such houses. Older cities with decaying neighbourhoods that were constructed centuries ago and are no longer habitable contribute to a decrease in the total market for unoccupied dwellings. The average vacancy rate for market housing in the United States is 12.2%, but certain cities have much higher rates. However, this does not accurately reflect the true state of the economy, as significant portions of the market are no longer inhabited but the houses remain standing. This is true of the St. Louis metropolitan area. There are prosperous sectors of the metropolitan region, but they are balanced by desolate ghost towns.

This issue affects the average property price in certain metropolitan areas. The average cost of a home is $77,500 if a home worth $150,000 is combined with a home for $5,000 (as indicated in the illustration). And it is simply not fair, when another area that does not have a devastated section has homes priced at $150,000 without anything significantly lowering the average. This issue unduly penalises all older cities that have abandoned ghost villages.

Ditto for crime statistics. If there is one neighbourhood with the greatest crime rate (a 10 on the BestPlaces scale) and the rest of the community has flawless crime scores of 0 on average, then the average would still be a 5. Again, this is not an accurate appraisal. If you relied solely on statistics, you might have an incorrect image of these markets and miss out on purchasing advantageous mobile home parks.

When Bestplaces.net analyses its vacant dwelling statistics, the fact that some regions of the United States enjoy robust seasonal tourism demand and activities becomes a curse. The fact that people only utilise their homes for part of the year throws the statistics into disarray, despite the fact that they own them year-round. Consider Saugatuck, Michigan, which is a highly coveted summer destination for Chicagoans. The median home price is over $330,000, while the unoccupied housing percentage is 50%, compared to the national average of 12.2%. How could this be? Because of how Bestplaces sets its algorithm, seasonal villages are penalised, despite the fact that the homes are owned and paid for year-round and the individuals who require inexpensive housing (those who run the restaurants, motels, and retail) are there year-round.

When you observe statistics about a market that look strange, it is acceptable to conduct further research. Here are some strategies for doing so: Calling the local Chamber of Commerce and asking why the number is bigger or smaller than the national average is one option. Check Zillow.com to discover whether there is a concentration of extremely low home values within the metropolitan area. And, in the case of seasonal settlements, discover more about their economic structure. And, most crucially, let your test ad serve as your guide to the genuine desire of consumers.

The website www.BestPlaces.net contains a wealth of useful information; it is one of our favourite resources for acquiring information. All statisticians must be aware, however, that figures may be distorted unfairly or inappropriately under certain circumstances. Be cautious not to miss out on possibilities due to these anomalies.