New Jersey Among America's Worst Places To Be Homeowner, Study Says

You know the taxes are high. But is there anything else that could chase potential homebuyers away from New Jersey?

A new study says there is — and there are reasons that make it tougher for even existing homeowners to stay in New Jersey.

The consumer site ValuePenguin took several metrics into consideration when determining "total homeowner scores" on a scale of 1 to 100. New Jersey's was 39.54, while Iowa topped the list at 82.60.

The site took into consideration costs, such as taxes and insurance, as well as paying for damage from major storms — something that's become a growing problem in recent years for seashore states like New Jersey.

The site also looked at crime, the quality of schools and a healthy proportion of homeowners compared with renters.

The best states to own a home generally are less urban overall, with a higher proportion of homes in rural areas, where costs and crime can be lower, according to the site.

"Our highest-ranked state for homeownership is Iowa, where it's very affordable to own a home," according to the site. "With low insurance rates, low mortgage rates, and few calamities that cause insurance claims, South Dakota is another notably inexpensive state in which to own a home."

Here is the list of the 10 worst homeowner states and the homeowner scores assigned to them:

1. Louisiana 20.97
2. Mississippi 29.32
3. Tennessee 29.59
4. New Mexico 34.69
5. Alabama 35.04
6. Missouri 36.64
7. Texas 39.21
8. New Jersey 39.54
9. California 39.97
10. Georgia 41.53

Here are the 10 best states:

1. Iowa 82.60
2. South Dakota 81.38
3. Wyoming 79.49
4. Nebraska 78.17
5. Maine 77.44
6. Minnesota 75.37
7. West Virginia 76.03
8. Michigan 75.74
9. New Hampshire 72.28
10. Wisconsin 71.25

Read the whole study here.

Patch file photo