Posted in Apartment

Best Cities for First-Time Homebuyers

While prices have been rising in Las Vegas since the housing bust decimated the real estate market there, Zillow economists think the market still has room to grow. Its 4.8% projected growth rate for this year is higher than any other market analyzed by the site for this report.

Sales of new homes, in particular, are booming in Las Vegas, and also alleviating some of the inventory issues seen in other markets. “We are a great deal, if you’re coming to Las Vegas from Southern California or the Northeast,” says David Tina, president of the Greater Las Vegas Association of Realtors. “You’re going to get a lot of bang for your buck.”

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

4 of 10

While San Antonio doesn’t get as much buzz as Austin or Houston, it’s the second-biggest city in Texas and the seventh-largest in the country. Along with affordable housing, residents of San Antonio enjoy great weather and lots of career opportunities.

Like many Texas cities, the San Antonio economy benefits from the oil and energy industries, but it also relies on more diverse industries like financial services and aerospace. It’s also a military hub with several air force bases.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

5 of 10

Pittsburgh may have a history as a steel city, but its modern economy is much more diverse. There’s a growing tech industry, alongside opportunities in academia, oil and gas, and insurance.

Recent investment from both the public and private sector in Pittsburgh’s downtown has made it a more attractive place for young people. Forty restaurants have opened there since the beginning of 2016, catering to people checking out the downtown’s shopping, performing arts venues, and sporting arenas.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

6 of 10

New homeowners will enjoy the young and vibrant culture in this city, which boasts a burgeoning foodie scene and plenty of opportunity to enjoy the arts or the nightlife, all with a healthy dose of southern charm.

But it’s not all fun and games. Employment in the area is projected to grow by more than 75,000 jobs this year, with most of the gains coming in high-paying, white-collar jobs. “Atlanta’s strong job market has allowed first-time homebuyers here to purchase homes typically associated with second purchases,” says local realtor Patti Junger.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

7 of 10

After getting hammered by the Great Recession, Detroit’s economy is finally mounting a comeback, but home prices there remain incredibly affordable. Unemployment just hit its lowest level in 16 years. “Detroit went down so far that it can’t go any further,” says Lawrence Yun, chief economist of the National Association of Realtors. “Prices there are really attractive. Unemployment is going down, and the auto industry is doing relatively well.”

Detroit’s become less reliant on cars, though. The city’s downtown has a growing technology district, thanks to the low prices and support from several high-profile start-up incubators, and there’s also growth in health care and financial services.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

8 of 10

They may talk slowly in Texas, but the economy is moving fast. The diversity of jobs in Dallas — from telecom to big oil — along with a relatively low cost of living make it a great place for first-time homebuyers to establish themselves financially. And there’s lots of opportunity: The unemployment rate there is just 3.8%. Homebuilders have been busy constructing new housing to meet the demands of the growing population, although many of the new units are not priced for first-time buyers.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

9 of 10

Home values in this Midwestern city are the lowest of any of the 35 cities analyzed by Zillow, which means that residents with good jobs should have little difficulty amassing the funds necessary for a down payment. While the manufacturing industry in Cleveland has come back significantly since the recession, the city is also investing heavily in new development. The region is home to hundreds of biotech companies, and the health care industry is booming there as well.

Source: Zillow
The Best cities for first-time homebuyers top 10 is based on Zillow’s “First-time Home Buyer Index.” The index captures a balance of five metrics: low median home values for an affordable down payment, a strong home value forecast to indicate a good start to growing equity, a larger inventory-to-household ratio to capture available supply, a greater share of listings with price cuts to surface less competitive buying experiences, and a faster breakeven to demonstrate a strong incentive to buy over rent. These five metrics are ordered and metros are scored on a scale from 0 to 10 along a uniform distribution. The five scores are then averaged and the average re-scaled to range from 0 to 10.

10 of 10

Source Article