The housing market will remain difficult for many buyers this year, especially those looking to buy a home for the first time; however, there are at least 10 cities where these buyers could find the home they crave, according to Realtor.com
Finding a home will continue to be a challenge in the US housing market; however, there are at least 10 cities that are the best options for buyers, especially first-time buyers.
But before you start looking for a home, you need to consider that most markets in the country continue to impose affordability barriers for first-time buyers.
However, there are cities that, with a little flexibility on the part of buyers, could prove to be good options for first-time buyers, according to a new report from Realtor.com.
To compile the list of the 10 best cities for this group of buyers, Realtor.com analyzed favorable characteristics such as affordability, livability and that they are cities with a younger population.
“Affordability is always a consideration for first-time homebuyers, but it’s also important to make sure you’re settling in a place that has all the qualities that make it a nice place to live; after all, you’re not just buying a home, you’re investing in a community,” said Danielle Hale, chief economist at Realtor.com.
10 Best Cities for First-Time Buyers in 2023
1. Portsmouth, Va.
2.DeForest, Wisconsin
3. Windsor Locks, Connecticut
4. Gloucester City, New Jersey
5. Moore, Oklahoma
6. Magna, Utah
7. Eggertsville, New York
8. Watervliet, New York
9. Mattydale, New York
10. Somersworth, New Hampshire
What are the characteristics of these cities?
The Realtor.com specialist highlighted that young buyers, who are usually first-time buyers, can find dynamic job markets, short trips, a wide offer to eat and drink and, one of the most important qualities, they are affordable.
One of these qualities is that they are cities with more homes to choose from, with an average of 47.8 homes listed for every 1,000 homes, a figure that is above the 45.2 national average.
In addition, they are compact cities, with short trips, which will prevent you from having to make long journeys to go from home to work or to entertainment and recreation centers.
According to Realtor.com, the average commute in these cities is 24 minutes, which is lower than the 30-minute national average.
They are also cities with a wide range of food and drinks, so you can have a variety of options if you don’t want to eat at home or go out for a drink.
Consequently, they are urban centers with a younger population, with an average of 14.8% of their residents between 25 and 34 years of age, higher than the 13.4% national average for this same age range.
They are also affordable cities with a 2022 median listing price/income ratio of 3.5 for people ages 25-34, which is lower than the 5.1 national rate.