The top 10 markets for first-time home buyers in 2023

It is still dealing with new people in the market mortgage rates above 6% and high housing pricesbut they can secure investments in some up-and-coming cities minutes away from major centers, according to Realtor.com.

“For those who have some flexibility in where they live, there are markets where young buyers can find not only an affordable home, but a neighborhood that offers a mix economic opportunities and livelihoods,” said Danielle Hale, Realtor.com chief economist, in a press release.

The real estate agency’s 10 best markets for first-time home buyers feature listings with the strongest combination of data, young residents, immigration restrictions and price gouging (see Zillow’s top 10 listings for first-time home buyers here). The locations on the list feature commutes of less than 30 minutes and many local attractions with a high number of food and drink options and residents between the ages of 25 and 34.

Most importantly, each city in the ranking shows a price-to-income ratio below the national average of 5.1, and based on the growth of housing prices compared to the expected decline of 14.1%. Some are high market last year back on the list, but former areas like the Florida and Rocky Mountain metros fell behind the North and East areas.

Realtor.com organizes cities and expects a population of at least 5,000 residents this year, using its own data houses between December 2021 and November of last year. The ranking also used federal population and labor statistics and compiled data for the average restaurant and beverage establishments per 1,000 residents. , with the national average at 5.3.

Leave a Comment