Is your market good for first-time buyers?

by Ryan Smith12 Apr 2016
The real estate market may be booming, but that’s not necessarily good news for first-time home buyers. Low inventory and soaring prices across the nation have made it difficult for borrowers shopping for their first house to get a foot in the door.

According to the National Association of Realtors, the share of first-time buyers declined for the third consecutive year in 2015 to its lowest point in nearly 30 years. First-time buyers made up just 32% of all buyers last year, a drop of 33% from 2014, according to the NAR.

But there are some enclaves where first-time buyers can still get a good deal. Realtor.com has released a list of the best U.S. cities for first-time buyers. Focusing on buyers between 25 and 34, Realtor.com made its determinations by the following criteria:
  • Affordability
  • Inventory
  • Mortgage availability
  • Job growth
  • Livability (measured by the number of restaurants, schools, retailers, health care facilities and arts and entertainment venues)
Here, then, are the top cities for first-time buyers, according to Realtor:com:
  1. Portland, Maine – Median home price: $304,000. Unemployment: 3.3%
  2. Philadelphia, Penn. – Median home price: $222,000. Unemployment: 4.8%
  3. St. Louis, Mo. – Median home price: $164,000. Unemployment: 5.2%
  4. Allentown, Penn. – Median home price: $188,000. Unemployment: 5%
  5. Albany, N.Y. – Median home price: $238,000. Unemployment: 4.5%
  6. Harrisburg, Penn. – Median home price: $168,000. Unemployment: 4.2%
  7. Baton Rouge, La. – Median home price: $217,000. Unemployment: 4.8%
  8. Dayton, Ohio – Median home price: $115,000. Unemployment: 5.2%
  9. Minneapolis, Minn. – Median home price: $294,000. Unemployment: 3.9%
  10. Virginia Beach, Va. – Median home price: $256,000. Unemployment: 5%

COMMENTS

  • by BILLE Jo Diel | 4/17/2016 5:22:47 AM

    wow I had a Grant for $20 Grand now my credit went from 595 to 400 from face products so they wanted me to just get a mortgage never got a chance anyways I'm from Lockport NY they said Niagara County Billie Jo Diel needs that's me mortgage without any help just the grant to get the mortgage houses you can get a really nice house in foreclosure for $40 grand

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