The study, conducted by realtor.com
, looked at market popularity, prices, inventory, time on market and employment to determine the best markets for first-time home buyers. Pittsburgh, Penn., led the pack as the top market for first-time buyers, followed by the Tamp-St. Petersburg-Clearwater, Fla., market.
“As we head into home buying season, these markets show favorable conditions for first-time buyers, which is encouraging because these buyers are crucial to the housing market,” said Steve Berkowitz, CEO of Move, Inc, which operates realtor.com. “First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services.”
According to the study, the top 10 markets for first-time buyers are:
- Pittsburgh, Penn.
- Tampa-St. Petersburg-Clearwater, Fla.
- Philadelphia, Penn.-N.J. (New Jersey side)
- Fort Worth-Arlington, Texas
- Orlando, Fla.
- Jacksonville, Fla.
- Philadelphia, Penn.-N.J. (Pennsylvania side)
- Dallas, Texas
- Raleigh-Durham-Chapel Hill, N.C.
- Phoenix-Mesa, Ariz.
If you’re a mortgage originator in Pittsburgh, Tampa or Fort Worth, you may be in for a busy season. Those cities and others are among the top markets for first-time home buyers, according to a recent study.