What makes a great market for first-time buyers? Regions with strong labor markets, short commutes, affordable prices, high inventory of homes for sale, and younger populations, according to the Best Market for First Home Buyers report by realtor.com ® recently published.
“Buying a first home is always a tough business, and it’s been a particularly difficult year for first-time buyers, many of whom struggle to find a home within the range. your budget to win a bid,” said Danielle Hale, chief economist for a realtor.com®. “With that in mind and the fact that remote work has given people more flexibility where they live, we wanted to identify markets where newcomers have an opportunity to become homeowners and find see a great quality of life.”
Realtor.com® found much in common in markets that tend to be havens for first-time homebuyers. For example, major markets typically offer nearly twice as many homes for sale as the national average. In addition, they have a younger population than the whole country: – 15.2% of residents on average are between the ages of 25 and 34, compared to 13.5% for the whole country. They also tend to offer more affordable housing with price-to-income ratios in major markets below the national average.
All cities listed on realtor.com® are located in metropolitan areas that are expected to see strong growth in future home sales and prices, which also make them smart investments.
Here are the top 10 markets on realtor.com®’s list as the best for first-time buyers in 2022:
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