First-time homebuyer Tag

Zillow Ranks Top Dozen Housing Markets for First-Time Homebuyers

Rising home values can make it difficult for first-time homebuyers to break into a competitive housing market where monthly mortgage payments are higher than rent. Zillow has created a list of the top housing markets for first-time buyers, based on six metrics: population growth, low median home value, forecasted home appreciation, high inventory-to-household ratio, breakeven horizon and share of listings with a price cut. Here are the markets that made Zillow’s list:

1. 1. Tampa, FL

1. 1. Las Vegas, NV

1. 1. Phoenix, AZ

1. 1. Atlanta, GA

1. 1. Orlando, FL

1. 1. Miami-Fort Lauderdale, FL

1. 1. Detroit, MI

1. 1. Dallas-Fort Worth, TX

1. 1. Nashville, TN

1. 1. Charlotte, NC

1. 1. Houston, TX

1. 1. Philadelphia, PA

The year 2018 produced the most first-time homebuyers since 2006, with 43% of buyers making their purchase in the suburbs. Meanwhile, 40% of first-time homebuyers chose an urban setting, and the remaining 17% picked a rural location. This is further explained in the Home Buyer and Seller Generational Trends Report from the National Association of Realtors. The report reveals that convenience to a job, quality of school districts, affordability, and distance to schools were among the most important factors for buyers.  Click here to read