Zillow Ranks Top Dozen Housing Markets for First-Time Homebuyers

Aerial Neighborhood ImageRising 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. Tampa, FL
  2. Las Vegas, NV
  3. Phoenix, AZ
  4. Atlanta, GA
  5. Orlando, FL
  6. Miami-Fort Lauderdale, FL
  7. Detroit, MI
  8. Dallas-Fort Worth, TX
  9. Nashville, TN
  10. Charlotte, NC
  11. Houston, TX
  12. 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.

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