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:
- Tampa, FL
- Las Vegas, NV
- Phoenix, AZ
- Atlanta, GA
- Orlando, FL
- Miami-Fort Lauderdale, FL
- Detroit, MI
- Dallas-Fort Worth, TX
- Nashville, TN
- Charlotte, NC
- Houston, TX
- 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.
About Zillow
Zillow is an online real estate marketplace company that was founded in 2006. The company serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. It starts with Zillow’s living database of more than 110 million U.S. homes – including homes for sale, homes for rent and homes not currently on the market, as well as Zestimate home values, Rent Zestimates and other home-related information.
