First-time buyers are entering the market at a difficult time. Mortgage rates set to rise, stocks limited contributing to higher average home selling prices and more affordable homes account for just 12.8% of the total US housing market value, according to an analysis by Zillow.
real estate agent.com ranked among the top 10 ideal suburbs for first-time home buyers. The markets, all of which have populations under 100,000 and are within a 30-minute drive of a larger metro, feature strong labor markets, easy access to entertainment, and affordability rivaling cities and towns. neighbors.
“Because remote work has given people more flexibility in where they live, we wanted to identify markets where newcomers have the opportunity to become homeowners and find a great quality of life,” said l Realtor.com® Chief Economist Danielle Hale in the report.
Realtor.com’s report analyzed 1,112 cities and looked at their share of residents between the ages of 25 and 34; the number of active registrations per 1,000 existing households; job opportunities based on the local unemployment rate; the number of facilities based on catering establishments per 1,000 households; and predicted metro home sales and home price growth in 2022. Mortgage and real estate experts from markets across the country tell National Mortgage News what makes these suburbs the perfect place for buyers of a first home.