Top 10 U.S. Cities For First Time Buyers

Everyone loves top 10 lists, especially when it comes to real estate. Realtor.com just released a top 10 list that first time owners are going to love. Based upon several significant factors, the list ranks the top 10 cities in the U.S. for 1st time buyers. Include in those factors is the health of the local economy, the number of job opportunities in the area, and how affordable entry-level homes are.

However, there are pros and cons to every situation, and the downside for first time buyers is that homes in these cities sell up to nine times quicker than the national average.

Realtor.com reports:

“Each locale on this list is emblematic of the key trends driving housing this year—healthy local economics, job opportunities, and affordability,” said Jonathan Smoke, chief economist of realtor.com®. “For first-time home buyers, these communities provide great opportunities to enter the housing market, build a career, and raise a family; older generations are able to build wealth and enjoy a variety of lifestyles.”

Jobs >> money >> home buying

Income and employment drive the strong housing markets in these ZIP codes. The median household income among the top 10 is $71,000, 20% higher than their surrounding metropolitan areas and 32% higher than the national average of $54,000. Moreover, 32% of those households earn $100,000 or more, 22% higher than their respective markets and one-third higher than the national average of 23%. In addition, unemployment rates in these metros have dropped five times faster than in other metros in the country in just the past year.

The top 10 cities are:

1. Melrose, MA
2. Columbus, OH
3. Littleton, CO
4. Plano, TX
5. Novi, MI
6. San Antonio, TX
7. St. Louis, MO
8. Austin, TX
9. Fargo, ND
10. Carlsbad, CA

>> read the full story at realtor.com


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