Indianapolis is the best market for first-time home buyers right now, according to Zillow’s latest analysis. Pittsburgh and Memphis are also high on the list of places that are the easiest for first-time buyers.
To determine the list, Zillow looked at:
- Median home values. Lower home values means buyers need less cash for a down payment to break into the housing market.
- Affordability. The places where mortgage payments take up a small share of income and rental payments are more unaffordable.
- Inventory. More homes for sale means it’s easier to find the perfect fit.
- Cash buyer competition. Fewer all-cash offers mean less competition.
The median home value in Indianapolis is $130,200, and buyers can expect to spend 11 percent of their monthly income on a mortgage payment, which is incentive to become a homeowner in Indianapolis. Renters in Indianapolis can expect to put 26 percent of their monthly income toward a rental payment.
Salt Lake City is the toughest place for first-time home buyers, followed by Washington, D.C. and New York. Also at the bottom of Zillow’s first-time home buyer list are San Jose, Seattle, and Austin, where many millennials are moving because of the areas’ hot job markets. Unfortunately, when they start looking for a home, they’ll find high prices and not many options.
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/indianapolis-first-time-buyers-196738/
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