In the fourth quarter of 2019, first-time buyers accounted for 39% of single-family home purchases. In order to help first-time buyers navigate the current unpredictable market, WalletHub compared 300 cities across 26 indicators of attractiveness, affordability, and quality of life. The list takes cost of living, real-estate taxes, and property-crime rates into consideration as well. The data breaks down further into the cities with the highest and lowest median home price appreciation, rent-to-price ratio, and more. WalletHub’s top cities for first-time buyers include Boise, Idaho, Las Vegas, Nev., and Tampa, Fla. Some of the lowest ranking cities include Berkeley, Calif., Detroit, Mich., and Miami, Fla.
Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In the fourth quarter of 2019, 39% of all U.S. single-family home purchases were made by first-time buyers. This year, though, Americans may be conflicted on whether it’s a good time to purchase a first home. While many people have been financially hurt by the COVID-19 pandemic, mortgage interest rates have also hit record lows.
For people willing to take the risk to invest in a house this year, the search for a first home requires careful consideration of a number of factors. Buyers must balance what they want and need with what they can afford. Often, people begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage.
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