These places offer the best mix of affordability and selection with higher percentage markdowns
- Wichita, Kansas is the number one metropolitan area in the United States for first-time homebuyers.
- Six subways in the Midwest, including Kansas , Ohio , Michigan and Missouri, all in the top 10. First-time homebuyers now account for 45% of all homebuyers, up from 37% last year and on par with their pre-pandemic share.
, /PRNewswire/ — as buyer’s share of home purchase for the first time
bounced back to pre-pandemic levels in a changing market, New Zillow Analysis of puts Wichita, KS reviews Areas for the highest potential first-time home buyers in the United States.
Zillow ranks U.S. metropolitan areas based on factors such as mortgage and rental affordability for first-time buyers, homes available for sale, and the percentage of price-marked listings.
“While housing affordability is extremely challenging today, some markets will be more enthusiastic than others for first-time home buyers,” said Orphe Divounguy, senior economist at Zillow. “These metros are potential hotbeds for those looking to purchase their first home. Not only will shoppers find monthly mortgage costs more affordable and easier to qualify for small loans, but rents are also cheaper than elsewhere in the country. Places are more affordable and shorten the time it takes to save for a down payment.”
- 10 for First Time Home Buyers best subway
- Wichita, Kansas TOLEDO, OHSyracuse, New York Akron, Ohio Cleveland, OhioTulsa, Oklahoma Detroit, Michigan Pennsylvania Pittsburgh Yingshi. Louis, Missouri
- Little Rock, Arkansas
, Kansas largest subway, boarding The top spot is largely due to its relative affordability – it’s one of the top metros where people spend the smallest share of their income on rent and mortgage costs. It has a higher share of listings for sale relative to active shoppers, meaning potential homebuyers have more choice and bargaining power. Wichita Homebuyers can also find great deals popping up, with 22% of listings marked down in October.
THREE OHIO METRO – TOLEY More , Akron and Cleveland — Also in the top 10. Detroit is the largest metro area in the top 10 and ranks 12th in the nation. Yingshi. Louis (No. 18) and Pittsburgh (No. 22) also made the list , among the 30 largest metropolitan areas in the country. analyzed the most suitable subway for single renters. Areas with more affordable housing, such as the Midwest and the Great Lakes region, should see relatively healthier markets and stronger sales through 2023 than other U.S. markets.
“Affordability still comes first. Amanda Pendleton Home Trends Expert at Zillow says “If they can overcome this significant hurdle, aspiring buyers will have a better chance of buying a home than they did a few years ago. They have more options, more time to decide and more negotiating power, which means they may be able to secure their house. Buy your dream home at a discounted price. “
As the market continues to change in a high interest rate environment, Zillow has centralized tools in one easy-to-navigate web page, which can help aspiring first home buyers take the leap into home ownership.
Zillow’s Top 10 Best Metro Areas for First Time Home Buyers
spent on per monthmortgage
- to buyerratio
6 To 1
Witch, Kansas Trust
twenty two %
22 to 1
twenty three %
5 to 1
Syracuse, New York
4 vs 1
5 to 1
6 to 1
twenty four %
6 to 1
6 to 1
ST. LOUIS, MO
4 to 1
Little Rock, Arkansas
6 to 1
The Zillow Best Markets for First-Time Home Buyers Index reflects the extent to which housing market conditions are supportive of homebuying activity, especially among first-time homebuyers. The index uses four variables: mortgage affordability; rental affordability; the inventory-to-buyer ratio, which indicates available supply; and the share of listings that are marked down. Because affordability is the biggest challenge facing the real estate market today, the index places more weight on the affordability metric than the other two components. Lower rents shorten the time to save for a down payment. A larger percentage of markdown listings and a higher number of active listings relative to the number of active shoppers means potential homebuyers in these markets have more choice and greater bargaining power .
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to start life’s next chapter. As the most visited real estate website in America , Zillow® and its affiliates provide customers with on-demand selling, buying, and real estate options with transparency and ease. ways to lease or finance.
Zillow Group affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; HotPads®; ShowingTime+™, which includes ShowingTime®, Bridge Interactive® and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
based on October 2022 data