Some metro areas are better than others for first-time home buyers. They have a combination of factors that make them either right for buying a first home or far more difficult.
The criteria include how easy it is to get a mortgage for a first home, the affordability of mortgages, access to the market, how much bargaining power buyers have, the livability of the area, and employment growth.
The Best Metro Areas for First-Time Home Buyers
According to Creditnews, these areas rank highly for several factors that affect the home-buying process for those who are getting into the market for the first time. With the right financial factors coming together, it’s easier to buy a home in these areas.
Pittsburgh, Pennsylvania
This metro area has the most affordable prices for starter homes. It has the lowest ratio of mortgage payment to income. It also allows buyers strong power in bargaining on prices.
Austin-Round Rock, Texas
Austin’s population has been booming, but there are still a lot of affordable starter homes. The area has its homes for sale the longest, giving buyers good bargaining power.
San Antonio-New Braunfels, Texas
San Antonio is highly affordable for first-time buyers. It also has a high ranking for its livability and employment. The mortgages are affordable, and bargaining power is strong.
Birmingham-Hoover, Alabama
This metro area is the largest in the state and has one of the country’s fastest-growing employment markets. It offers high bargaining power and a high degree of mortgage affordability.
Jacksonville, Florida
This metro area has a high livability score and a high degree of employment growth. It also has a lot of affordable homes that would interest first-time buyers.
The Worst Metro Areas for First-Time Home Buyers
These areas aren’t attractive locations for those looking to buy their first home. They tend to have high costs of living and very high home prices that make it all more difficult.
San Jose-Sunnyvale-Santa Clara, California
This metro area comes in dead last for its mortgage affordability. Its starter homes average almost $1 million. The area also doesn’t have good job growth or good market access to homes.
San Diego-Carlsbad, California
The average price of a home is more than $650,000, and the area ranks poorly for mortgage affordability. Buyers here don’t have a lot of access and have very little bargaining power.
Los Angeles-Long Beach-Anaheim, California
In the country’s most populous metro area, housing costs are sky-high. The area is also ranked badly for livability with its high crime, poor healthcare access, and enormous cost of living.
Denver-Aurora-Lakewood
The buyers in this area have the least bargaining power of anywhere in the country. Mortgage affordability is also bad because the cost of housing has gone straight up in recent years. It also ranks poorly for jobs and employment growth.
Riverside-San Bernardino-Ontario, California
Another large metro area in California suffers from many of the same problems as the others. It has poor mortgage affordability and a high cost of living. Housing costs are high, and buyers have very little bargaining power.
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