Owning a home has long been a huge piece of the American dream. Home ownership is a goal for many, and since the pandemic, we have seen rising prices with no signs of slowing down. Unfortunately, this has put many potential first-time buyer's home buying plans on hold. Many cities are experiencing significant affordability issues and this has made home ownership out of reach for many. Fortunately, there are still places in the U.S. where first-time homebuyers can find their slice of their American dream. To obtain this list, Realtor.com's economic research team looked for "...places where it’s a bit easier for typically younger, more cash-strapped buyers to become homeowners in areas they would likely want to live in. These towns and small cities tend to be a bit more affordable and offer more homes for sale as well as boast plenty of younger millennial residents, job opportunities, and places to go for dinner or a drink." Check out the list!
Top 10 Towns for First-time Homebuyers
# Town Metropolitan Area Median Home List Price Projected 2022 Growth %
1. Magna, Utah Salt Lake City, Utah $355,000 8.5%
2. Chalco, Nebraska Omaha, Nebraska $220,000 4.9%
3. Mauldin, SC Greenville, South Carolina $242,600 5.7%
4. Beech Grove, Indiana Indianapolis, Indiana $156,700 5.5%
5. Portsmouth, Virginia Virginia Beach, Virginia $215,000 2.7%
6. Cottage Grove, WI Madison, Wisconsin $329,900 3.9%
7. Grimes, Iowa Des Moines, Iowa $310,300 3.9%
8. Kuna, Idaho Boise, Idaho $452,300 7.9%
9. Ferndale, Michigan Detroit, Michigan $220,000 5.6%
10. Maitland, Florida Orlando, Florida $390,000 5.4%
To find out more information on the towns on the list, the proximity to the metropolitan area, and more, check out the article here.
Source:
https://www.realtor.com/news/trends/the-top-10-towns-in-2022-for-first-time-homebuyers/