Summary
A report from Realtor.com lists the top 10 cities in the U.S. most suitable for first-time homebuyers this year. The cities, largely in the Northeast and Midwest, offer affordability and good housing opportunities despite high national home prices.
Key Facts
- The top 10 cities for first-time homebuyers are mainly in the Northeast and Midwest.
- The list includes cities like Rochester, NY, and Harrisburg, PA, with lower median home prices.
- The cities were chosen based on affordability, housing availability, local amenities, and economic health.
- Home prices have risen significantly nationwide, with the median U.S. home price now $427,844.
- Housing markets that flourished in the Sun Belt during the pandemic are no longer top choices.
- A home is generally affordable if it costs 30% or less of a buyer’s monthly income.
- The report assumes a 6.25% mortgage rate with a 10% down payment.
- The share of first-time homebuyers in the U.S. has dropped to a record low of 21%.
