- First-time homebuyers are more likely than veteran homebuyers to go over their budgets, according to Zillow.
- A spring 2019 study by Zillow revealed the 10 best metros for first-time homebuyers.
- Turns out, four of the best places to invest in real estate in the US right now are in Florida.
- Reports indicate that major markets in the southern and western regions of the country have been growing in popularity since 2017.
- Visit Business Insider’s homepage for more stories.
The US housing market can seem highly competitive and saturated with unaffordable homes — especially for homebuyers looking to close on a house for the first time.
According to Zillow, first-time homebuyers account for 46% of all homebuyers and are more likely than veteran homebuyers to go over their budgets.
But not every market is filled with competitive prices and low inventory. There are many markets — such as Tampa, Florida and Las Vegas, Nevada — that offer first-time homebuyers low down payments in desirable locations. If homebuyers are able to pinpoint and understand current market trends, these markets can be easy to navigate through.
To establish its list of best markets for first-time homebuyers, Zillow evaluated metropolitan areas on four data points: current median home value; strength of home value appreciation forecast; size of current inventory; and current percentage of listings with a price cut. All four data points were given equal weighting. Listing and home-value data represent each market as of May 2019.
Keep reading for a ranking of the top 10 best metros for first-time homebuyers.
10. Charlotte, North Carolina
Share of listings with a price cut: 15.4%
The median home value in the Charlotte, North Carolina metro area is $209,800 and the median listing price per square foot is $135.
According to Zillow, home values have increased by 7.7% since June 2018.
9. Nashville, Tennessee
Share of listings with a price cut: 14.7%
The median home value in the Nashville, Tennessee metro area is $255,500 and the median listing price per square foot is $166.
According to Zillow, home values have increased by 4.4% since June 2018.
8. Dallas, Texas
Share of listings with a price cut: 20.3%
The median home value in the Dallas, Texas metro area is $242,900 and the median listing price per square foot is $140.
According to Zillow, home values have increased by 5.6% since June 2018.
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