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- 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.
Read more: The 25 US suburbs where home values are growing the fastest, ranked
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
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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
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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
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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.
See the rest of the story at Business Insider
See Also:
- A massive California ranch that may be the biggest piece of land for sale in the state is on the market for $72 million — here’s a look inside
- 11 things real-estate agents wish they could tell you — but won’t
- The 25 US suburbs where home values are growing the fastest, ranked
SEE ALSO: The 25 US cities where rent is increasing the fastest, ranked
DON’T MISS: Here’s the salary you’ll need if you want to afford a mortgage in 17 major US cities
Source: Business Insider – feedback@businessinsider.com (Libertina Brandt)