One of the financial goals of many people is to own a house. But for the first time buyers, buying their first house is like solving the puzzle. Where to buy?
However, not all financial goals are achieved right away, and buying a house is one of them. According to Real trends, many Americans have delayed buying their first real estate property. This is due to the recent recession. But since the U.S economy has been strengthened continually, there are many wannabe homeowners who think that it's time to purchase their first property.
According to National Association of Realtors (NAR), 32% of those who bought a new home were first-time home buyers in the month of May. Lawrence Yun, the chief economist of NAR, said that this was a good sign. The growing statistics of first time buyers is due to the "strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs." Yun forecasted that the rate of first time buyers buying real estate would continue to boost.
The 10 best states to buy real estate property have been ranked based on two simple decisive factors. Based from the report of CBS News, the criteria of ranking the states are: growth in the number of first-time home buyers and maintaining lower levels of foreclosure rates. The data are taken from FHFA (Federal Housing Finance Agency) and RealtyTrac (the agency that has the data over foreclosure rates)
According to its methodology, the state that has highest portion of 1st time home owners is ranked higher, in the same way the state with lower foreclosure costs. The highest portion of 1st time home owners is weighted at 2 to 1 ratio to the lower foreclosure costs. Those are just the two factors that contribute to a final score, thus determine the ranking of the states.
Huffington Post has shared the 10 best States identified by Go Banking Rates. The list begins from the highest to the lowest rank: West Virginia, New Hampshire, Rhode Island, Vermont, Massachusetts, Hawaii, Washington D.C, Wyoming, Maine, and Arizona.
