First-time buyers often need to consider a lot of things before looking for a home. Apart from its price, the location, environment and economic conditions are few of the things that they take into consideration. Can a first-time homebuyer still compete with other buyers in today's crazy market?
As previously reported on Realty Today, spring home buying has already begun and buyers are already flocking the market in hopes of finding a new home to live in. While luck is definitely shining on the sellers' side, the same cannot be said for the buyers, especially for first-time homebuyers.
Prices of homes in the real estate market are shooting in response to the increase in the demand for more houses. Aside from this, fewer mortgage applications are being approved because of the lower mortgage interest rates, which call for more rigorous processing and approval.
While such is the case, Realtor.com notes that first-time homebuyers can still find a home in today's crazy market. The publication listed 10 cities, which are suited for first-time buyers, taking into account the city's unemployment rate, the median prices of homes in the city and availability of facilities and amenities that suit first-time buyers.
The publication noted that since the majority of first-time buyers range from 25- to 34-year-olds, the said criteria were taken into account to come up with the 10 best cities for first-time homebuyers.
The 10 best cities for first-time buyers are: Portland, ME; Philadelphia, PA; St. Louis, MO; Allentown, PA; Albany, NY; Harrisburg, PA; Baton Rouge, LA; Dayton, OH; Minneapolis, MN; and Virginia Beach, VA.
Dayton, OH had the lowest median home price of $115,000 with only a 5.2 percent unemployment rate. Baton Rouge, LA, on the other hand, had the highest number of mortgage applications from 25- to 34-year-olds.
At the opposite end of the pole include five cities in California such as Stockton, Fresno, Bakersfield, Sacramento and Riverside because of their high median prices and unemployment rates of up to 10.9 percent.
