Buying a home for the first time is not only a big decision, but also a complicated one, with homebuyers needing to consider if, when and where they should buy. High interest rates and low inventory for sale in 2023 meant that many prospective purchasers decided to wait, but this year, more new buyers may be feeling more confident about taking that first step.
Realtor.com analyzed 2,738 cities and places with a population of more than 5,000 that are located within the 100 largest metro areas to determine the most attractive cities for first-time buyers. The rankings are based on a number of criteria, including: 25 to 34 year-old homeowner share of households; inventory per 1000 households; median listing price; price to income ratio; average travel time to work (minutes); and culture and lifestyle businesses listed on Yelp per 1000 households. The analysis uses figures as of November 2023 as well as forecasted numbers for 2024.
The top 3 cities in the ranking have an average median listing price of $217,967. The 25-34 year-old homeowner share of households in these cities averages 7.7%.
Scroll through to see which cities are in the top 10 and how they compare.
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