Nearly 32 percent of existing home sales in May 2015 were first-time homebuyer purchases, according to Realtor Magazine. This statistic means that the number of first-time homebuyers is on the rise and many people are looking to spend more on homes, and buy for the first time in their lives. It’s a good thing, too, because it means that the housing market is stable and that the economy is working its way back on track. The number of first-time homebuyers in the states has not been this high since 2012, which promises good things.
However, just because more and more first-time buyers are looking to take the plunge into homeownership does not mean that everywhere you go is a good market for buyers. Many cities are still not quite where the need to be, and many homeowners still cannot afford to buy a home. That’s why many first-time buyers are looking into relocating to cities in which they can get the most for their money. That might mean making a small move into the suburbs of their large city, moving across the country or just looking for a nearby city in which they can get the most house for the least amount of money.
While cities like New York are always expensive and always mean getting a lot less for a lot more, other large cities across the country mean the exact opposite. If you are a first-time homebuyer looking to purchase a home inside the city and still get the biggest bang for your buck, you’re going to want to check out one of these 10 cities. According to the National Association of Realtors, these are the 10 best cities for first-time homebuyers.
The cost of living in Lexington is a bit higher than it is in the rest of the state, but it is 6.7% lower here than it is in the rest of the country. What this means is that buyers get the benefit of living in a slightly larger area and still paying less than they would in another part of the country.
This Midwestern city has a cost of living that is far lower than most any other city in the nation. The crime rate is relatively low and there are plenty of jobs available for those who want to work. It’s a Midwestern location that doesn’t feel so Midwestern, either, when it comes to entertainment and things to do. However, it’s still big on football, so it feels just like home.
The people that choose to buy in this area are getting a lot for a little. The median home listing price right now is only $135,000 and that’s low. The unemployment rate is at 5.7%, and many of the people that live here find that buying is much less expensive than renting. It’s a great city for those who want to buy and get more for their money.
Omaha is one of the cities that is best for first-time homebuyers because the cost of living is just nothing here. It’s also a great job market for those looking to make a great living, and it’s a place in which you can find a lot to do even though it might not seem as if there is much to do here.
Oklahoma City, Oklahoma
The Midwest is a hot place to live if you want to live on the cheap, and that’s why cities such as Oklahoma City are becoming so popular. It’s a great place for the younger crowd, mostly because of the college here. It’s the kind of location that offers a little bit of something for everyone.
Raleigh, North Carolina
Not only is Raleigh located in one of the most beautiful, friendliest states in the country, it’s not expensive to live here. The job market is amazing, the homes are large and stately and the median home listing price is only $227,000. The city is not far from the coast, but it’s also not far from the mountains. It’s a southern city located a bit north, so you get the best of both worlds living here.
Virginia Beach, Virginia
Living along the coast is a dream come true for many. It’s true that you won’t get to spend the entire year here along the beach like you might in Florida, but you still get to live in a coastal community. The best part is that it’s affordable. The second best part is that this area actually has seasons, which is something we Floridians do not have, and that makes us just a little bit bitter.
Austin is one of the trendiest cities in the country right now. The music scene and the nightlife here are killer, and the houses are big and beautiful. This is a great community for those that love to have fun, and it’s also a lovely community for those who wish to raise a family and make a life for themselves somewhere that’s southern, friendly and affordable.
It’s near Dallas, and it’s a big city. The median home listing price here is only $175,000, which is not much for a city that has so much to offer. Considering the educational aspects of this city, the number of jobs available and all that there is for families to do, see and have, it’s worth the move for anyone looking for nice weather and affordable living.
Colorado Springs, Colorado
These cities were analyzed for a number of different key factors. This includes the crime rate, the cost of living, the cost of property taxes and even the population. Each of these cities has more than 300,000 residents and is the most cost-effective for those who want to call one of them home. Each city has a different cost of living, but for larger cities across the country each is the most affordable, has the lowest crime rate and has a great price on property taxes.
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