Current:Home > ScamsRobert Brown|First time homebuyers, listen up! These are the best markets by price, commute time, more -AssetTrainer
Robert Brown|First time homebuyers, listen up! These are the best markets by price, commute time, more
Poinbank Exchange View
Date:2025-04-10 23:02:51
First-time homebuyers have Robert Brownfaced an array of hurdles in recent years, from low housing supplies to lofty prices to soaring mortgage rates.
In November, first-time buyers comprised 31% of all existing home sales, up from 28% in October and a year earlier but below a historically normal 40%, according to the National Association of Realtors.
To help fledging shoppers find their dream home, Realtor.com picked the best small- to midsize towns for first-time buyers based on several key characteristics – price and affordability, ample housing inventories, price growth potential, shorter commutes, lively culture and a young demographic.
Of the top 10 towns, three are in New York state and two are in Iowa.
As you peruse the list it would be helpful to keep in mind the national midpoints. Across the U.S., the median home price is $382,230; housing prices are projected to fall 1.7% this year; the average home price to income ratio is 5.4; there are 38.6 home listings per 1,000 households; the average travel time to work is 29 minutes; and the share of homeowners age 25-34 is 5.4%.
Learn more: Best personal loans
Here are Realtor.com’s top seven towns for first-time buyers, in reverse order:
Grand Rapids, Michigan
Median home price: $260,000
2024 home price growth forecast: 7.2%
Average home price to income ratio: 4.3
Home listings: 33.1 per 1,000 households
Average travel time to work: 21 minutes
Share of homeowners age 25-34: 9.5%
Yelp culture and lifestyle businesses per 1,000 households: 20
Cheektowaga, New York
Median home price: $199,000
2024 home price growth forecast: 3.9%
Average home price to income ratio: 3.1
Home listings: 26.6 per 1,000 households
Average travel time to work: 21 minutes
Share of homeowners age 25-34: 7.2%
Yelp culture and lifestyle businesses per 1,000 households: 22.6 (tops in category)
Council Bluffs, Iowa
Median home price: $200,000
2024 home price growth forecast: 4.5%
Average home price to income ratio: 3
Home listings: 37.6 per 1,000 households
Average travel time to work: 21 minutes
Share of homeowners age 25-34: 6.4%
Yelp culture and lifestyle businesses per 1,000 households: 13
Newington, Connecticut
Median home price: $290,294
2024 home price growth forecast: 9.1%
Average home price to income ratio: 3.4
Home listings: 37.8 per 1,000 households
Average travel time to work: 23 minutes
Share of homeowners age 25-34: 6.6%
Yelp culture and lifestyle businesses per 1,000 households: 19.2
Winterset, Iowa
Median home price: $269,400
2024 home price growth forecast: 9.9%
Average home price to income ratio: 4
Home listings: 47.8 per 1,000 households
Average travel time to work: 23 minutes
Share of homeowners age 25-34: 7.3%
Yelp culture and lifestyle businesses per 1,000 households: 18
Benton, Arkansas
Median home price: $197,500
Average home price to income ratio: 3
2024 home price growth forecast: 3.1%
Home listings: 50.2 per 1,000 households
Average travel time to work: 25 minutes
Share of homeowners age 25-34: 7.6%
Yelp culture and lifestyle businesses per 1,000 households: 17.9
More buying powerHave you noticed your money is going further? Here's what's happening
Irondequoit, New York
Median home price: $187,000
2024 home price growth forecast: 10.4% (tops in this category)
Average home price to income ratio: 2.5
Home listings: 34.1 per 1,000 households
Average travel time to work: 22 minutes
Share of homeowners age 25-34: 8.2%
Yelp culture and lifestyle businesses per 1,000 households: 14.9
veryGood! (2)
Related
- Intel's stock did something it hasn't done since 2022
- Stumbling Yankees lose seventh straight game: 'We're sick animals in a lot of ways'
- Republican candidates prepare for first debate — with or without Trump
- 1 killed, thousands under evacuation orders as wildfires tear through Washington state
- What do we know about the mysterious drones reported flying over New Jersey?
- New Jersey requires climate change education. A year in, here's how it's going
- All talk and, yes, action. Could conversations about climate change be a solution?
- 'Wait Wait' for August 19, 2023: 25th Anniversary Spectacular, Part VI!
- Meta donates $1 million to Trump’s inauguration fund
- Regional delegation meets Niger junta leader, deposed president in effort to resolve crisis
Ranking
- Former Danish minister for Greenland discusses Trump's push to acquire island
- Group of Lizzo's dancers release statement defending singer amid lawsuit
- Fish found on transformer after New Jersey power outage -- officials suspect bird dropped it
- Linebacker Myles Jack retires before having played regular-season game for Eagles, per report
- What do we know about the mysterious drones reported flying over New Jersey?
- Biden strengthens ties with Japan and South Korea at Camp David summit
- Miley Cyrus' Mom Tish Cyrus Marries Dominic Purcell in Malibu Wedding
- Jimmy Graham arrested after 'medical episode' made him disoriented, Saints say
Recommendation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Seattle Mariners' Julio Rodríguez extends historic hot streak after breaking a 1925 record
Biden strengthens ties with Japan and South Korea at Camp David summit
Georgia made it easier for parents to challenge school library books. Almost no one has done so
Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
Philadelphia mall evacuated after smash-and-grab jewelry store robbery by 4 using pepper spray
Communities across New England picking up after a spate of tornadoes
Biden strengthens ties with Japan and South Korea at Camp David summit