BY BRAD BECKETT ON JANUARY 26, 2023
Realtor.com says the housing market has been brutal for first-time homebuyers. However, they say that just as prices are finally beginning to ease up and the bidding wars are dying down, higher mortgage interest rates have turned the prospect of homeownership into a financial impossibility for many. Click here to read more.
So, where are the best places for first-time buyers in 2023? That was the question they recently put pen to paper to discover. To come up with their list, they looked at places with at least 5k,residents in the 100 largest metropolitan areas. Then they factored in the percentage of 25- to 34-year-olds (prime first-time buyer years), average commute times, and unemployment rates in the larger metropolitan area. Indeed…
“Midsized towns with lots of amenities for young people and more affordable homes are great places for first-time homebuyers, especially in 2023…They do have local employment markets, which are strong enough to support young professionals getting a start in their careers.” Said Realtor.com Senior Economist George Ratiu.