Press release
Realtor.com® Forecasts the 10 Best Markets for First-Time Homebuyers in 2023
Beyond affordability, these 10 markets have many attractive features for first-time buyers – from nearby amenities to job opportunities SANTA CLARA, Calif.,
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[{"type":"text","content":"Beyond affordability, these 10 markets have many attractive features for first-time buyers – from nearby amenities to job opportunities\nSANTA CLARA, Calif., Jan. 18, 2023 /PRNewswire/ -- With affordability continuing to be a big hurdle in 2023, first-time buyers may need to be flexible in order to land a house in the coming year. To find the Best Markets for First-time Homebuyers, Realtor.com® looked at a number of qualities that make a town attractive, including affordability, livability and where it might be easier for young buyers to break into the housing market. The top 10 markets for first-time homebuyers in 2023 are: Portsmouth, Va., DeForest, Wisc., Windsor Locks, Conn., Gloucester City, N.J., Moore, Okla., Magna, Utah, Eggertsville, N.Y., Watervliet, N.Y., Mattydale, N.Y. and Somersworth, N.H.\n\n \n \n \n \n \n \n\n \nWhat makes these towns great for first-time buyers? They have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from.\n\"The housing market will continue to be challenging for first-time buyers in the coming year, but for those with a bit of flexibility in where they live, there are markets where young buyers can find not just a relatively affordable home, but a neighborhood that offers a mix of economic opportunity and lifestyle amenities,\" said Realtor.com® Chief Economist Danielle Hale. \"Affordability is always a consideration for first-time buyers, but it's also important to make sure that you're settling down in a location that has all the qualities that make it an enjoyable place to live – after all, you're not just buying a house, you're investing in a community.\"\nThis year's best markets have:\nMore homes to choose from: With inventory still near historic lows, having more homes to choose from can make a world of difference. Realtor.com®'s best markets for first-time homebuyers have an average of 47.8 listings per 1,000 households, higher than the national rate of 45.2. Magna, Utah has the widest selection of listings per household on this year's list.Short commutes: Typically, the farther from city centers, the cheaper the homes, but no one wants to spend all day commuting. This year's top towns have an average expected commute time of just 24 minutes. This is significantly faster than the national averag...