Press release
Realtor.com® Forecasts the 10 Best Markets for First-Time Homebuyers in 2024
Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey SANTA CLARA, Calif., Jan. 11, 2024 /PRNewswire/ --
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[{"type":"text","content":"Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey\nSANTA CLARA, Calif., Jan. 11, 2024 /PRNewswire/ -- First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61% indicating that now is a good time to buy, per a recent Realtor.com® survey. And, when it comes to investing in their first home, they may find the best luck in some unexpected places. In its most recent report, Realtor.com® unveiled the Best Markets for First-Time Homebuyers in 2024. This year's ranking includes Irondequoit, N.Y.; Benton, Ark.; Winterset, Iowa; Newington, Conn.; Council Bluffs, Iowa; Cheektowaga, N.Y.; Grand Rapids, Mich.; Moore, Okla.; Mattydale, N.Y. and Riviera Beach, Md.\n\n\"Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market,\" said Danielle Hale, Chief Economist, Realtor.com®. \"While affordability will remain an issue in 2024, a recent Realtor.com® survey showed that 95% of prospective first-time homebuyers overwhelmingly feel that they'll be able to afford a home within their lifetime, with 40% saying they'll be able to afford it within the next year.\"\nThe Realtor.com® analysis of Best Markets for First-Time Homebuyers uncovers a collection of small to mid-size towns and cities that are hidden gems of opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth, and good company of similar-aged peers.\nAffordability - As one of the biggest purchases consumers will make in their lives, affordability is a major decision driver. In its analysis, Realtor.com® looked at listing prices compared to gross household incomes of 25- to 34-year-olds in a city for the past 12 months to understand home affordability. A lower ratio indicates a more affordable place to live. The top markets in this year's list had an average 2023 listing price to income ratio of 3.1 compared to the national rate of 5.4. Additionally, homes in these towns/cities had an average median listing price that is 42% lower than the national median of $382,000. Within the top 10 list, Mattydale, N.Y., was the most affordable market relative to local incomes for 25–34-year-olds.\n...