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.
That’s the criteria Realtor.com used to identify the best markets for first-time homebuyers in 2023.
Affordability will continue to be a big hurdle in 2023, so first-time buyers may need to be flexible in order to land a house, Realtor.com said in a press release.
The real-estate listing website identified these top 1o markets for first-time homebuyers this year:
1. Portsmouth, Va.
2. DeForest, Wisc.
3. Windsor Locks, Conn.
4. Gloucester City, N.J.
5. Moore, Okla.
6. Magna, Utah
7. Eggertsville, N.Y.
8. Watervliet, N.Y.
9. Mattydale, N.Y.
10. Somersworth, N.H.
The best markets offer an average 2022 listing price-to-income ratio of 3.5 for 25- to 34-year-olds, much lower than the national rate of 5.1. Mattydale, N.Y. and Gloucester City, N.J. tied for the most affordable locations on the list.
“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 in the release.
Magna, Utah, has the widest selection of listings per household on this year’s list. It also tied Moore, Okla. as the youngest market on the list.
