Here are the 17 best cities for first-time homebuyers
Zillow, a leading real estate and rental marketplace, has put out a list of the top housing markets for first-time homebuyers.
“These markets have more favorable conditions for first-time buyers to become homeowners. More challenging metros aren’t out of reach for new buyers, but they should be prepared to face a more competitive buying environment,” said Zillow Chief Economist Dr. Svenja Gudell.
The rankings are based on Zillow Real Estate Research’s housing data and research covering more than 450 markets.
Here’s the list of first-time homebuyers’ best housing markets:
17. Riverside, CA
Breakeven Horizon 1Q 2017: 2 years, 5 months
Inventory: 14,462
Households: 1,343,526
Annual Forecasted Home Value Appreciation: 3.8%
Share of Listings with a Price Cut: 13.4%
Source: Zillow
16. Philadelphia, PA
Breakeven Horizon 1Q 2017: 2 years, 7 months
Inventory: 26,597
Households: 2,233,752
Annual Forecasted Home Value Appreciation: 2.3%
Share of Listings with a Price Cut: 17.3%
Source: Zillow
15. Houston, TX
Breakeven Horizon 1Q 2017: 2 years, 4 months
Inventory: 24,960
Households: 2,292,992
Annual Forecasted Home Value Appreciation: 1.5%
Share of Listings with a Price Cut: 17.9%
Source: Zillow
14. St. Louis, MO
Breakeven Horizon 1Q 2017: 2 years, 4 months
Inventory: 12,373
Households: 1,108,303
Annual Forecasted Home Value Appreciation: 1.5%
Share of Listings with a Price Cut: 15.0%
Source: Zillow
13. Kansas City, MO
Breakeven Horizon 1Q 2017: 1 year, 8 months
Inventory: 6,616
Households: 814,092
Annual Forecasted Home Value Appreciation: 2.9%
Share of Listings with a Price Cut: 11.6%
Source: Zillow
12. Chicago, IL
Breakeven Horizon 1Q 2017: 2 years, 3 months
Inventory: 37,367
Households: 3,470,993
Annual Forecasted Home Value Appreciation: 2.6%
Share of Listings with a Price Cut: 16.7%
Source: Zillow
11. Cincinnati, OH
Breakeven Horizon 1Q 2017: 1 year, 9 months
Inventory: 6,160
Households: 832,607
Annual Forecasted Home Value Appreciation: 2.7%
Share of Listings with a Price Cut: 14.2%
Source: Zillow
10. Cleveland, OH
Breakeven Horizon 1Q 2017: 1 year, 11 months
Inventory: 10,045
Households: 849,475
Annual Forecasted Home Value Appreciation: 1.8%
Share of Listings with a Price Cut: 14.1%
Source: Zillow
9. Dallas-Fort Worth, TX
Breakeven Horizon 1Q 2017: 1 year, 8 months
Inventory: 16,331
Households: 2,479,995
Annual Forecasted Home Value Appreciation: 4.4%
Share of Listings with a Price Cut: 13.7%
Source: Zillow
8. Detroit, MI
Breakeven Horizon 1Q 2017: 1 year, 7 months
Inventory: 13,919
Households: 1,674,251
Annual Forecasted Home Value Appreciation: 3.2%
Share of Listings with a Price Cut: 12.7%
Source: Zillow
7. Atlanta, GA
Breakeven Horizon 1Q 2017: 1 year, 9 months
Inventory: 28,888
Households: 2,028,705
Annual Forecasted Home Value Appreciation: 3.1%
Share of Listings with a Price Cut: 12.4%
Source: Zillow
6. Pittsburgh, PA
Breakeven Horizon 1Q 2017: 1 year, 11 months
Inventory: 10,830
Households: 990,355
Annual Forecasted Home Value Appreciation: 2.5%
Share of Listings with a Price Cut: 14.9%
Source: Zillow
5. San Antonio, TX
Breakeven Horizon 1Q 2017: 1 year, 11 months
Inventory: 7,444
Households: 791,273
Annual Forecasted Home Value Appreciation: 3.0%
Share of Listings with a Price Cut: 17.2%
Source: Zillow
4. Las Vegas, NV
Breakeven Horizon 1Q 2017: 2 years, 1 month
Inventory: 13,012
Households: 740,966
Annual Forecasted Home Value Appreciation: 4.8%
Share of Listings with a Price Cut: 12.0%
Source: Zillow
3. Indianapolis, IN
Breakeven Horizon 1Q 2017: 1 year, 6 months
Inventory: 7,706
Households: 755,100
Annual Forecasted Home Value Appreciation: 3.0%
Share of Listings with a Price Cut: 13.1%
Source: Zillow
2. Tampa, FL
Breakeven Horizon 1Q 2017: 1 year, 10 months
Inventory: 14,998
Households: 1,166,704
Annual Forecasted Home Value Appreciation: 3.2%
Share of Listings with a Price Cut: 18.8%
Source: Zillow
1. Orlando, FL
Breakeven Horizon 1Q 2017: 1 year, 11 months
Inventory: 10,344
Households: 845,295
Annual Forecasted Home Value Appreciation: 3.8%
Share of Listings with a Price Cut: 17.4%
Source: Zillow
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