Zillow: Here are the 10 Best Cities for First-Time Homebuyers

With mortgage rates that are close to record lows, it’s a good time to consider buying a home.  Many buyers are discouraged by low inventory and high prices.  Real estate marketplace Zillow searched the U.S. for the best cities for first time homebuyers. In addition to considering median home values and competition, Zillow looked for cities where it is cheaper to make a monthly mortgage payment than a monthly rental payment. In its study, the company also noted the number of homes that the first-time buyer has to choose from and the likelihood of coming up against all-cash offers.

First-time buyers in these markets won’t have to deal with as many bidding wars or run-away prices; they’ll be able to find a first home that fits their needs with less stress,” says Zillow Chief Economist Dr. Svenja Gudell. “With record low mortgage rates, it’s a good time to buy a home and certainly worth considering.”

 

10. Birmingham, AL

9. Tampa, FL

8. Houston, TX

7. St. Louis, MO

6. Oklahoma City, OK

5. Chicago, IL

4. Cleveland, OH

3. Memphis, TN

2. Pittsburgh, PA

1. Indianapolis, IN

 

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