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The Best Place to Buy House for First Time

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Best Places to Buy a Habitation for First-Time Homebuyers

This article originally appeared on GOBankingRates.com: Best Places to Purchase a Dwelling house for First-Time Homebuyers

If you lot're getting ready to be a first-time homebuyer, you might be overwhelmed with all the options that come with your big purchase. At the very least, you have some core decisions to make — and lots of steps to take subsequently that.

Later on y'all get your funding together, the next thing yous need to research are the all-time cities to buy a house and then yous can get the most bang for your buck. To make your job easier, GOBankingRates has put together a list of the xxx best places to buy a dwelling house. Cities were ranked on a number of factors, including foreclosure rates and median household listing price. Use this guide to find the all-time places to buy your first domicile.

30. Dallas

  • Median listing price: $319,900

  • Downward payment required: $63,980

  • Salary needed to afford a home: $76,120

  • Foreclosure rate: 0.0359%

  • Housing opportunity alphabetize: 46.0

Chicken-fried steak, barbecue, chili, Tex Mex … these are all things you can agree near and dear if you buy your first habitation in Dallas. You tin can besides expect frontward to visiting downtown'south 6th Flooring Museum at Dealey Plaza, which commemorates the site of former President John F. Kennedy's bump-off in 1963.

Know: ten Ways to Go the Best Bargain on a New Home

29. Salt Lake Metropolis

  • Median listing price: $369,900

  • Down payment required: $73,980

  • Bacon needed to afford a home: $85,920

  • Foreclosure rate: 0.0308%

  • Housing opportunity index: 49.2

If yous love the outdoors, consider Salt Lake City as your entry into the housing market. Named past U.Due south. News & World Report as one of the best places to alive, information technology features v national parks and a number of globe-class ski resorts.

28. Cleveland

  • Median listing price: $165,450

  • Down payment required: $33,093

  • Salary needed to beget a home: $35,520

  • Foreclosure rate: 0.1202%

  • Housing opportunity index: 81.2

If you don't heed the roller-coaster ride that is the sports teams here, Cleveland might be one of the best places to buy a home every bit a kickoff-timer. For the depression, low annual toll of $ten,656 in mortgage costs you can live here and still have a salary under $36,000. Information technology'due south 1 of the few places with houses still near the $100,000 marker.

27. Las Vegas

  • Median list toll: $300,000

  • Down payment required: $60,000

  • Salary needed to beget a home: $72,320

  • Foreclosure rate: 0.0509%

  • Housing opportunity alphabetize: 46.four

Sin City is more than than just casinos and nightlife — it'due south a great identify for beginning-fourth dimension homebuyers to invest. For $21,696 in mortgage costs per yr yous tin can live in a median list price home and enjoy balmy winters, pinnacle entertainment and celebrity sightings.

26. Tampa, Florida

  • Median list price: $255,000

  • Downwardly payment required: $51,000

  • Salary needed to afford a home: $63,560

  • Foreclosure rate: 0.0831%

  • Housing opportunity alphabetize: 62.5

If you lot love warm conditions all twelvemonth long, Tampa is a great place for a first-fourth dimension homebuyer. Your almanac mortgage cost would be $19,068 for a median list price home and yous'd be close to historic old quarters, such every bit Ybor City and Onetime Hyde Park.

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25. Chicago

  • Median listing price: $284,000

  • Down payment required: $56,800

  • Bacon needed to afford a home: $69,200

  • Foreclosure charge per unit: 0.0690%

  • Housing opportunity alphabetize: 65.0

Yep, Chicago is freezing for many months out of the yr. But it has deep-dish pizza, so who wouldn't desire to motility there? The yearly cost of your mortgage on a median list price home would be simply $20,760, which is certainly reasonable when you become to live in a thriving metropolitan area.

24. Detroit

  • Median list toll: $189,900

  • Down payment required: $37,980

  • Bacon needed to afford a home: $xl,280

  • Foreclosure rate: 0.0737%

  • Housing opportunity index: 72.nine

The Motor City is alluring offset-time homebuyers thanks to its homes' low median listing prices and a cost of living that makes a salary of only $40,280 livable. For only $12,084 per year in mortgage costs, you can arrive the market now.

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23. Hartford, Connecticut

  • Median list price: $247,500

  • Down payment required: $49,500

  • Salary needed to afford a abode: $62,080

  • Foreclosure rate: 0.0628%

  • Housing opportunity index: 80.9

The capital of Connecticut has a good median list dwelling price, making information technology one of the best cities to purchase a house if you're starting out in the market. With its museums, alive music, theater, sports scene and other attractions, you'll almost forget near those long winters.

22. Houston

  • Median list price: $289,500

  • Downwardly payment required: $57,900

  • Bacon needed to afford a home: $lxx,280

  • Foreclosure rate: 0.0387%

  • Housing opportunity index: 57.5

Known every bit the world uppercase of space exploration, Houston has a thriving theater scene and an affordable entry price for start-time homebuyers. Motility here and you'll spend around $21,084 per twelvemonth on your mortgage if yous buy a median list price dwelling.

21. Phoenix

  • Median list cost: $297,990

  • Downwards payment required: $59,598

  • Salary needed to afford a dwelling house: $71,920

  • Foreclosure rate: 0.0312%

  • Housing opportunity alphabetize: 56.ane

If yous like the desert, Phoenix is a expert place to consider ownership your offset home. You don't need a huge salary to afford the almanac mortgage payments of $21,576 for a median listing toll home and you'll exist privy to enough of arts and cultural attractions in addition to historic neighborhoods.

Run into: This Is the Salary Y'all Need to Afford the Boilerplate Dwelling house in Your State

20. Washington, D.C.

  • Median list price: $420,000

  • Downwards payment required: $84,000

  • Salary needed to afford a home: $95,640

  • Foreclosure rate: 0.0387%

  • Housing opportunity index: 66.iii

Steeped in history, Washington, D.C. is an exciting place to live. And it can be surprisingly affordable, with an annual mortgage cost of but $28,692 for a median list price house. Buy your first habitation here on the Potomac River and you'll probable never run out of things to do and run into.

xix. Milwaukee

  • Median list price: $249,000

  • Downwards payment required: $49,800

  • Salary needed to afford a dwelling: $62,360

  • Foreclosure charge per unit: 0.0473%

  • Housing opportunity index: 71.three

Like beer? Move here: Milwaukee is famous for its breweries. It's as well famous for beingness one of the best places to buy a domicile if you're just entering the marketplace. You'll pay just $18,708 per year in mortgage costs to live here.

eighteen. Richmond, Virginia

  • Median list toll: $299,900

  • Down payment required: $59,310

  • Salary needed to afford a habitation: $72,320

  • Foreclosure charge per unit: 0.0376%

  • Housing opportunity index: 74.3

Richmond is well-nigh a 2 1/2-hour bulldoze from Washington, D.C., and it is known for its tidy brick row houses. And for $21,696 in mortgage payments per year, you just might be able to snag one of those pretty houses as a get-go-time homebuyer.

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17. Charlotte, North Carolina

  • Median list toll: $296,548

  • Down payment required: $59,310

  • Salary needed to afford a home: $71,640

  • Foreclosure charge per unit: 0.0497%

  • Housing opportunity index: 66.1

This celebrated urban center is a perfect sport for showtime-time homebuyers. U.S. News and World Report chosen this Southern jewel, nicknamed the Queen City, 1 of the 20 all-time places to live in the U.South. for weather, which goes a long way toward making information technology one of the all-time cities to live in.

xvi. Birmingham, Alabama

  • Median list price: $229,900

  • Down payment required: $45,980

  • Salary needed to beget a abode: $48,040

  • Foreclosure charge per unit: 0.0592%

  • Housing opportunity alphabetize: 79.half dozen

If yous like the oestrus of the South, and so Birmingham could be the right move for y'all equally a homebuyer. With an annual mortgage expense of $14,412, yous tin live like a king here on just $48,000 per year.

15. Raleigh, North Carolina

  • Median list price: $318,995

  • Downwardly payment required: $63,799

  • Salary needed to beget a home: $76,000

  • Foreclosure rate: 0.0271%

  • Housing opportunity alphabetize: 55.ii

Known as the Metropolis of Oaks, Raleigh is the capital of N Carolina — and an affordable place to purchase a first dwelling. Balmy winters and a low cost of living get in one very livable city.

Related: The All-time Identify to Buy a Dwelling house in Every Land

xiv. Atlanta

  • Median list price: $279,900

  • Down payment required: $55,980

  • Bacon needed to afford a home: $68,400

  • Foreclosure rate: 0.0391%

  • Housing opportunity index: 64.nine

The capital of Georgia, "Hotlanta," is known for its diverse musical heritage, its sports teams and its Southern hospitality. With a yearly mortgage amount of $20,520 for a median list price home, information technology's i of the best cities to buy a house if yous're a beginning-time homebuyer.

xiii. Columbus, Ohio

  • Median list price: $249,000

  • Down payment required: $49,800

  • Salary needed to afford a home: $62,360

  • Foreclosure rate: 0.0547%

  • Housing opportunity index: seventy.4

The capital of Ohio, Columbus is an affordable city with a low foreclosure charge per unit and reasonable median list price for homes. You tin live here on a salary of less than $63,000 and still have coin to live on afterwards you pay your almanac mortgage of $eighteen,708.

12. Minneapolis

  • Median list cost: $337,500

  • Down payment required: $67,500

  • Salary needed to afford a dwelling house: $79,600

  • Foreclosure rate: 0.0274%

  • Housing opportunity index: 72.half-dozen

The North Star Country offers enough of opportunity for starting time-time homebuyers — and Minneapolis is among the best cities to invest in real manor. You'll pay just $23,880 a year in mortgage costs if you buy a median list price home, and you'll establish yourself in the "New England of the West."

11. Austin, Texas

  • Median list toll: $325,105

  • Down payment required: $65,021

  • Bacon needed to afford a domicile: $77,200

  • Foreclosure rate: 0.0146%

  • Housing opportunity alphabetize: 54.three

Austin has gained much popularity as of late, then prices have gone upwards. Still, it'southward an affordable city to alive in for get-go-fourth dimension buyers. You'll need to make a pretty hefty salary of $77,200 to exist comfortable in Austin, but your total mortgage payments for the twelvemonth will be merely $23,160.

10. Cincinnati

  • Median listing price: $221,493

  • Downwardly payment required: $44,299

  • Bacon needed to afford a home: $46,400

  • Foreclosure rate: 0.0474%

  • Housing opportunity index: 81.one

If you dearest 19th-century architecture, chances are yous'll dearest this city in Ohio. You lot'll pay simply $13,920 per year to alive in a median list toll firm and you'll need a bacon of simply $46,400 to go things rolling.

9. Louisville, Kentucky

  • Median listing toll: $220,000

  • Down payment required: $44,000

  • Salary needed to afford a abode: $46,120

  • Foreclosure rate: 0.0611%

  • Housing opportunity index: 75.4

Buy your first home in Louisville, Kentucky, and yous tin can visit the legendary Kentucky Derby. You'll also be able to afford an annual mortgage bill of $13,836 with room to spare on a salary of just $46,120.

8. Kansas City, Missouri

  • Median list toll: $259,000

  • Down payment required: $51,800

  • Salary needed to afford a home: $64,360

  • Foreclosure rate: 0.0365%

  • Housing opportunity index: 74.1

Charcoal-broil and jazz become with Kansas City, Missouri, like millennials go with smartphones. And speaking of millennials, this might exist a keen identify for y'all for a starter home. Not only can you really beget to live hither, one Kansas Metropolis neighborhood, Overland Park, happens to be the elevation millennial migration metropolis.

Bank check Out: The Best States for Millennials to Purchase a Dwelling

7. Memphis, Tennessee

  • Median list price: $188,900

  • Downward payment required: $37,780

  • Salary needed to beget a home: $40,280

  • Foreclosure charge per unit: 0.0450%

  • Housing opportunity index: lxx.iv

If you love the blues, move to Memphis, Tennessee, ane of the best states to invest in real estate. Think about strolling down Beale Street and enjoying spending all that money you have left over from your yearly mortgage payment of just $12,084.

A Broader Look: Best and Worst States for First-Time Homebuyers

half dozen. Oklahoma City

  • Median listing price: $217,560

  • Downwards payment required: $43,512

  • Salary needed to afford a home: $45,640

  • Foreclosure rate: 0.0647%

  • Housing opportunity index: lxxx.4

Recollect about buying your outset domicile in the Sooner (rather than later) State and you tin can enjoy your new digs on a bacon of only $43,512. Your annual mortgage payment on a median list cost home would be only $13,692.

v. Buffalo, New York

  • Median list price: $161,450

  • Downwards payment required: $32,290

  • Salary needed to afford a domicile: $34,760

  • Foreclosure rate: 0.0499%

  • Housing opportunity index: 81.seven

If you lot don't mind some cold weather, Buffalo, New York, is 1 of the best places to buy a abode when you're starting out. Get into a good first-time homebuyer plan and your salary of just $32,390 volition hands pay your annual mortgage bill of $ten,428.

4. St. Louis

  • Median list price: $189,900

  • Downward payment required: $37,980

  • Salary needed to afford a dwelling: $40,380

  • Foreclosure rate: 0.0408%

  • Housing opportunity alphabetize: 79.7

The Show Me State has enough to offering first-time homebuyers — all y'all demand to practice is look. If y'all make just under $41,000, yous can afford a abode here. Millennials, take note: If you lot're just entering the work earth, you tin can nevertheless buy a house on what might be a likely starting bacon.

3. Virginia Embankment, Virginia

  • Median list price: $272,985

  • Downward payment required: $54,597

  • Bacon needed to afford a domicile: $67,080

  • Foreclosure charge per unit: 0.0354%

  • Housing opportunity index: 73.8

If you're a embankment lover, consider Virginia Beach, Virginia, for your starting time house. With an annual mortgage toll of $xx,124, you'll accept enough left over from your salary of $67,080, to relish life at the sea.

2. Pittsburgh

  • Median listing price: $169,900

  • Down payment required: $33,980

  • Salary needed to afford a home: $36,400

  • Foreclosure rate: 0.0497%

  • Housing opportunity index: 81.1

Pittsburgh is a popular identify for beginning-fourth dimension homebuyers to nab a firm. Buy a median list toll home and your mortgage payment would be just $10,920 per year. That's a very affordable way to residual your spending on a bacon of only $36,400.

one. Indianapolis

  • Median listing price: $221,990

  • Down payment required: $44,398

  • Salary needed to afford a domicile: $46,520

  • Foreclosure rate: 0.293%

  • Housing opportunity index: 86.1

With a very reasonable median home listing price and depression foreclosure rate (i in every iii.417 homes), Indianapolis is the No. 1 all-time identify to spend your coin if you're a first-fourth dimension homebuyer. Your annual mortgage payment on a median list price dwelling house would be only $13,956, which would leave enough to live on if yous fabricated just under $47,000. That ways yous could live here and withal be able to pay off your student loans.

Related: Motility Here If You're Even so Dealing With Student Loans

Choose Wisely

Now that yous have a list to become y'all started shopping in the best cities for offset-time homebuyers, it's of import that y'all know what else to exercise when you're in the existent estate market place for the start fourth dimension.

Offset, start saving for a down payment today. That fashion, when y'all observe the home that's correct for yous, you tin actually get started buying information technology. Make sure y'all accurately calculate what y'all can afford and compare mortgage lenders to ensure you get the best bargain bachelor to you.

Read more virtually the tax breaks y'all'll receive equally a homeowner.

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Methodology: Cities were ranked according to seven factors, including 1) foreclosure rates, which are based on the number of foreclosure deportment to housing units as of February 2019, sourced from RealtyTrac; two) Median Household List Price; sourced from Zillow and using Feb 2022 data, 3) the downwards payment it would cost to purchase that home, using a simple 20% of total median home listing price equation; 4) the salary needed to beget the Median Domicile, which was calculated using Zillow's mortgage calculator with the 30-year stock-still-charge per unit gear up at 4.31%, the rate sourced from the St. Louis Fed on March 20, 2019; five) the Median Household Income for each city, sourced from the 2022 American Community Survey done past the Census Bureau; half-dozen) the difference between the Median Household Income and bacon needed to afford the Median Home for each city; and 7) the Housing Opportunity Index sourced from the National Association of Homebuilders which measures the share of homes sold that are affordable to median income families in a given area. These seven factors were scored and so combined to determine each state's ranking.

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Source: https://finance.yahoo.com/news/best-worst-cities-first-time-100000851.html

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