According to a report released by the association, the number of first-time home buyers will account for 32% of all buyers in 2023. National Association of Realtors. Millennials made up 75% of this demographic, and older Millennials and Gen Xers (ages 44-58) made up 44% and 24% of first-time buyers. From such a background, Jiro We identified key markets for first-time homebuyers, half of which were in the Midwest.
Zillow’s ranking criteria includes rent affordability, the percentage of properties accessible to the average household, the expected level of competition for those properties, and the number of households of the same age living in the area.
“Buying a home is a tough hill to climb, especially for first-time homebuyers. Headwinds like mortgage rates, inventory shortages and rising rents remain strong, but are easing,” Zillow said. said Orphée Divongi, senior economist at , in a statement.
“Attractive homes are moving quickly, so people looking to buy this spring need to get their finances in order now, including getting pre-approved for a mortgage. , an increase in homeowners choosing to build new homes and sell will give buyers more choice and help ease price increases. “We’re slowing down enough to do that,” Divongai said.
The top 10 markets for first-time homebuyers are St. Louis, Detroit, Minneapolis, Indianapolis, Austin, Pittsburgh, San Antonio, Birmingham, Kansas City, and Baltimore.
