Rising home prices and low inventory are putting pressure on first-time home buyers, but record-low mortgage rates and a hot market during the pandemic are encouraging many to jump-start their home search. In December, first-time buyers accounted for 31% of existing-home sales, according to the National Association of REALTORS®.
Which places offer some of the best values for those entering homeownership for the first time? Researchers with relocation resource Move.org analyzed home values, pricing, and occupancy to find the most affordable locations for first-time buyers. McAllen, Texas, topped Move.org’s list as the most affordable metro area for first-time buyers in the nation. The most affordable home prices tend to be in the South, the study found. Buying a home for under $100,000 also is still attainable in the South.
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"Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission."