WalletHub compared 300 cities, all different sizes, across 22-indicators to determine the top 8 housing markets for first-time buyers.
Much to Consider for First-Time Homebuyers
There are a multitude of factors for first-time homebuyers to consider when they finally decide to buy their first-time home. WalletHub looked at 22 of these factors including:
- real estate taxes
- cost of living
- interest rates
- market prices
- mortgage types
- crime rate
- quality of life, etc. to help first-time homebuyers narrow their choices.
Here are WalletHub’s top eight housing markets for first-time homebuyers:
(You’ll note that towns in Virginia and Arizona nearly swept these rankings.)
Chesapeake VA – Median Home Price – $257,600
Cary Reines, executive vice president of Embrace Home Loans, believes Chesapeake Bay is a good option for first-time homebuyers because it offers good land value for larger land opportunities.
Gilbert AZ – Median Home Price – $435,000
Derek Evans, senior vice president with Fairway Independent Mortgage, said that home prices in Gilbert, comparatively speaking, are much more moderately priced than those in Scottsdale and North Phoenix. For families, Gilbert has some of the best schools in the state along with quality youth sports programs. Gilbert is always ranked among the top 10 safest cities in the country as well.
Cape Coral FL – Median Home Price – $243,100
According to Yvette Clermont, branch manager and mortgage consultant with Inlanta Mortgage, Cape Coral is more reasonably priced than Sarasota, Venice and Marco Island. Along with year-round sunshine and “terrific” beaches, Clermont says Cape Coral’s vibe is that of a college town with Florida Gulf Coast University, restaurants and sports amenities galore and affordability.
Hampton VA – Median Home Price – $211,300
Cary Reines with Embrace Home Loans said, “Hampton is appealing for tourism home buyers. It offers a widely diversified population, lending itself to rich culture, social, dining and entertainment areas.”
Peoria AZ – Median Home Price – $597,000
Kyle Fischer, senior vice president with Fairway Independent Mortgage,highlights Peoria’s affordability and master-planned communities tailored toward families. Fischer said, “Very specific to Peoria is location and proximity to all the other amenities throughout the valley…” and again, “…all the amenities for families that make it great.”
Virginia Beach VA – Median Home Price – $316,000
Cary Reines with Embrace Home Loans and obviously well-located for multiple first-time homebuyer markets, noted that Virginia Beach is the largest city in the state of Virginia with “a lot of cachet.” Virginia Beach has a large military presence and with that presence, many young people in the area.
Reines highlighted Virginia Beach’s close proximity to both the Atlantic Ocean and Chesapeake Bay along with the city’s diversified population and rich culture.
Norfolk VA – Median Home Price – $187,600
Cary Reines again…highlighted Norfolk’s affordability, Old Dominion University and its huge military presence with the Norfolk Naval Station and the Oceania Naval Air Station.
Surprise AZ – Median Home Price – $449,450
Home prices throughout Arizona have increased as more and more buyers flock to the state due to ”friendly” taxes, year-round sunshine and affordability. Mark Sheck, branch manager with Cherry Creek Mortgage, said that Surprise is still “probably a little bit more affordable than other parts of the valley and Maricopa County.” Surprise began to grow in the mid-2000’s and Sheck considers the town to be a “newer area” with newer businesses, schools and amenities.
Thanks to WalletHub.