First-time home buyers prefer living in the suburbs, according to Realtor.com.
10 Best Suburbs for First-Time Home Buyers
With only 12.8%, according to Zillow, of the total US real estate market’s value being relatively affordable, Realtor.com, ranked the 10 best suburbs ideally suited for first-time home buyers.
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Realtor.com factored in the following characteristics to come up with its rankings:
- Markets with populations under 100,000 people
- Markets within a 30-minute drive to a larger metro
- Markets with strong job markets
- Easy access to entertainment
- Affordability relative to nearby cities and towns.
This report analyzed 1.112 cities and also considered these factors:
- Demographic share of 25–34-year-old residents
- Number of active listings per 1,000 current households
- Jobs based on local unemployment rats
- Number of food/drink amenities per 1,000 households
- Forecasted metro home sales and home price growth for 2022.
Magna UT (1)
- Median Home Price – $375,000 in 12/21
- Population – 229,251
- Nearest Metro – Salt Lake City
- Affordability; high value growth potential, high job growth potential as area seeing construction of shipping centers
Chalco NB (2)
- Median Home Price – $2225,000 in 12/21
- Population – 11,064
- Nearest Metro – Omaha
- Affordability due to well-aged, well-built housing stock; Omaha seen as recession-proof; not dependent upon tourism/retail; diverse job potential due to diverse companies; many outdoor activities
Maudlin SC (3)
- Median Home Price – $284,000 in 12/21
- Population – 24,724
- Nearest Metro – Greenville
- Affordability; tax-friendly; good schools; good job potential with Amazon plant, Mitsubishi in town and BMW plant close by; small-town feel with city life; outdoor activities/amenities
Beech Grove IN (4)
- Median Home Price – $165,000 in 12/21
- Population – 14,717
- Nearest Metro – Indianapolis
- Affordability; diverse housing styles, family/community friendly; medical services in town; sprinkling of new and mom-and=pop establishments; walkability; entertainment amenities
Portsmouth VA – (5)
- Median Home Price $220,000 in 12/21
- Population – 97,915
- Nearest Metro – Norfolk
- Affordability; older housing stock; downtown infrastructure improvements; children’s museum; Air Force/Coast Guard/Army folks
Cottage Grove WI (6)
- Median Home Price – $2279,000 in 12/21
- Population – 7,303
- Nearest Metro – Madison
- Affordable; relatively better homme quality; good schools; walkability; golf course; variety of small businesses and amenities
Grimes IA (7)
- Median Home Price – 371,800 in 12/21
- Population – 15,392
- Nearest Metro – Des Moines
- Affordable housing; demographics skewing young; good schools; four seasons; large industrial complex for job base; room to grow and expand
Kuna ID (8)
- Median Home Price – $490,000 in 12/21
- Population – 24,011
- Nearest Metro – Boise
- Fast growing yet still relatively affordable; new construction happening; four seasons; close to mountains for skiing, boating and camping; surrounded with vineyards
Ferndale MI (9)
- Median Home Listing Price – $2228,500 in 12/21
- Population – 19,190
- Nearest Metro – Detroit
- Affordable; blend of small-town feel with big city/amenities and conveniences; good hybrid in terms of home prices and lifestyles; LBGTQ-friendly
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Maitland FL (10)
- Median Home Listing Price – $427,500 in12/21
- Population – 19,543+
- Nearest Metro – Orlando
- Stable job environment with several major corporations and/or headquarters; part of Orlando/Winter Park/Maitland triangle of entertainment amenities while being most affordable in that triangle; types of housing varieties well represented; new and existing homes; wide variety of job choices
Thanks to Realtor.com.