10 Best Places for First-Time Homebuyers in 2024
Purchasing a home has been especially difficult for first-time buyers in recent years thanks to rising prices, increasing mortgage rates and a lack of inventory. Although 2024 is anticipated to still be a challenging year, there are some great opportunities for first-time buyers, especially those with some flexibility on location.
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To find the best markets for first-time homebuyers, Realtor.com analyzed 2,738 cities across a number of factors including affordability, the share of 25- to 34-year-olds in the local population, availability of homes for sale, job opportunities, average commute time to work, amenities, and forecasted metro home sales and home price growth in 2024. Based on the analysis, these are the top 10 markets for first-time homebuyers in 2024.
10. Riviera Beach, Maryland
Forecasted 25- to 34-year-old population share: 10.9%
Inventory per 1,000 households: 59.3
Median listing price: $264,079
Price-to-income ratio: 2.7
Forecasted average travel time to work (minutes): 33
Pictured: Baltimore
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9. Mattydale, New York
Forecasted 25- to 34-year-old population share: 7.4%
Inventory per 1,000 households: 31.6
Median listing price: $138,450
Price-to-income ratio: 2.0
Forecasted average travel time to work (minutes): 20
Pictured: Syracuse, New York
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8. Moore, Oklahoma
Forecasted 25- to 34-year-old population share: 9.7%
Inventory per 1,000 households: 43.6
Median listing price: $231,475
Price-to-income ratio: 3.2
Forecasted average travel time to work (minutes): 26
Pictured: Oklahoma City
7. Grand Rapids, Michigan
Forecasted 25- to 34-year-old population share: 9.5%
Inventory per 1,000 households: 33.1
Median listing price: $260,000
Price-to-income ratio: 4.3
Forecasted average travel time to work (minutes): 21
6. Cheektowaga, New York
Forecasted 25- to 34-year-old population share: 7.2%
Inventory per 1,000 households: 26.6
Median listing price: $199,000
Price-to-income ratio: 3.1
Forecasted average travel time to work (minutes): 21
Pictured: Buffalo, New York
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5. Council Bluffs, Iowa
Forecasted 25- to 34-year-old population share: 6.4%
Inventory per 1,000 households: 37.6
Median listing price: $200,000
Price-to-income ratio: 3.0
Forecasted average travel time to work (minutes): 21
4. Newington, Connecticut
Forecasted 25- to 34-year-old population share: 6.6%
Inventory per 1,000 households: 37.8
Median listing price: $290,294
Price-to-income ratio: 3.4
Forecasted average travel time to work (minutes): 23
Pictured: Hartford, Connecticut
3. Winterset, Iowa
Forecasted 25- to 34-year-old population share: 7.3%
Inventory per 1,000 households: 47.8
Median listing price: $269,400
Price-to-income ratio: 4.0
Forecasted average travel time to work (minutes): 23
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2. Benton, Arkansas
Forecasted 25- to 34-year-old population share: 7.6%
Inventory per 1,000 households: 50.2
Median listing price: $197,500
Price-to-income ratio: 3.0
Forecasted average travel time to work (minutes): 25
Pictured: Bentonville, Arkansas
1. Irondequoit, New York
Forecasted 25- to 34-year-old population share: 8.2%
Inventory per 1,000 households: 34.1
Median listing price: $187,000
Price-to-income ratio: 2.5
Forecasted average travel time to work (minutes): 22
Pictured: Rochester, New York
All data is sourced from Realtor.com’s Best Markets for First-Time Homebuyers in 2024 and is accurate as of Jan. 16, 2024.
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This article originally appeared on GOBankingRates.com: 10 Best Places for First-Time Homebuyers in 2024
