Published January 20, 2023
Top 10 Markets for First-Time Home Buyers
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Top 10 Real Estate Markets for First-Time Home Buyers (Ranked Nationally) -
Realtor.com recently released their list of the TOP 10 markets for first-time homebuyers - and we are proud to say that 3 towns in Upstate NY made the list!
The top 10 markets for first-time homebuyers in 2023 are:
Portsmouth, VA
DeForest, WI
Windsor Locks, CT
Gloucester City, NJ
Moore, OK
Magna, UT
Eggertsville, NY
Watervliet, NY
Mattydale, NY
10. Somersworth, NH
To help identify the best markets for first-time homebuyers in the year ahead, Realtor.com® analyzed a number of qualities that make a town attractive, including affordability, livability and where it might be easier for young buyers to break into the housing market.
So… What is it that makes these towns so great for first-time buyers?
“The top 10 markets Realtor.com identified for first-time buyers have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from. Let’s dig in a little more.
More homes to choose from: With the number of homes for sale still near historic lows, having more homes to choose from can make a world of difference. Realtor.com®’s best markets for first-time homebuyers have an average of 48 listings per 1,000 households, higher than the national rate of 45.
Short commutes: This year’s top towns have an average expected commute time of just 24 minutes – that’s significantly faster than the national average of 30 minutes.
Options for food and drinks: The top towns have an average of 5.6 food and drink establishments per 1,000 households in their metro area, higher than the national rate of 5.3.
Younger residents: This year’s list has an average of 15% of residents in the 25-34 year age category, compared to the national average of 13%.
Affordability: The best markets offer an average listing-price-to-income ratio of 3.5 for 25-34 year-olds, much lower than the national rate of just over 5.
Strong housing markets: This year’s markets are located within metro areas that have an average forecasted 2023 home sales growth rate of 1%, higher than the national rate, which is expected to decline -14%.”
Click here for a more detailed breakdown of their analysis.
More on How Mattydale Made the List…
Over the last few years, the dream of homeownership has become less and less attainable for most Millenials. Record high home prices and rising interest rates have presented quite an affordability crisis in our current market. In 2022, the best markets offered an average price-to-income ratio of 3.5 for people aged 25 to 34. Mattydale just so happens to boast a 2.2 ratio - much lower than the national average of 5.1!
The forecasted population share for 25 to 34-year-olds in the suburb is 12.9%, with 5.3% food and drink establishments per 1000 households, AND a forecasted price growth of 6.1%.
If you’re looking to buy a home in Central NY and can be flexible with your location, it’s time to consider Mattydale!
Click here to search available homes for sale in Mattydale and immediate surrounding areas now!
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