First-time home buyers: These are the best spots to move

Aly J. YaleThe Mortgage Reports Contributor

Tampa takes tops

Love sunshine and oranges? Ready to buy your first home? Then you might want to pack your bags and head to Tampa, Florida. According to a new ranking, it’s the No. 1 spot in the nation for first-time home buyers.

Verify your new rate (Sep 25th, 2018)

Primed for first-time buyers

A new ranking names Tampa as the best place for first-time home buyers, taking into account its housing inventory, median home price and competition levels.

Tampa came in tops, with a median value of $195K, sluggish price growth of just 4.1 percent and an inventory of nearly 14,000 homes.

First-time home buyers’ guide: The basics of a mortgage

Indianapolis claimed the No. 2. Spot, with a home value of $143,200, 6,400 homes up for sale and meager projected population growth of 0.7 percent.

The remaining top five cities all hailed from the south: Houston, Orlando and San Antonio took third, fourth and fifth, respectively. Likely an effect of Hurricane Harvey, Houston boasts the highest current inventory, with 26,275 homes on the market.

Verify your new rate (Sep 25th, 2018)

Selecting the right state

If these top cities aren’t calling your name, U.S. News and World Report recently ranked the nation’s top states in terms of health care, education, economy, infrastructure and other factors.

Coming out on top was Iowa, which ranked first in infrastructure, third in health care, fourth in opportunity and fifth in education. Minnesota, Utah, North Dakota and New Hampshire rounded out the top five.

Do some states have cheaper mortgage rates?

At the bottom of the list were Louisiana, Mississippi, New Mexico, West Virginia and Alabama. Louisiana ranked dead-last in opportunity, while Mississippi was the worst in the nation for health care.

Get today’s mortgage rates

Are you considering buying your first home in one of these in-demand cities or states? Shop around and see what mortgage rates you qualify for today.

Verify your new rate (Sep 25th, 2018)