First-time homebuyer havens
For first-time homebuyers, choosing the right location is key. And according to a new analysis? That location just might be Memphis, Tennessee.Verify your new rate (Aug 14th, 2020)
Where first-timers can find affordable housing
According to a new analysis from title insurance company First American, less than half of the nation’s major markets are affordable for first-timers, making a smart choice of location key. Fortunately, there are still some cities where homes are largely affordable, and Memphis, Tennessee tops the list.
In Memphis, on $37,130 salary, the median renter can afford 71 percent of available homes on the market. Oklahoma City buyers can also afford more than 70 percent of the area’s properties.
Other cities where first-time homebuyers have the most buying power include Pittsburgh (where they can afford 69 percent of homes); Atlanta (66 percent); Cincinnati (66 percent); Kansas City, Missouri (65 percent); Tampa, Florida (65 percent); Detroit (62 percent); St. Louis (61 percent); and Chicago (60 percent).
Out of reach for first-timers
The cities that are most out of reach for first-time buyers are, unsurprisingly, located largely on the West Coast.
In Los Angeles, the median renter can afford a home priced at $270,292 or less. Fewer than 2 percent of all available homes on the market fall into this category. First-time buyers in other California cities, like San Jose, San Francisco, San Diego, Sacramento and Riverside also find themselves in similar circumstances.
New York City; Portland, Oregon; Denver; and Boston also have low shares of affordable housing for first-time buyers.
Get today’s mortgage rates
Are you a first-time homebuyer looking for an affordable place to put down roots? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (Aug 14th, 2020)