Whether a recent college graduate or someone accustomed to living in apartments, buying your first home can be overwhelming. For first-time homebuyers, not all cities are created equal. Smartasset.com created a list of the best cities for home buyers in 2017 based on a number of different characteristics. Where are the top five cities first-time home buyers should look to plant roots?
Pittsburgh is one of the best cities for first-time home buyers to settle down. If you are a Millennial who just graduated college or you and your spouse are looking for a three-to-four-bedroom home, Pittsburgh has exactly what you need. In Pittsburgh, the loan-funding rate is 79% with an average value of $82.08 per square foot. Pittsburgh also has a thriving job market according to thePreferredRealty.com.
Oklahoma City, Oklahoma
Oklahoma City ranks second as the best city for first-time home buyers in 2017. One reason it is ranked this high is due to the average value per square foot: $77.67. Oklahoma City also has a loan-funding rate of 75%, with 83 mortgage lenders located in the city. The average home price in Oklahoma City is $180,000.
Out of the top five best places for homebuyers, Omaha has the highest loan funding rate of 84 percent, indicating that many first-time homebuyers will get approved when applying for mortgages. Omaha also has multiple programs providing first-time buyers with financial assistance.
Indianapolis has the cheapest per square foot among cities in the top 10, with an average price of $70.58. This means the city is relatively affordable for first-time home buyers, and it is estimated it would take less than three years of work to pay off a down payment. Indianapolis has also seen a recent surge in real estate in the past year.
Tulsa ranks as one of the best cities for first-time home buyers for the third consecutive year. Along with a loan-funding rate of 74 percent, since May of 2016, the average price of homes in Tulsa has fallen to $152,000. These numbers are attractive by first-time home buyers.
If you are searching for your first home, consider these cities. And of course make sure to get your free rate quote reach to start the mortgage process.