Casas De Venta Baratas En Texas – CNBC: The 15 best cities in the United States for first-time buyers Three cities stand out in Texas. We explain the reasons for the appearance of these places.
By Mike Winters, CNBC • Published on August 24, 2023 • Updated at 9:51 am on August 24, 2023
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Three Texas cities are among the top 15 places to buy your first home, according to a recent analysis by a financial firm.
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, which ranked 185 metro areas based on affordability, growth potential, competition and demographics to determine the best possible real estate investments for young buyers.
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Killeen, Texas, home to the Fort Cavazos (formerly Fort Hood) military base, was ranked first because it is a growing city with real estate prices nearly half the national average.
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Las 15 Ciudades Más Asequibles De Estados Unidos Para Quienes Compran Su Primera Vivienda
Killeen has a higher number of affordable homes than most other cities, which favors buyers, and is a young city with a higher-than-average percentage of residents under the age of 40.
Texas has long been a hot spot for migration in the United States. According to the census from 2002 to 2022, the population increased by 43%. But despite this growth, housing prices are slightly lower than the average for the rest of the country, making it one of the most affordable.
The top 15 cities for first-time home buyers, along with the median home price in each city:
First, the median home prices in all of these cities are well below the U.S. median home price of $416,100, according to U.S. Census data.
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Furthermore, the median home price in most of the top 15 markets is about four times the median income of their residents. That’s a much smaller financial burden than in expensive real estate markets like Los Angeles, where home values are about 10 times the median income.
There’s also less competition for homes in these markets, favoring first-time buyers who can’t afford bidding wars. Listings in the top 15 cities stay on the market an average of 20 days, nearly double the average for all metro areas surveyed.
WalletHub’s study ranked 100 US cities. But Texas has 10 cities in the top 25.
Despite the lack of competition for housing, these cities are expected to grow by an average of 7.2% through July 2024. According to Zillow’s projections, the national average is 5.4% for all markets studied.
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These 15 largest cities also contain a relatively high concentration of residents aged 25 to 39, the most common age for first-time buyers. Research suggests that most first-time home buyers in this age group would prefer to live among their peers.
In particular, the best cities for first-time buyers are small cities with a population of around 100,000. This makes sense as housing and living costs are usually higher in big cities like New York or San Francisco.
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