Thursday, June 16, 2016

First-time homebuyers today face many obstacles on the path to homeownership—but in some markets, there are less obstacles and more opportunities.

According to recently released research by the National Association of REALTORS® (NAR), some metropolitan areas have surpassed others in terms of feasibility for first-timers, due to increased housing affordability and promising employment growth. These areas, listed alphabetically, are:

Austin, Texas
Charleston, S.C.
Denver, Colo.
Minneapolis, Minn.
Ogden, Utah
Portland, Ore.
Raleigh, N.C.
Salt Lake City, Utah
Seattle, Wash.
Washington, D.C.

“Even with potentially higher incomes, prospective millennial homebuyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,” explains Lawrence Yun, NAR’s chief economist. “However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership.”

Source: National Association of REALTORS®

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