First-time home buyers would be best served targeting the Indianapolis market, according to Zillow’s latest analysis.
The median home value in Indianapolis is $130,200, and buyers can expect to spend 11% of their monthly income on a mortgage payment, which is incentive to become a homeowner in Indianapolis. Renters in Indianapolis can expect to put 26% of their monthly income toward a rental payment.
Salt Lake City is the toughest place for first-time home buyers, followed by Washington, D.C. and New York. Other challenging markets are San Jose, Seattle, and Austin, where many millennials are moving because of the areas’ hot job markets. Unfortunately, when they start looking for a home, they’ll find high prices and not many options.