Being a first-time home buyer is incredibly tough these days. First there's the ever-growing home price, then there are fewer homes among which buyers can choose as housing inventory is shrinking. Realtor.com staffer Yuqing Pan crunches housing data to find out 10 markets where young first-time buyers could have best luck in home hunting.
To find out places that are still newbie-friendly, Pan focuses her research on the age group between 25 and 34, and filters the 100 largest U.S. metropolitan areas based on the following criteria: affordability, inventory, mortgage availability, job growth, and livability. Specifically, mortgage availability measures the share of home loans purchased by 25-to-34-year-olds, and livability measures the number of restaurants, schools, retailers, health care facilities, and arts and entertainment venues per 1,000 households.
The top 10 markets for first-time home buyers are: Portland, Maine, Philadelphia, Pa., St. Louis, Mo., Allentown, Pa., Albany, N.Y., Harrisburg, Pa., Baton Rouge, La., Dayton, Ohio, Minneapolis, Minn., and Virginia Beach, Va.