Denver ranks as a more challenging housing market than New York City and San Francisco in LendingTree's new list of the best and worst cities for first-time homebuyers in 2018.
While Denver's tight inventory and resulting high home prices make it one of the worst metros on the site's list, Little Rock, Arkansas ranked as the best city for first-time homebuyers this year. Little Rock homes have an average down payment of $24,896, 12 percent of a home's price, while in Denver, the average down payment would be 18 percent of the home's price, $66,806, per Realtor.com.
LendingTree researchers ranked the 100 largest U.S. cities not only by the price of homes, but also by other criteria such as the average down payment, the percentage of buyers who have a credit score below 680, and the number of homes sold that the median-income family can afford.
Advertisement
Related Stories
Remodeling
Home Renovation Trends Report Shows Increase in Project Spending
A recent Houzz survey finds that the median spend for kitchen and primary bath projects jumped in 2022 and increased again in 2023
Trends
These Design Trends Get the Thumbs-Down From Boomers
Whether it's garage doors dominating a home's façade, outdated smart home features, or walk-in closets off the bathroom, homeowners in their 60s, 70s, and 80s have opinions
Trends
New-Home Trends: Home Sizes Shrink Further and Personalization Has Power
The National Association of Home Builders' latest new-home trends report shows homebuyers prefer fewer square feet, more personalization, and more tech