The Best Cities For Buying A First Home

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Oklahoma and Texas dominate the list for best places to buy a first home and the middle of the country offers more opportunity for first-time buyers, overall

March 21, 2016

Photo Credit: Greater Oklahoma City Chamber and Oklahoma City Convention and Visitors Bureau, Wikimedia Creative Commons

"You may say I’m a dreamer. But I’m not the only one..." There’s no evidence to suggest that the lyrics to John Lennon’s “Imagine” have anything to do with buying a first home, but it certainly fits. The prospect of homeownership has come to seem like a dream for many younger individuals. Young home-seeking dreamers are everywhere, as the desire among adults under the age of 35 is high. However, according to Business Insider, less than 35 percent of these adults under 35 are actually able to make dream a reality.

That’s not to say it is impossible to become a young homeowner: There are 11 cities across the U.S. that rise to the topof the list based on mortgage access, affordability, and market stability--all factors that make home-buying less painful for first-time buyers.

The state of Oklahoma would seem to have a lot going for it for first-time buyers; it's home to the top two cities on the list. Coming in at number one is Oklahoma City, with a loan-funding rate of 75 percent (the average loan funding ratio for major U.S. cities is 69 percent), an average price per square foot of $78, and a median home price of $148,300. Just behind Oklahoma City, at number two on the list, is Tulsa.

The majority of the cities are located in the South, with six out of the top 11 in Texas or, as mentioned, Oklahoma. Texas cities on the list include Dallas, Fort Worth, San Antonio, and Houston. Also of note: Almost all of these cities are located in the country’s heartland. San Antonio is the farthest west, and only three cities are east of the Mississippi: Indianapolis, Louisville, and Pittsburgh.

To see the full list, click the link below.

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