Buying a first home is difficult enough regardless of where you live. But for anyone looking to purchase a first home in a city listed by Business Insider as one of the “10 housing markets where first-time buyers have no chance,” it’s nearly impossible.
Texas recently had four cities on a list of the best places to buy a first home and, interestingly enough, Texas has three representatives on the impossible list, as well.
San Antonio, Houston, and Austin all made the "no chance" list, which is a bit odd, because San Antonio and Houston have been included on other lists of the best places for first-time buyers. The discrepancy can be attributed to the methodology. The Business Insider list is relying solely on starter home inventory.
Unsurprisingly, San Francisco made the list, as the Bay Area city only has a starter home inventory of 158 in Q1 of 2016, a -73.9 percent change from Q1 of 2012. Orange County and San Diego were other California cities on the list with Q1 starter home inventories of 841 and 864 respectively.
However, it was Salt Lake City that saw the largest decrease in its starter home inventory with an -87.9 percent change, dropping the total number available in Q1 2016 to 151.
For the complete list, follow the link below.