Which Are The Best And Worst Cities For First-Time Homebuyers?

July 29, 2016

If you are looking to purchase your first home, you should probably avoid somewhere like Honolulu or, basically, the entire state of California. Shocker, right? A tropical paradise and a state that is home to the majority of the most expensive housing markets in the country aren’t ideal for young people looking to buy their first home.

But the United States is a big place, and spread throughout the country, especially in the Midwest, are a myriad of housing markets that are well within the budgets of first-time buyers. As realtor.com reports, Bloomberg News created a list of the 100 largest metros in an effort to determine the most and least affordable places for anyone between the ages of 25 and 44 who is looking to buy a home.

Des Moines, Iowa may not be Honolulu, but it does offer the best opportunity for a young first-time buyer to purchase a home with an estimated monthly mortgage payment of just $613. Considering the area’s median income is around $72,200, that mortgage payment is well within reason.

Pittsburgh, Baltimore, Minneapolis, and Kansas City, Mo. round out the top five most affordable metros, making the Midwest and the Rust Belt prime locales for anyone looking to purchase their first house.

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