PR Newswire
SANTA CLARA, Calif., Jan. 10, 2022
SANTA CLARA, Calif., Jan. 10, 2022 /PRNewswire/ -- With 2022 shaping up to be another challenging year for hopeful homebuyers, Realtor.com® ran the numbers to find the best markets for people looking to buy their first home this year. The first annual Best Markets for First-Time Homebuyers Report predicts the cities and towns with the best combination of quality of life and affordability that young homebuyers are looking for.
What is it that makes these markets great for first-time homebuyers? They have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from. The 2022 top 10 markets, in ranked order, are: Magna, Utah, Chalco, Neb., Mauldin, S. C., Beech Grove, Ind., Portsmouth, Va., Cottage Grove, Wis., Grimes, Iowa, Kuna, Idaho, Ferndale, Mich. and Maitland, Fla.
"Buying a first-home is always a challenging undertaking, and it's been an especially tough couple years for first-time buyers, many of whom are struggling to find a home that's within their budget or win in a competitive bidding situation," said Realtor.com® Chief Economist Danielle Hale. "With this in mind, and the fact that remote work has given people more flexibility in where they live, we wanted to identify markets where first timers have a chance to become homeowners and find a great quality of life."
Here are some of the reasons these markets are attractive to first-time homebuyers:
First-time homebuyers can visit Realtor.com® to learn more about the buying process, find out how much they can afford, and even get connected to a lender to get pre-approved for a mortgage. And to stay competitive in this fast-moving market, shoppers can set a price alert so they know as soon as a home that fits their wish list hits the market and use Realtor.com®'s collaborate and share features to quickly get feedback from friends and family.
Realtor.com® 2022 10 Best Markets for First-Time Homebuyers:
Realtor.com® Best Markets for First-Time Homebuyers Ranked
Rank | City | 25-34 | 2021 | 2021 | Metro | Estimated 2022 | Metro | 2022 | 2022 |
1 | Magna, Utah | 15.4% | 46.1 | 5.0 | 2.3% | 26 | 5.8 | 8.5% | 15.2% |
2 | Chalco, Neb. | 14.5% | 52.4 | 2.8 | 2.2% | 24 | 5.2 | 4.9% | 8.2% |
3 | Mauldin, S.C. | 13.5% | 53.0 | 3.4 | 2.3% | 24 | 5.1 | 5.7% | 11.4% |
4 | Beech Grove, Ind. | 15.6% | 45.7 | 3.4 | 2.7% | 26 | 5.1 | 5.5% | 14.8% |
5 | Portsmouth, Va. | 16.0% | 69.4 | 4.0 | 3.2% | 25 | 5.7 | 2.7% | 11.8% |
6 | Cottage Grove, Wisc. | 15.0% | 60.7 | 3.4 | 2.2% | 26 | 5.6 | 3.9% | 6.2% |
7 | Grimes, Iowa | 14.6% | 110.4 | 3.1 | 3.2% | 23 | 5.3 | 3.9% | 5.9% |
8 | Kuna, Idaho | 13.7% | 160.0 | 5.5 | 2.3% | 30 | 5.1 | 7.9% | 12.9% |
9 | Ferndale, Mich. | 15.9% | 64.4 | 2.8 | 3.2% | 27 | 4.9 | 5.6% | 6.3% |
10 | Maitland, Fla. | 17.5% | 67.0 | 5.1 | 3.2% | 27 | 5.3 | 5.4% | 8.8% |
*Methodology
Realtor.com® ranked 1,112 cities and places with a population of more than 5,000 based on the following criteria, capping the list at one city per metro to allow for a greater diversity of options across the country:
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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SOURCE Realtor.com
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