Zillow Names The 10 Best Metros For First-Time Home Buyers In 2023
Abstract
Zillow Names The 10 Best Metros For First-Time Home Buyers In 2023 Wichita has a higher share of for-sale listings relative to active shoppers. As the share of buyers purchasing a home for the first time rebounds to pre-pandemic levels amid a changing market, a new Zillow analysis rates Wichita, Kansas as the top area in America for potential first-time home buyers. Zillow ranked metros based on factors that included mortgage and rent affordability for first-time home buyers, available homes for sale and the share of listings with a price cut. "Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers," said Zillow senior economist Orphe Divounguy. "These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs and have an easier time qualifying for a smaller loan, but rent also is more affordable than elsewhere in the country, shortening the time it takes to save for a down payment." Wichita, the largest metro in Kansas, landed the top spot largely because of its relative affordability - it's among the top metros where people spend the smallest share of their income on rent and mortgage costs. Wichita home shoppers can also find a number of deals popping up, with 22% of listings seeing a price cut in October. "Affordability remains the No. 1 challenge for first-time home buyers," said Amanda Pendleton, Zillow's home trends expert.
