Homeownership is a milestone that many people aspire to achieve. However, the dream of becoming a homeowner is unfortunately not a reality for everyone who seeks it. This is the case due to a number of economic, social, and demographic factors. According to a recent report from Investopedia, millennials are farther behind previous generations in becoming first-time homebuyers for many reasons, including affordability, student loan debt, higher lending standards, and others.
But while the rate of millennial homeownership lags behind previous generations, not all hope is lost. A 2022 report from the U.S. Census Bureau revealed that 51.5% of millennials owned a home, marking the quickest shift from renter-majority to homeowner-majority in history. But with economic uncertainty impacting citizens around the country, this new finding begs the question: where is the best place to buy a home?
Recently, ConsumerAffairs shared an insightful report on the best metros for first-time homebuyers in the United States. To formulate their list, researchers analyzed nine factors related to finances and quality of life based on recent data from 153 major metros. And the results are certainly fascinating.
The Best 10 Cities for First-Time Homebuyers
Many people are finding their dream home in a number of metro cities across the United States. Iif you have plans to buy a home this year, take a look at the top 10 best cities for first-time homebuyers:
1. Raleigh-Cary, North Carolina
Topping the list is Raleigh-Cary, North Carolina, a city known for having a fantastic greenway system, arts scene, and moderate weather. But what makes this metropolitan area the best for first-time homebuyers is the low violent crime rate, mortgage rates, and home price appreciation.
2. Provo-Orem, Utah
Provo-Orem, Utah comes in at number two on the list due to its impeccable commitment to safety. The area features the lowest crime rate in the entire country. But not only is it safe, it also boasts the second-highest rate of home appreciation.
3. Naples-Marco Island, Florida
Not too far from the wetlands of Everglades National Park, this stunning Florida city features beautiful white sand beaches and golf courses for fun in the sun. And if that isn’t enough, it boasts the highest home value appreciation of any metro area, with the median sales price of existing single-family homes increasing 56.9% from 2020 to 2022.
4. Oxnard-Thousand Oaks-Ventura, California
Though living in the Oxnard-Thousand Oaks-Ventura comes with a relatively hefty price tag, ConsumerAffairs researchers agree that this unique metro area is well worth the expense. Not only does it boast fantastic weather, but the area also scores additional brownie points for racial diversity.
5. Cape Coral-Fort Myers, Florida
If you’re a fan of Major League Baseball, you might spot a player or two in Fort Meyers, the spring training home of the Minnesota Twins and Boston Red Sox. But that’s not the only reason why the Cape Coral-Fort Myers area ranks at number five on the list. According to Consumer Affairs, the area also ranks fourth overall in home value appreciation and is among the 10 metro areas with the lowest property crime rates.
6. San Diego-Chula Vista-Carlsbad, California
Known for its beautiful landscapes, San Diego-Chula Vista-Carlsbad is an area located in sunny California. It ranks sixth on the list, as it’s home to a moderate climate and diverse population.
7. Port St. Lucie, Florida
If you can appreciate the beach life, Port St. Lucie in Florida is the place for you! Featuring a sunny climate, parks and recreation, and a low crime rate, this beach city could provide the perfect lifestyle for you.
8. Barnstable, Massachusetts
An ideal choice for families, Barnstable, Massachusetts is a quaint area with a lot of charm. Featuring a low crime rate, great schools, and a culture of community, this city is a gem with a family-friendly vibe.
9. Boise, Idaho
Many citizens of Boise, Idaho agree that their city is the best due to its economic opportunities, commitment to safety, and increased overall quality of life.
10. Bridgeport-Stamford-Norwalk, CT
The Bridgeport-Stamford-Norwalk metropolitan area in Connecticut is touted as a great place to live for many reasons. Most notably, the area is home to a quality education and healthcare system. Plus, it’s not far from New York City, where you have quick access to a plethora of diverse cultural, economic, and entertainment opportunities.
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