If you want to invest in the American Dream of homeownership for the first time, focus on finding a fantastic home for sale in in an area that’s perfect for you. But where is that? According to a new study conducted by SmartAsset, Pittsburgh, Penn. ranked as the top city for people looking for their first home, and found that Texas is the best state for first-time homebuyers overall.
To find the best cities for first-time buyers, SmartAsset collected and analyzed data from every U.S. city with a population of more than 300,000 people, ranking them across the following seven metrics:
Total number of HUD approved mortgage lenders
- Value per square foot
- The number of conventional mortgage loans available, or loan funding rate
- Affordability, which is the ratio of median household income to median housing cost and homeowners insurance
- Market volatility
- Number of quarters where home prices fell
- The number of years home owners stayed in their home, and number of homeowners with negative equity
A home is one of the biggest purchases most people make in a lifetime, so finding the right place to buy your first home can help reduce the stress of transitioning from renting to owning -- and also save you money.
Best City: Pittsburgh, Pennsylvania
Pittsburgh ranked No. 1 as the best city for first-time homebuyers. The Steel City had one of the most affordable homes in the survey, with a median price per square foot at just $91. Home shoppers in Pittsburgh also can rest easy knowing their investment is secure, as the city had no negative quarters for home value growth from 2012 to 2017.
Explore new homes for sale in Pittsburgh, and make your first home your dream home.
Best State: Texas
SmartAsset named Texas the best state for first-time homebuyers, as three of their listed top 10 cities hailing from the Loan Star State. Houston, San Antonio, and Dallas are great places to live and invest in your first home. For example, Houston ranked first for the number of HUD approved lenders, San Antonio only had one quarter of negative home growth, and Dallas proved to be a stable city to invest in real estate.
It is a great time to invest in a home, especially if you are a first-time homebuyer. A favorable real estate market means that even new home shoppers can buy a beautiful homes in vibrant communities, in great metropolitan areas.