9 best housing markets for first-time home buyers

source
Wikimedia

It’s tough out there for first-time home buyers.

The housing market is currently facing an under-supply problemthat is helping to lift prices beyond the affordable reach of many Americans – especially for those looking to purchase their first home.

As such, the team at Zillow investigated which markets were the best for new home buyers.

They based their ranking on several variables, including the Zillow Home Value Index (ZHVI), which is essentially the median price for homes in a given area, the percentage of monthly income spent on a mortgage payment versus on rent, and available inventory.

Check them out below.


9. Tampa, FL

source
Wikimedia

Zillow Home Value Index: $163,600

Available Inventory: High

People spend an estimated 15.2% of their monthly income for mortgage payments in Tampa, FL, but an estimated 32.2% of their monthly income for rent.

Source: Zillow


8. Houston, TX

source
Wikimedia

Zillow Home Value Index: $172,100

Available Inventory: Average

People spend an estimated 12.5% of their monthly income for mortgage payments in Houston, TX, but an estimated 30.5% of their monthly income for rent.

Source: Zillow


7. St. Louis, MO

source
Wikimedia

Zillow Home Value Index: $141,900

Available Inventory: High

People spend and estimated 11.2% of their monthly income for mortgage payments in St. Louis, MO, but an estimated 23.4% of their monthly income for rent.

Source: Zillow


6. Oklahoma City, OK

source
Wikimedia

Zillow Home Value Index: $132,500

Available Inventory: Average

People spend and estimated 11.0% of their monthly income for mortgage payments in Oklahoma City, OK, but an estimated 25.6% of their monthly income for rent.

Source: Zillow


5. Chicago, IL

source
Wikimedia

Zillow Home Value Index: $193,800

Available Inventory: High

People spend an estimated 14.0% of their monthly income for mortgage payments in Chicago, IL, but an estimated 31.1% of their monthly income for rent.

Source: Zillow


4. Cleveland, OH

source
Wikimedia

Zillow Home Value Index: $125,500

Available Inventory: High

People spend an estimated 11.0% of their monthly income for mortgage payments in Cleveland, OH, but an estimated 26.2% of their monthly income for rent.

Source: Zillow


3. Memphis, TN

source
Wikimedia

Zillow Home Value Index: $112,100

Available Inventory: Average

People spend an estimated 10.9% of their monthly income for mortgage payments in Memphis, TN, but an estimated 27.0% of their monthly income for rent.

Source: Zillow


2. Pittsburgh, PA

source
Wikimedia

Zillow Home Value Index: $126,700

Available Inventory: High

People spend an estimated 10.6% of their monthly income for mortgage payments in Pittsburgh, PA, but an estimated 24.2% of their monthly income for rent.

Source: Zillow


1. Indianapolis, IN

source
Wikimedia

Zillow Home Value Index: $130,200

Available Inventory: High

People spend an estimated 11.0% of their monthly income for mortgage payments in Indianapolis, IN, but an estimated 26.1% of their monthly income for rent.

Source: Zillow


The 18 most ‘miserable’ countries in the world

source
Reuters

The 18 most ‘miserable’ countries in the world