These Are the Best Cities for First-Time Homebuyers in 2023
According to Realtor.com, these are the best markets right now.
If you are tired of sending monthly rent checks to a landlord and instead want to send those checks to a bank on a month-to-month basis for 25 to 60 years, 2023 might be your year to buy a house. But doing so isn't such an easy task—you'll need to be very prepared and very flexible in order to land your own place. A place you get to be responsible for.
Realtor.com put together a list of the best markets for first-time buyers in 2023. The ranking is based on multiple factors including affordability, livability, and the accessibility for young buyers. The 10 markets below made the top of the ranking because they all have some combination of strong job markets, short commute times, ample places to eat and drink, a community of young people, and a good selection of homes.
Here are the top 10 markets for first-time buyers, according to Realtor.com:
1. Portsmouth, Virginia
2. DeForest, Wisconsin
3. Windsor Locks, Connecticut
4. Gloucester City, New Jersey
5. Moore, Oklahoma
6. Magna, Utah
7. Eggertsville, New York
8. Watervliet, New York
9. Mattydale, New York
10. Somersworth, New Hampshire
"The housing market will continue to be challenging for first-time buyers in the coming year, but for those with a bit of flexibility in where they live, there are markets where young buyers can find not just a relatively affordable home, but a neighborhood that offers a mix of economic opportunity and lifestyle amenities," said Realtor.com Chief Economist Danielle Hale, in a statement. "Affordability is always a consideration for first-time buyers, but it's also important to make sure that you're settling down in a location that has all the qualities that make it an enjoyable place to live – after all, you're not just buying a house, you're investing in a community."
Overall, the housing inventory is still pretty low, but the 10 locations above have a higher number of listings compared to the national average. The towns listed above are great places to start looking, as they combine practical elements of homebuying (price, price, and price) with the part that makes a meaningful difference in your day to day life (commuting distances, local culture).