St. Louis named among the top 10 cities for first-time homebuyers

ST. LOUIS – First-time homebuyers in the St. Louis area could be luckier than most other places in the United States, according to new research.

Real estate company Zillow recently ranked the top 10 subways for first-time homebuyers in a new report Forecasts for 2023 trends. St. Louis placed ninth.

Research teams ranked US metro cities based on factors including mortgage and rent affordability, inventory-to-buyer ratio, and the proportion of listings with a price drop.

“Although housing affordability is extremely difficult these days, some markets will be more hospitable to first-time home buyers than others,” said Orphe Divounguy, senior economist at Zillow, of a press release. “These big cities are potential hotbeds for those looking to buy their first home. Not only will buyers find cheaper monthly mortgage costs and have an easier time qualifying for a smaller loan, but the rent is cheaper than elsewhere in the country, reducing the time it takes to save up for a down payment.”

According to Zillow, the top 10 subways for first-time home buyers include the following, in order:

  1. Wichita, K.S
  2. Toledo, OH
  3. Syracuse, New York
  4. Akron, OH
  5. Cleveland, OH
  6. Tulsa, okay
  7. Detroit, MI
  8. Pittsburgh, Pa
  9. St.Louis, MO
  10. Little Rock, AR

Zillow adds that markets with comparatively cheaper rents, less competition and higher inventory are more likely to attract first-time buyers next year.

https://fox2now.com/news/missouri/st-louis-named-among-top-10-metros-for-first-time-homebuyers/ St. Louis named among the top 10 cities for first-time homebuyers

Sarah Y. Kim

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