With all the talk about home affordability and the crippling cost of buying in many cities, it leads one to wonder: Where are the most affordable cities in the U.S. to buy?
A new report by LendingTree ranks the best cities for first-time buyers. The report takes into consideration:
- Average down payment amount
- Average down payment percent
- Share of buyers using an FHA mortgage
- Average FHA down payment as a percentage of average down payment for all loans (This measures how much homebuyers are saving by using FHA loans.)
- Percentage of buyers who have credit scores below 680
- The Housing Opportunity Index score for the area. This measures the percentage of houses affordable to middle-income families.
While you should definitely read the key findings from the article, here’s the ranking of the top 10:
- Pittsburgh
- Cleveland
- Oklahoma City
- Cincinnati
- Birmingham, AL
- Indianapolis
- Columbus, OH
- Louisville, KY
- Detroit
- Kansas City, MO
(In addition to the best 10, the report also highlights the worst 10… though you probably won’t be to surprised with those results!)
If you live in one of the best markets, tout it in your marketing materials! If you’re prospecting out of state, use this piece to catch the eye of all those folks moving away from overheated urban markets. Check out the report here:
https://www.lendingtree.com/home/mortgage/best-cities-for-first-time-homebuyers/
