Homebuyers in recent years have had to deal with soaring home prices, a competitive market, and, more recently, rising mortgage rates, all of which have made it difficult for first-time homebuyers. But there are some markets where housing remains more affordable for young homebuyers, according to Realtor.com. It ranked 659 cities for factors such as the percentage of 25- to 34-year-olds in the local population, the availability of homes for sale, and affordability to determine the best markets for first-time homebuyers in 2023. Cheapism has highlighted the Top 10.
Related: Secrets Realtors Don’t Want You to Know
1. Portsmouth, Virginia
Population of 25- to 34-year-olds: 15.9%
2022 median home listing price: $239,000
Price-to-income ratio: 3.9*
*The lower the ratio, the less a home costs compared to an area’s median gross income for 25- to 34-year-olds, meaning that homes are more affordable.
Related: Buying a home? Ignore This Outdated Advice
2. DeForest, Wisconsin
Population of 25- to 34-year-olds: 15.1%
2022 median home listing price: $389,900
Price-to-income ratio: 3.6
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3. Windsor Locks, Connecticut
Population of 25- to 34-year-olds: 12.6%
2022 median home listing price: $239,900
Price-to-income ratio: 2.7
4. Gloucester City, New Jersey
Population of 25- to 34-year-olds: 13.6%
2022 median home listing price: $160,000
Price-to-income ratio: 2.2
5. Moore, Oklahoma
Population of 25- to 34-year-olds: 16.8%
2022 median home listing price: $220,000
Price-to-income ratio: 3
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6. Magna, Utah
Population of 25- to 34-year-olds: 16.8%
2022 median home listing price: $410,000
Price-to-income ratio: 5.1
7. Eggertsville, New York
Population of 25- to 34-year-olds: 13.3%
2022 median home listing price: $230,796
Price-to-income ratio: 3.4
8. Watervliet, New York
Population of 25- to 34-year-olds: 15.9%
2022 median home listing price: $228,300
Price-to-income ratio: 4
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9. Mattydale, New York
Population of 25- to 34-year-olds: 12.9%
2022 median home listing price: $128,900
Price-to-income ratio: 2.2
10. Somersworth, New Hampshire
Population of 25- to 34-year-olds: 14.9%
2022 median home listing price: $329,900
Price-to-income ratio: 4.6
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