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Best cities for first-time homebuyers

Best cities for first-time homebuyers

1.  Orlando

best cities for first time homebuyers

  • Home values (median): $202,900
  • Annual forecasted appreciation: 3.8%

Booming health, education, and technology industries, as well as several massive infrastructure projects underway, have helped push Orlando’s unemployment rate down to just 3.8%. That means there’s plenty of opportunity for potential homeowners to land a good job to ease the burden of saving for a down payment and buying a house.

New homeowners will find plenty to do in the area, from a lively nightlife to the beaches just a short drive away. “Orlando is not just the tourist town that it’s known as,” says Bruce Elliott, president of the Orlando Regional Realtor Association.

2.  Tampa

best cities for first time homebuyers
  • Home values (median): $183,300
  • Annual forecasted appreciation: 3.2%

Residents of Tampa enjoy warm weather year-round, at a cost that’s lower than many other beach towns. Nearly one-in-five house listings in Tampa have had a recent price cut, according to Zillow, suggesting the market there may be less competitive for new homebuyers than in some other cities.

Alongside potential real estate deals, homeowners in Tampa will find a thriving financial sector as well as military jobs at the MacDill Air Force Base. “The I-4 corridor is the bread basket for growth in Florida, and a lot of that boils down to affordability,” says Sean Snaith, an economist with the University of Central Florida.

Las Vegas

best cities for first time homebuyers

  • Home values (median): $219,200
  • Annual forecasted appreciation: 4.8%

While prices have been rising in Las Vegas since the housing bust decimated the real estate market there, Zillow economists think the market still has room to grow. Its 4.8% projected growth rate for this year is higher than any other market analyzed by the site for this report.

Sales of new homes, in particular, are booming in Las Vegas, and also alleviating some of the inventory issues seen in other markets. “We are a great deal, if you’re coming to Las Vegas from Southern California or the Northeast,” says David Tina, president of the Greater Las Vegas Association of Realtors. “You’re going to get a lot of bang for your buck.”

.  San Antonio

best cities for first time homebuyers

  • Home values (median): $158,500
  • Annual forecasted appreciation: 3%

6.  Pittsburgh

best cities for first time homebuyers

  • Home values (median): $135,700
  • Annual forecasted appreciation: 2.5%

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