Finding the Best Markets for First-Time Buyers and Renters – NMP Skip to main content

Finding the Best Markets for First-Time Buyers and Renters

Phil Hall
May 12, 2017

Two new data reports offer strikingly different geographical points of interests for first-time homebuyers and recent college graduates seeking their first rental residences.
 
Zillow reports that two Florida markets, Orlando and Tampa, are the best markets for first-time buyers due to the availability of affordable homes and a somewhat higher inventory than other metro areas. Zillow determined that those looking to buy in Florida only need to put about $40,000 down on a median home, whereas pricier markets in the California Bay Area or Pacific Northwest would require more than $70,000 for a downpayment.
 
"As Millennials reach the typical homebuying age, they are coming into a tough housing market with low inventory and lots of competition," said Zillow Chief Economist Svenja Gudell. "These markets have more favorable conditions for first-time buyers to become homeowners. More challenging metros aren't out of reach for new buyers, but they should be prepared to face a more competitive buying environment."
 
Other markets identified by Zillow as being the best for first-time homebuyers are Indianapolis, Las Vegas, San Antonio, Pittsburgh, Atlanta, Detroit, Dallas and Cleveland.
 
Separately, Trulia offered its view on the best housing market for new college graduates seeking to rent their first residence. Four Ohio markets were among the top 10 in this listing: Dayton in first place (48 percent of listings were affordable to new graduates), Youngstown in second place (40 percent), Akron in fourth place (38.6 percent) and Toledo in fifth place (37 percent). Detroit was the only market in both the Zillow and Trulia lists, with Trulia listing it in third place at a 39.5 percent of listings that were affordable for those just out of school.
 
However, affordable rental markets do not necessarily correspond with vibrant job markets full of well-paying positions. In fact, Trulia’s second-place listed Youngstown metro area had the lowest share of job-postings in new-graduate occupations.

 
Published
May 12, 2017
Better, Palantir Team To Launch Tinman Marketplace

Company says loan platform will revolutionize origination and mortgage portfolio management.

Tech
Aug 18, 2022
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022