*LIST* The Best (And Worst) Cities For First Time Homebuyers

We are hearing a lot these days about how difficult it is to buy a home, especially for first-time homebuyers. Of course, where you are looking for that home will play a role in how successful you are, and a new report reveals the best metro areas for folks seeking out that first-time home. 

  • LendingTree has come out with their annual rankings of the best areas for first-time homebuyers.
  • In making their list they looked at things like:
    • Average down payment
    • Average down payment percentage
    • Share of buyers utilizing an FHA loan
    • Percentage of buyers with credit scores below 680
    • Share of homeowners who spend 30% of more of their monthly income on housing costs
  • Kansas City, Missouri is the metro area most friendly for first-time homebuyers, followed by Oklahoma City, Oklahoma and Louisville, Kentucky.
  • Oklahoma City, Kansas City and Buffalo, New York are the areas with the lowest down payments, with the average being $33,188, close to half of the $63,21 average across all 50 states.

Top Ten Metro Areas For First-Time Homebuyers

  1. Kansas City, MO
  2. Oklahoma City, OK
  3. Louisville, KY
  4. St. Louis, MO
  5. Salt Lake City, UT
  6. Memphis, TN
  7. Cleveland, OH
  8. Birmingham, AL
  9. Richmond, VA
  10. Atlanta, GA
  • As for the worst metro area to buy a home, it shouldn't be too shocking to find out it's New York City, where the average home downpayment is $91,453.(And the home is probably half the size.)

Ten Worst Metro Areas For First-Time Homebuyers

1. New York, NY

2. San Jose, CA

3. San Francisco, CA

4. San Diego, CA

5. Miami, FL

6. Chicago, IL

7. Los Angeles, CA

8. Boston, MA

10. Denver, CO (tie)

10. Charlotte, NC (tie)

10. Austin, TX (tie)


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