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What are first-time home buyers looking for?

The last few years put first-time home buyers on a difficult road to homeownership.

Between unprecedented price growth, fervid competition and tight for-sale inventory, it’s been tough sledding. Though 2023 is a new year and with it comes improved opportunities for buyers, including being able to add contract contingencies again. While the overall market is cooling, some places offer this faction of borrowers a better mix of what they’re looking for, according to a report from Realtor.com.

Each city in the top 10 contains a combination of affordability, jobs, and livability that first-time buyers typically desire.

The forecasted best cities for 2023 first-time home buyers

While being a first-time home buyer comes with no age restriction, these borrowers tend to fall somewhere in their mid-20s to mid-30s. Noncoincidentally, that age bracket commonly correlates with the life milestones of marriage and starting a family.

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Overall, this group gravitates towards reasonably priced properties, living among a higher percentage of peers, and surrounding comforts and conveniences.

 

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