A new analysis by Zillow (NASDAQ: Z, ZG) of housing markets where first-time buyers can find a robust selection of affordable properties has ranked Jacksonville, Florida, as the best market for newcomers to homeownership.
According to Zillow, Jacksonville leads a list of mostly Sun Belt and Midwest markets that “offer a more workable balance of lower rent burdens, more homes within budget and less anticipated competition from other first-time buyers.”
Joining Jacksonville in the top 10 best markets for first-time homebuyers are Birmingham, San Antonio, Atlanta, Houston, St. Louis, Detroit, Raleigh, Baltimore, and Louisville.
“First-time buyers are finally seeing some light at the end of the tunnel,” said Orphe Divounguy, senior economist at Zillow. “Affordability is still a challenge, but rising incomes, stabilizing prices and improving inventory are creating real opportunities in parts of the country. In the strongest markets for first-time buyers, they’ll find more choices, less competition and a clearer path to homeownership than they’ve had in years.”
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