"Houses are still too expensive. The S&P Case-Shiller index shows home prices continue to rise month after month, although the increase has decelerated. Mortgage rates are too high, mostly above 6%. Three years ago, the figure was close to 3%. Realtor.com says some markets are affordable, particularly for first-time buyers. They are in cities with low incomes and are not on America's expensive coasts."
"The real estate research firm reports, "We identified this set of the 10 best markets for first-time homebuyers to help guide young Americans seeking a place to put their roots down." It scored 10,067 Census-designated places that are located within the 100 largest metropolitan areas in the country. The yardsticks were affordability, economic health, housing availability, commutes, community quality, and economy, and housing outlook."
Home prices continue rising nationwide, with the S&P Case-Shiller index showing month-to-month gains that have decelerated. Mortgage rates currently sit mostly above 6%, up from near 3% three years ago. Realtor.com identifies affordable markets for first-time buyers concentrated in lower-income, noncoastal cities. The firm scored 10,067 Census-designated places within the 100 largest metropolitan areas using metrics including affordability, economic health, housing availability, commutes, community quality, and housing outlook. Most top markets are in the Northeast and Midwest, often in older post-industrial cities lacking large size or economic diversity. Rochester tops the list with a $139,900 median listing price; Syracuse lists at $169,900.
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