Millennials are reportedly accelerating their homebuying timelines due to the COVID-19 pandemic, according to a new survey by realtor.com® and HarrisX of 2,000 buyers. Low mortgage rates and more available savings for a down payment, accumulated during stay-at-home periods earlier this year to fight the pandemic, have unleashed a wave of buyers the real estate market has long been waiting for.
But which cities offer the best prospects for first-time buyers in 2020? SmartAsset, a personal finance website, compared 185 of the largest cities in the U.S. on 12 metrics, including home market favorability (price-to-rent ratio, five-year home value appreciation, and foreclosure rate); affordability (under-45 homeownership rate, down payment-to-income ratio, housing costs); employment; livability; and more.
The following are the top cities for first-time home buyers in 2020, according to the analysis:
- Grand Rapids, Mich.
- Henderson, Nev.
- Virginia Beach, Va.
- Boise, Idaho
- Fort Wayne, Ind.
- St. Petersburg, Fla.
- Omaha, Neb.
- Garland, Texas
- Gilbert, Ariz.
- Sioux Falls, S.D.
View the full list of top markets for first-time home buyers.
Source: “Best Cities for First-Time Home Buyers: 2020 Edition,” Smartasset.com (Oct. 6, 2020)
