The Best Cities In The U.S To Buy Your First Home
Buying your first home is incredibly exciting. However, in addition to accomplishing a huge milestone in your life, buying a home also comes with lots of risks. Therefore, it is incredibly important to make sure you look at all aspects of the home before you make the leap- the most important one being its location. Where you're looking to buy a home makes a huge impact on various factors. For example, the price of your home can vary depending on which state you decide to buy it in. This includes the property tax and mortgage rates as well. If you are looking to make an investment in real estate, here are the best American cities to buy your first home.
Cleveland, Ohio
If you are looking to buy a home on an economical budget, Cleveland, Ohio offers numerous options. The city was once the victim of a chemical leak but it has recovered since. Many inner-ring suburbs of Cleveland are lined with vintage houses that date back to the early years of the 20th century.
Cleveland's property value has increased in recent years as it has become a major healthcare hub. The median value of a home here is $139,000 and the premium to list price ratio is -27.8 percent. The city’s unemployment rate stands at 3.8 percent.
Philadelphia, Pennsylvania
Philadelphia is one of the largest cities in the U.S and is also a major tourist hub. The city is rich with history and culture and also offers the best value for homebuyers. Although there is a lot of traffic in the city, it is still well connected through public transport.
New York City is only 90 miles away so you have access to the city without paying the high mortgage rates. The median value of a home here is $213,000 and the selling price discount is -23.5 percent. The unemployment rate is 3.1 percent.
Miami, Florida
When we think of Miami, all we see are beaches, palm trees, and endless sunshine, making this city one of the best places to buy a home in the U.S. Although the recession took its toll on the Miami housing market, the property prices made a comeback and have been on the rise in the last few years.
There's no doubt that housing prices will only continue to rise here and the city offers properties to meet varying budgets. The median value of a home is $270,300 and the selling price discount is -24.7 percent. The unemployment rate is 2.9 percent.
Rockford, Illinois
Rockford, Illinois is within close proximity to Chicago but unlike the big city, it carries a more small-town vibe. The city remains an industrial region and many automakers have offices here. In recent years, insurance companies and high-tech manufacturers have also made Rockford their home.
Although the city was hit with a recession in the mid- 2000s, they have made a steady comeback. The median value of a home here is $124,600 and the selling price discount is -4.2 percent. The unemployment rate is 5.4 percent.
Tulsa, Oklahoma
Numerous energy companies are headquartered in Tulsa, Oklahoma, and have contributed to its strong economy. It's also a tourist destination for vacationers who want to visit the Ouachita Mountains and the nearby lake district.
There have been sharp increases in home prices in Tulsa in recent years but it still remains one of the most affordable places in the country. The median price of a home is $161,300 and the selling price discount is -21.1 percent. The unemployment rate is 2.8 percent.
Hartford, Connecticut
Hartford is a major hub for the aerospace and insurance industries which have kept the city's unemployment rates low. In the 20th century, Hartford had unfavorable housing polices however, the city’s diverse population brought an end to this.
Suburbs like Vernon, Bloomfield, and Farmington have helped increase the value of the properties. The median value of a home here is $210,800 and the selling price discount is -18.9 percent. The unemployment rate is 3.4 percent.
Spokane, Washington
The city of Spokane was built around a park making it one of the most picturesque cities in the U.S. Unlike Seattle, this city is more family-oriented with a colder climate. The houses in Spokane are also more affordable than the ones in Seattle.
Although there has been a 45 percent increase in prices over the last five years, the homes are still affordable given the selling price discount. The median value of a home here is $234,500 and the selling price discount is -16.2 percent. The unemployment rate is 5.8 percent.
Virginia Beach, Virginia
If you love the beach, one of the best coastal regions to buy a home in the U.S is Virginia Beach. The coast runs for 35 miles and is lined with beach condos and homes. It is also a popular destination for anyone looking for an escape from the busy city life.
The best part about buying a home in Virginia Beach is the great bargain you get for your home. The median price of a home here is $226,900 and the selling price discount is -20.4 percent. The city also has a low unemployment rate of 2.8 percent.
Toledo, Ohio
Toledo was once a city that suffered from an image problem but they have come a long way in the last few years. The communities surrounding the city have added many jobs bringing down the unemployment rate.
What attracts many homebuyers to Toledo is the affordability of the homes. The median value of a home is $129,100 and the selling price discount is 12.2 percent. The prices of homes have increased by 45 percent in the last five years.
Corpus Christi, Texas
Corpus Christi offers an affordable cost of living and also has great sunny weather all year round. The unemployment rate in the city is also quite low so finding a job should be no trouble. If you are looking for a small-town vibe at an affordable price, this is the place to be.
The median value of a home here is $112, 700 and the median household income is $47,029. The unemployment rate in Corpus Christi is also just above 5 percent. The city scores high on the livability scale.
Detroit, Michigan
Although the city of Detroit may have a poor reputation, don't write it off completely. The city scores high on the affordability scale, making it one of the best places to buy a home in the U.S. Residents in Detroit can enjoy various amenities at a low cost.
If you are looking to buy a home at a low cost, this is the place to look at. The median value of a home here is incredibly low at just $35,383 and the median household income is $26,249. The unemployment rate in the city is 5 percent.
Albuquerque, New Mexico
New Mexico's largest city was not only the setting for the famous TV show Breaking Bad but it is also a great place to find a good deal on your home. Albuquerque is home to the University of New Mexico and many healthcare companies are also headquartered here.
Albuquerque is an incredibly beautiful city and also a popular tourist destination in addition to being a great place to buy a home. The median price of a house here is $229,900. The city’s local unemployment rate is 4 percent.
Dorchester, Massachusetts
Dorchester was once an independent city but has now become a major suburb of Boston. There are certain neighborhoods in the area that have become more popular than others. Places like Codman Square, Fields Corner, and Upham Corner are great places to buy a home.
These places were hit hard by the financial crisis in 2008 but have rebounded since. The median home value in Dorchester $555,521 and the unemployment rate in this region of Boston is 6 percent.
Kensington, Philadelphia
Kensington is a popular destination to buy a home because of its proximity to Liberties and Fishtown which are both popular areas in Philadelphia. Many homebuyers can find a good deal here because there is a combination of good rental yields and low prices.
However, like Dorchester, Kensington was also hit hard by the financial crisis of '08 but prices have continued to rise since then. The median home value in Kensington is $307,100 and the unemployment rate is 9.3 percent.
South Bronx, New York
If you've always wanted to buy a home in the Big Apple but are deterred by the high mortgage rates, consider buying a home in South Bronx. You’ll even be right next to Yankee Stadium. The list price per square foot in Manhattan is $2,000 but this drops to just $300 in South Bronx.
For bargain home buyers, the South of Bronx can provide great value for your money. The median home value here is $353,345 and the unemployment rate in this part of New York is 5.7 percent.
Fort Lauderdale, Florida
Another sunny destination to buy your first home is Fort Lauderdale, Florida. This has always been a second pick to Miami because of its stunning beachfront and luxury resorts. Hotels like the Four Seasons and the W are located here. This region is up and coming making it a great place to invest in.
Florida is also a major tourist hub which has led to an increase in the property values in this city. The median value of a home in Fort Lauderdale is $339,346 and the unemployment rate is 6 percent.
Denver, Colorado
Many real estate experts say that Denver, Colorado is one of the biggest real estate markets to watch in the coming year. This city is a major tourist destination all year round thanks to its snow-capped mountains and bustling city life.
These factors have attracted many homebuyers to the city which has led to a gradual increase in property value. The median price of a home in Denver, Colorado is $451,513 and the unemployment rate stands at just 2.3 percent.
Seattle, Washington
Even though Amazon may be looking to locate elsewhere, this still doesn't dull the spark on the city of Seattle. Many experts say it is actually quite the opposite. The city is known for its vibrant nightlife and is also a major vacation spot for adventure enthusiasts.
The city is renovating its transit system which is expected to help alleviate the housing crisis in Seattle. The median value of a home here is high at $741, 843 given a large number of multinationals that are headquartered here. The unemployment rate in the city is low at 3.3 percent.
Garland, Texas
Texas is known for its low cost of living but also offers some great deals for bargain home hunters. The city of Garland is one of them with a population of 230,000 people and a livability score of 80. In addition to this, the city also has great weather.
The median home value in Garland, Texas is $116,900 and the median household income is $53,060. The unemployment rate in the city is 7 percent. If you are looking for the peace and serenity that comes with a small town, Garland is the place to buy a home.
Rochester, New York
If you can cope with frigid temperatures, the city of Rochester in New York offers affordable homes. The city is located in upstate New York and gets plenty of snowfall in the winter. Rochester scores high on the cost of living scale and offers its residents a range of amenities.
The median value of a home here is $75,800 and the median household income is $30,708. The unemployment rate is at 7.8 percent. Highland Park is one of the best places to buy a home in Rochester, New York.
