The number of first-time home buyers is on the rise, reaching a 32 percent share of existing-home sales in May – the highest since September 2012, according to the National Association of REALTORS®.
WalletHub, a personal finance website, recently compared 300 U.S. cities to find the most favorable housing markets for first-time home buyers. Researchers analyzed markets for 18 key metrics, ranging from housing costs to property taxes and crime rates. In the study, large cities had populations of more than 300,000 people; midsize cities had populations of 150,000 to 300,000; and small cities had a population of fewer than 150,000.
Two cities in Hampton Roads made the Top 10 list. Virginia Beach, VA ranked fourth in Large Cities and Chesapeake, VA ranked ninth in the Medium-Sized Cities. The top 100 Small Cities also included Hampton, VA in 32nd place and Portsmouth, VA in 69th place.
Source: “2015’s Best and Worst Cities for First-Time Home Buyers,” WalletHub (July 2015)
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