10 Best Metros for First-Time Home Buyers
Becoming a homeowner for the first time is easier in some markets than others — and the difference is not strictly about home prices, although they have a big impact on how long it takes to save a down payment. Strong inventory and lower competition for listings also make a difference, as does the market outlook.
Therefore, Zillow’s spring 2019 list of the best markets for first-time buyers is based on four metrics: Lower median home value that requires a smaller down payment; a strong home value appreciation forecast, which helps buyers grow their overall wealth; a high inventory-to-household ratio, to indicate available supply; and a high share of listings with a price cut.
1. Tampa
Median Home Value: $213,600
Share of Listings With a Price Cut: 24.8%
National Population Rank: 19
2. Las Vegas
Median Home Value: $277,900
Share of Listings With a Price Cut: 23.9%
National Population Rank: 30
3. Phoenix
Median Home Value: $264,900
Share of Listings With a Price Cut: 20.9%
National Population Rank: 14
4. Atlanta
Median Home Value: $217,500
Share of Listings With a Price Cut: 15.9%
National Population Rank: 9
5. Orlando
Median Home Value: $237,100
Share of Listings With a Price Cut: 21.3%
National Population Rank: 27
6. Miami
Median Home Value: $283,800
Share of Listings With a Price Cut: 18.6%
National Population Rank: 8
7. Detroit
Median Home Value: $160,000
Share of Listings With a Price Cut: 16.5%
National Population Rank: 12
8. Dallas
Median Home Value: $242,600
Share of Listings With a Price Cut: 18.7%
National Population Rank: 4
9. Nashville
Median Home Value: $253,500
Share of Listings With a Price Cut: 14.9%
National Population Rank: 35
10. Charlotte
Median Home Value: $206,200
Share of Listings With a Price Cut: 16.4%
National Population Rank: 24